Auditors praise Summit district finances; board approves Bennett Company settlement and tables bus purchases for more review

District auditors presented their fiscal review to the operations committee and reported largely positive findings while offering one operational recommendation: student activity collections should be deposited within 48 hours of receipt to align with best practices. The auditors commended the district for conservative fiscal management and prudent reserve balances.

According to the presentation, reserve balances as of June 30, 2025, included a capital reserve of about $4,324,000, a maintenance reserve of about $1,218,000, and a food service enterprise fund of about $682,000. The district’s current year excess surplus was reported at approximately $2,500,000, and net pension liabilities were cited at roughly $15,100,000, down from about $16,500,000 the prior year. The auditors also noted the federal government shutdown could delay the final audit report (typically issued in December) until as late as March.

Operations committee members reported that two of the district’s four school buses have reached end‑of‑life and require replacement. The committee reviewed a business‑office analysis comparing electric and gas buses but tabled any purchasing decision pending further review to allow procurement to be completed this school year. The committee also reviewed bonded project work and said a contractor will return to complete remaining work with the same scope and costs.

At the full board meeting the finance slate (items a–m) was moved and seconded; an additional item (item n) was added to the finance agenda as an approval of a settlement agreement between the Bennett Company, Inc., and the Summit Board of Education. The board voted to approve the finance items including the added settlement. Votes were recorded in roll call and the motion carried.

The operations committee also unanimously recommended establishing a stipend for a new facilities foreman role; the board discussed the recommendation and indicated it would consider the personnel and budget implications in committee follow‑up. No specific dollar amount for the stipend was provided in the meeting discussion.

Board members asked to receive draft audit documents for review; further follow‑up was scheduled on bus procurement, stipend language cleanups in an MOA with the union, and any outstanding audit details once the final report is released.

Vote and formal actions recorded at the meeting reflect approval of the superintendent’s disciplinary recommendations, board minutes, curriculum and finance slates, school operations items, and first readings of policy updates; the meeting adjourned at 6:55 p.m.