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MSD Lawrence Township board reviews year‑end finances, tables detailed audit questions and approves investment policy
Summary
Board heard a year‑end financial report showing a roughly $15 million surplus and $2.9 million in investment interest, asked for fuller responses on audit findings (board member Miss Lawrence moved to table detailed answers), and approved an investment resolution that allows limited long‑term investments; several technology procurement motions were also approved by voice vote.
The Metropolitan School District of Lawrence Township on Monday received a year‑end financial briefing showing stronger cash balances and greater investment returns, and the board asked administration to return with fuller answers on audit findings before continuing detailed discussion.
Finance presenter Mr. Miles told the board the district report shows “about a $15,000,000 surplus” and that investment interest earned in 2024 was roughly $2.9 million, attributing the gain to higher interest rates and increased investable cash as CARES and other reimbursements came in. He described the $45 million figure shown in the packet as an aggregation of all district funds that moves month to month, and said the district uses a laddered approach to match maturities to cash needs.
The audit prompted numerous board questions. Board member Miss Lawrence said she found “several internal control weaknesses … primarily related to noncompliance issues and, some material misstatements” cited in audit reports and moved to postpone in‑depth discussion until administration had time to research detailed responses. Chair and administration agreed to supply written answers; Mr. Miles said the district has filed responses and noted that the state’s accounting office experienced pandemic‑era delays that lengthened audit cycles.
Why it matters: the board reviews these year‑end results to confirm the district meets statutory and board policy requirements on transparency and fund management. Mr. Miles reported the district’s rainy‑day reserve at roughly $10 million and emphasized that the $45 million total represents multiple funds combined, not a single discretionary pool.
On action items, the board approved an investment resolution that is required every four years. The resolution allows the investment officer to make longer‑term investments (beyond two years) limited to 25% of the portfolio and was described by Mr. Miles as consistent with board policy and state statute.
Votes at a glance: all below were carried by voice vote with the chair declaring “the ayes have it.” • Investment resolution (allow longer‑term investments up to 25% of portfolio): approved (motion moved and seconded; voice vote). • Permission to seek bids for student Chromebooks (approx. 3,000 devices): approved (voice vote). • Contracts with fiber providers for campus connectivity: approved (voice vote). • Contract for Eastgate data‑center fiber redundancy (100‑gig fiber): approved (voice vote). • Contract for network switches to distribute new fiber: approved (voice vote). • Consent agenda (items 5.6–5.12): approved (voice vote).
Administration also reported a net transfer activity between education and operations funds for the second half of 2024 of about $8.5 million, producing a net transfer of roughly $6.6 million for the year (about 12.25% of education‑fund revenue). Mr. Miles reminded the board the Department of Education allows transfers up to 15% of education‑fund revenue.
What’s next: the board requested written, itemized responses to the audit questions raised and indicated those answers will be returned to a future meeting. The administration also will bring the full investment resolution packet and the procurement details for technology and fiber contracts to follow-up materials posted online.
