Audit shows small operating gain; auditor reports no findings

The Collingswood Board of Education received the district's annual audit on Jan. 28, when the auditor reported total revenue of $38,585,384 and expenditures of $37,851,989 for the fiscal year ending June 30, 2025, producing an operating gain of $733,395.

"We expended in the same period 37,851,989. Resulting in a gain in operations of 733,395," the auditor said during his presentation. The report showed the district began the year with a fund balance of $4,467,185 and closed with a fund balance of about $5.2 million, with components including reserves for encumbrances, capital reserve, maintenance reserve and unemployment compensation.

Board members pressed the auditor on financial controls and the scope of the review. In response, the auditor said board-office records were "in excellent condition" and noted that the district faces the same cost pressures as many others—rising special-education tuition, salaries, benefits and transportation costs. He also reiterated that the audit's role is to assess legal compliance and controls, not to make value judgments about how the district should spend money.

The presentation flagged that the district spent roughly 99.33% of its budget for the year, a very high utilization rate. The auditor reviewed several designated reserves and the portion of excess surplus required to be rolled into next year’s budget.

Board members agreed to continue detailed discussion in a committee-of-the-whole session to examine particular items and next-year budget implications. No formal action was taken on the audit itself; the board thanked the auditor for the presentation and moved on to the rest of the agenda.