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Auditor: Mount Olive district shows strong reserves but warns of future cost pressures
Summary
External auditor Matthew Wilcox told the Mount Olive Township School District board that audit findings were limited and the district’s reserves are strong — roughly $7.3 million in capital reserve and a government fund balance reported as $70.3 million — but rising health-benefit and bargaining costs could pose future risks.
Matthew Wilcox of Wilcox & Company presented the Mount Olive Township School District’s 2024–25 audit and described the district’s financial position as generally strong. “We got about $7,300,000 in capital reserve,” Wilcox said, adding that the governmental fund balance was “$70,300,000.” He said the audit identified two compliance findings and a small number of unverifiable items among thousands of records but otherwise showed solid controls.
Wilcox cautioned trustees that despite healthy reserves the district is vulnerable to increases in the cost of services, health benefits and collective bargaining. “We’re really one problem away from being in a big shoes,” he said, urging continued fiscal prudence as the board prepares next year’s budget.
In committee reports later in the meeting, finance members reiterated a conservative approach: administrators were advised to prepare for a possible state funding decrease (estimated at about $1.2 million) and to close the 2025–26 budget by March 1 so final purchases can be processed. The committee also noted ongoing work on an NJ Cool grant, document-digitization plans and modular-classroom proposals.
The presentation concluded with Wilcox thanking district leadership and noting that most audit items were administrative in nature; trustees had an opportunity to ask questions following the presentation, and no formal action was required on the audit report at the meeting.
