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Audit finds roughly $14 million in reserves; auditor flags facility plan and two minor recommendations
Summary
The district auditor reported about $14 million in reserves for 2023–24 with $7.8 million in capital reserves and a long-range facilities plan listing roughly $75 million of projects; two minor recommendations addressed consortium documentation and a latchkey program deficit.
The New Milford Board of Education heard a financial audit for the 2023–24 school year that showed approximately $14,000,000 in overall reserves and surplus as of June 2024, with about $7,800,000 earmarked for capital reserves, the auditor said.
The audit presentation, given during the board’s regular meeting, said roughly $3.5 million of that capital reserve was included in the current year’s budget and that about $4.3 million remained available for future capital projects. The district’s long-range facility plan lists about $75,000,000 in projects, the auditor said, noting the district is currently funding capital work with cash rather than seeking voter approval through a referendum.
Auditor comments also outlined restricted accounts: a maintenance reserve just under $700,000 (the maximum allowed is tied to building square footage and noted as about $1,800,000) and an emergency reserve of about $400,000. The auditor cautioned that reserve balances can change year to year, driven by factors such as special-education placements and transportation costs.
The audit identified two minor recommendations. The first asked the district to ensure supporting documentation for consortium expenses is retained on file. The second concerned a small deficit in the district’s latchkey program and recommended monitoring that program to prevent reoccurrence.
Board members asked whether the full audit report had been circulated; staff representatives said the report would be added to the meeting folder for members to review.
The board took no additional fiscal action during the meeting beyond acknowledging the audit and recording the discussion; questions and clarifications were directed to district administration and the auditor, who was present for the exit conference.
The board moved on to other agenda items and scheduled its next regular meeting for March 18.
