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Auditors praise Summit district finances; board approves Bennett Company settlement and tables bus purchases for more review
Summary
District auditors commended the Summit Public School District's fiscal management while recommending tighter student‑activity deposit practices; the board approved routine finance items and an added settlement with Bennett Company and asked for more review before deciding on bus replacements and electric‑vs‑gas options.
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…
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