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Glen Ridge auditors give unmodified opinion; district reports $9.2 million year‑end fund balance
Summary
The district's auditor presented the 2024–25 Annual Comprehensive Financial Report with three unmodified opinions, a $9.2 million general fund balance as of June 30, 2025, and recommended two corrective items; restricted reserves include about $3.3M for capital and $700K for maintenance.
The Glen Ridge Public School District's auditors presented the 2024–25 Annual Comprehensive Financial Report and Auditor's Management Report and reported three unmodified opinions, the highest level of assurance an auditor can issue.
The auditor — identified in the meeting record as Alex Baresay (transcription also shows a later variation, Alex Paris) — told the board the district's general fund balance increased to approximately $9.2 million as of year‑end June 30, 2025. He outlined the composition of that amount: a $2.0 million excess surplus generated in 2024–25 that will be budgeted as revenue in 2026–27; an additional $2.0 million generated in 2023–24 that was used in the 2025–26 budget; about $3.3 million in capital reserve restricted for long‑range facilities projects; $700,000 in a maintenance reserve; $61,000 in an unemployment reserve; roughly $7,700 in year‑end encumbrances; and about $1.1 million unassigned (subject to the 2% tax‑levy cap rules).
"Unmodified opinion is the highest level that can be received," the auditor said. He also said the audit contained no material weaknesses or significant deficiencies. The auditor noted two recommendations discussed with management; a risk corrective action plan related to those recommendations was scheduled on the meeting agenda.
Board members asked whether the 2% tax levy cap remains viable given rising health care and special‑education costs. The auditor answered that the state has previously increased caps ("the state actually increased 4% a couple of years ago") and said the district is hopeful for similar adjustments.
Business Administrator Barbara Murphy was singled out for thanks from the board for her work with auditors to complete the report and ensure the district's books were in order.
Why it matters: The unmodified audit opinion and the reserve levels suggest the district's books are in sound standing, but many of the dollars are restricted for capital or other reserves. The board discussed recommendations and a risk corrective action plan; potential revenue/cap constraints such as the 2% levy cap remain a concern in budgeting.
Next steps: The recommendations are to be addressed in the district's corrective action plan; no additional formal vote on the audit was recorded during the public portion.
