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Appoquinimink review finds $4.1 million overstatement in carryover; board approves bond note, amended revenue budget
Summary
Consultants told the Appoquinimink School District board the district overstated discretionary carryover by about $4.1 million; the board approved a $5.507 million bond anticipation note and an amended preliminary FY26 revenue budget while directing administration to track implementation of 24 recommendations.
Consultants Scott Kessel and Chuck Longfellow told the Appoquinimink School District Board of Education on Oct. 7 that a financial position report submitted in May overstated the district's discretionary carryover by roughly $4.1 million — reporting $7.9 million when the actual discretionary carryover was about $3.8 million.
The finding came during a detailed financial review the board requested after year‑end discrepancies surfaced. Longfellow and Kessel said the overstatement stemmed from misallocated balances that mixed discretionary and non‑discretionary funds and from underestimated salary and non‑salary costs: salary expenses were understated by about $2.1 million, non‑salary by about $2.5 million and revenue by roughly $0.5 million, producing the net $4.1 million difference.
The board approved two financial measures tied to the findings. Members voted to adopt a bond anticipation note of $5,507,741 at an interest rate…
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