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Rutherford schools receive clean audit; district reports $6.2 million fund balance
Summary
Auditor Alex Barice reported an unmodified opinion for the 2023–24 audit, listing a $6.2 million general‑fund balance and several restricted reserves; the board acknowledged two low‑level recommendations and a corrective‑action plan.
Alex Barice, the district auditor, told the Rutherford Board of Education on Dec. 2 that the district received an unmodified opinion on its 6/30/2024 financial audit, the highest level of assurance an auditor can issue.
Barice said there were no material weaknesses or significant deficiencies and described the district's fund balance and reserves: a general‑fund balance of about $6,200,000; a capital reserve of roughly $3,200,000 restricted for projects listed in the long‑range facilities plan; a maintenance reserve of about $100,000; an unemployment compensation reserve of about $168,000; a reserve for encumbrances near $253,000; excess surplus of approximately $968,000 to be appropriated across upcoming budgets; and an unassigned/unrestricted amount of about $1,400,000 (near the state's allowable maximum of roughly 2%).
Barice said there were two audit recommendations described as "low level" and noted those items would be addressed by a corrective‑action plan that appears elsewhere on the board's agenda. "We consider them low level recommendations," he said, adding that the audit process was "seamless and painless." Board members thanked the business office and central staff for their cooperation.
The board formally accepted the audit later in the meeting as part of finance motions; the finance chair noted acceptance of the 2023–24 audit and acknowledged the two recommendations. The acceptance was recorded during the board's roll call votes.
