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Board accepts FY2024 audit; fund balance up $1.2M, capital reserves and tax-appeal exposures discussed
Summary
The board accepted the Springfield School District audited financial statements for year ended June 30, 2024. Auditor Mr. Hogan reported an unmodified opinion, an $1.2 million increase in the general fund to an $11.4 million ending balance, and noted commitments for capital and tax-appeal reserves.
The Springfield School District Board accepted the district—s audited financial statements for the fiscal year ended June 30, 2024, at its Nov. 20 meeting after a presentation by the district—s external auditor, Mr. Hogan.
Mr. Hogan summarized the audit highlights: an unmodified (clean) audit opinion on the financial statements, no adjustments required to the figures presented to auditors, and a $1.2 million increase in the general fund balance to an ending balance of approximately $11.4 million. He attributed the improvement largely to expenditures coming in lower than budget (notably salary and contracted special-education services) and modest revenue variances. "When we look at the increase in your fund balance of the $1,200,000 we—re looking at there, it's primarily all being impacted by... better-than-anticipated expenditures," Mr. Hogan said.
The presentation included more detailed fund breakdowns: a $2.6 million reserve with the Delaware County Health Care Trust recorded as prepaid items, $1 million committed for future capital projects, $1 million committed for tax-assessment appeals, and an unassigned fund balance of about $6.7 million (reported as roughly 7.43% of the next year—s $90 million general-fund budget). Mr. Hogan also reported approximately $7 million in capital-reserve funds and about $3 million remaining in the capital projects fund for HVAC and other district projects.
Board members thanked finance staff for producing a clean report amid firm merger transitions. Members and auditors noted that under Pennsylvania state code the district must commit fund balance to remain within an 8% guideline of next year—s expenditures and that the district—s unassigned fund balance sits within that limit.
During board action, trustees voted to accept the audit (motion carried 9-0) and later authorized the solicitor to finalize one real-estate tax assessment settlement (folio 29-00-00730-01). Solicitor Sreeni explained that the property owner challenged the county assessment; after review, the district did not settle below the district appraiser—s recommendation and recommended settlement as litigation likely would not yield a better outcome. The board approved the tax-assessment settlement by unanimous vote.
The audit presentation also noted single-audit requirements: ESSER fund testing has concluded and the special-education program remains the district's major federal program for audit testing, with no compliance findings reported.
The board concluded acceptance of the audit will finalize the FY2023-24 fiscal year reporting and left follow-up items to the finance committee.
