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Pleasantville board accepts audit showing $27.35 million fund balance; food service posts $1.09 million loss
Summary
Auditor Ford Scott and Associates reported no findings for the year ended June 30, 2024, and detailed a $27,354,000 total fund balance and a $1,090,262 food-service fund loss. The board voted to accept the audit report.
The Pleasantville Board of Education on Feb. 18 accepted the district audit for the year ended June 30, 2024, after auditors from Ford Scott and Associates told the board the district had no findings and a total fund balance of $27,354,000.
The auditor, identified in the presentation as Harvey of Ford Scott and Associates, said the district showed an increase in surplus on a GAAP basis of about $26,000,000 and an increase of $2,300,000 on the budgetary basis, with the difference attributable to state aid payments received after year end. The audit report broke the $27,354,000 into restricted balances, unemployment reserves and excess surplus components, the auditor said.
The auditor told the board that the district’s excess surplus totaled just under $23,000,000, of which $8,484,000 had been included in the 2024–25 budget and $14,488,000 was required to be included in the 2025–26 budget. He noted the district’s capital reserve held only $1 as of year end and suggested the board consider establishing or funding a capital reserve to set money aside for future projects.
The audit presentation also flagged the food service fund, which showed a loss of $1,090,262 for the year. The auditor said the deficit reflected carryover bills from the prior food-service management company and depreciation expenses that do not flow through the management company’s reports. Board members asked whether the loss was reflected in the management company’s internal reports; the auditor said the difference was largely outside that company’s control.
The auditor additionally told the board the district is now debt-free, having paid off its last bond in 2024, a detail the auditor noted as relevant for future capital planning.
After the presentation, the board moved to accept the audit report. The motion to accept the audit report was made by board member Miss Silver and seconded by Miss Alberto. The board approved the motion by roll-call vote: Miss Alberto — yes; Mister Gibson — yes; Miss Akins — yes; Miss Mello — yes; Miss Silver — yes; Miss Waters — yes; Miss King — yes; Miss Rowell — yes. The settlement of audit findings was not required because the auditors reported no findings.
