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Pennsbury audit shows $1 million boost to fund balance; auditor apologizes for late report
Summary
An independent auditor presented a clean audit for the fiscal year ended June 30, 2024, reporting a roughly $1 million increase in the district's general fund balance and noting timing disruptions that delayed delivery of the report.
Carl Hogan, CPA of CliftonLarsonAllen, told the Pennsbury School District board on Nov. 20 that the independent auditors issued a clean opinion for the year ended June 30, 2024, and that the district ended the year with about $20 million in unassigned general fund balance.
Hogan said revenues for the year were about $246,000,000—roughly $3.1 million higher than budgeted—and expenditures were approximately $245,000,000, producing about a $1,000,000 net increase to the general fund. He noted that the unassigned fund balance is within the state’s 8% parameter.
Hogan began his remarks by apologizing to the board and the public for delays in delivering the audit, saying the firm experienced several mergers and transitions that disrupted reporting timelines. “I want to sincerely apologize for the kind of what you got caught up in in terms of, the lateness of the audit report,” he said.
The presentation summarized major district funds, including the capital projects fund (noting a major middle‑school project) and a debt service fund with roughly $6,000,000 set aside to smooth future debt service needs. Hogan also discussed recommendations for improved bank reconciliations and other internal controls the auditor identified.
Board members were given the audit packet and told the full report and summary are posted on the district’s BoardDocs site. The board subsequently approved the audit as part of the consent agenda.
What’s next: The finance committee and administration will continue follow up on the auditor’s recommendations, including bank reconciliation processes, as the district prepares its 2024–25 reporting and the next audit cycle.
