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Audit finds no recommendations; New Providence reports roughly $5.9M fund balance and $5M remaining in bond projects
Summary
Audit manager Bobby Badera reported an unmodified opinion with no findings or recommendations, summarized the general fund and special revenue funds, noted roughly $1.6 million in COVID grant spending over five years, and said about $18.7 million has been expended on bond projects with roughly $5 million remaining.
Donahue Duran and Dorian Tompkins audit manager Bobby Badera presented the district’s annual comprehensive financial report and the auditors’ management report and said the auditors had no findings or recommendations for the district.
Badera reviewed the general fund summary and fund-balance designations. He reported that, as presented in the audit, the district’s overall fund balance as of June 30, 2025, was in the multimillion-dollar range; the state allows districts to keep roughly 2% of expenditures as unassigned and unrestricted (the auditor indicated this is about $1.1 million). The audit presentation showed designated excess surplus amounts for subsequent years and specific reserves including a capital reserve and encumbrances.
On federal and state grant spending, Badera said New Providence had spent about $1.6 million in COVID-related grants over the prior five fiscal years and noted that those emergency funds are no longer available. He also reviewed the capital projects fund, saying the audit recorded approximately $18.7 million expended in bond projects as of June 30, 2025, leaving roughly $5 million available for remaining work.
"We're happy to report that we have no findings or recommendations for the district," Badera said during his presentation.
Board members had no follow-up questions at the meeting. The superintendent and auditors said they will continue to work on close-out items for bond-funded projects over the summer construction period; no policy changes were proposed at this meeting.
