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Montville schools receive clean audit, district reports $16.4 million fund balance
Summary
District auditors delivered an unmodified (clean) audit for the fiscal year ending June 30, 2024, reporting about $16.4 million in total fund balance and no corrective-action recommendations.
Rob Hague, the district auditor, told the Montville Township School District Board of Education that the 2023–24 annual audit was filed by the state deadline and the district received unmodified (clean) opinions on the financial statements, internal controls and single-audit testing of state and federal programs.
Hague said the district ended the fiscal year with about $16,400,000 in total fund balance, including roughly $8,200,000 in capital reserve and $2,300,000 in a maintenance reserve. About $2,100,000 of the balance was designated for tax relief in the 2024–25 budget; the auditors said roughly $2,300,000 remained unassigned, or about 2.5% of the budget.
"In all three of those opinions, you received what we call an unmodified opinion," Hague said. "You start at that unmodified level, and then if anything precludes us from issuing that unmodified, we will reduce that level of assurance. That did not happen here, so you received what we call a clean opinion."
Hague told the board the audit produced no findings that required corrective action for the second consecutive year. He did list a suggestion to monitor quarterly unemployment billing reconciliations, where state bills sometimes differ from the district's internal records.
Board members thanked the district business office for the results. One board member asked how common a no-recommendation audit is; Hague estimated roughly 10% of audits his firm performs are issued without recommendations.
The report also noted the district reports and files the annual comprehensive financial report to comply with generally accepted accounting principles and a separate orders-management report to identify any potential findings. Board members said the clean audit supports budget stability heading into the current year.
No formal board action was required on the audit presentation; the auditors answered members' questions and the board thanked district staff for their work.
Ending: The board accepted the audit presentation and will continue routine monitoring of reserve funds and grant compliance through the business office and external auditors.
