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Auditor: Final Audit Pending County Pension Data, District Shows Strong Reserves
Summary
An auditor told the Caldwell-West School District Board that the 2024–25 audit is awaiting Essex County pension numbers but highlighted healthy fund balances, deposits to maintenance and capital reserves, and no audit recommendations.
At the Dec. 15 board meeting, a representative from the district’s audit firm said the final audit for the 2024–25 fiscal year had not been issued because the district was still awaiting Essex County pension figures but summarized otherwise strong financial results.
“Kathy Mantel” (introduced at the meeting) told the board the audit was delayed pending county pension numbers; the firm had considered issuing without them but decided to wait. The auditor said excess local revenue for the year was listed in the presentation as $913,000 and that prior-year encumbrances totaled roughly $1,000,073. She reported a $670,000 withdrawal from capital reserve during the year and a fund-balance appropriation by board resolution of $925,000 tied to prior-year extraordinary aid and nonpublic transportation aid.
The auditor also described trend figures presented to the board: the district used $568,000 of surplus for the 2024–25 budget and budgeted $498,000 for 2025–26; the food service fund showed a change in net position of minus $136,000 and an operating net position of $529,000 in continuing education. The auditor said some GASB accounting standards updates are coming in 2026 and highlighted that the district had no audit recommendations this year.
The finance committee report, given later in the meeting, said bids for phase 1 of the March referendum were awarded under budget and that the board asked the superintendent to present options for the future of the Harrison School building in spring 2026. The board tabled one referendum-related bid (item G: the security vestibule and upgrades) because of issues with a bidder; other finance and facilities items passed by roll call.
The auditor recommended district prudence in using reserves so the district does not become dependent on surplus balances for operations.
Next steps: the audit firm expects to receive the Essex County pension numbers at the county meeting later in the week and said it would issue the final audit after that information is provided.
