District auditor reports $17 million in fund balance, most held in reserves

Mon Li, an auditor with Niswacha Auditing, told the Roxbury Township Board of Education on Dec. 9 that the district’s overall fund balance for fiscal year 2023–24 was ‘‘a little over $17,000,000,’’ but that most of that amount is tied up in restricted reserves.

The auditor’s presentation outlined the make-up of the balance: ‘‘a little under $9,100,000 in encumbrances’’ for orders placed but not received as of June 30, about $3,800,000 in a capital reserve for long‑range facilities projects, $2,500,000 in a maintenance reserve (of which $600,000 was identified for unemployment compensation), and a current‑year excess surplus of about $3,500,000. Mon Li said the district was using roughly $3,800,000 in the 2024–25 budget and that the remaining unassigned fund balance was about $1,800,000 — roughly the 2% the state allows the district to retain.

Li said the district recorded an overall decrease in fund balance of about $1,000,000 year‑over‑year, primarily because maintenance and emergency reserves were tapped to support the budget. She reviewed activity in the district’s enterprise funds (food service and community school) and summarized long‑term liabilities. ‘‘I’m happy to report that there are no formal recommendations this year,’’ Li told the board, and she praised the business office’s work.

The board did not take formal action on the audit at the meeting beyond receiving the presentation. Business office staff were referenced several times during the presentation; one board member thanked ‘‘Mark’’ and wished staff happy holidays in response to the audit update.

Details from the audit presentation will be reflected in the district’s published audit documents and the business office’s year‑end reporting.