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Edison board hears clean audit, approves finance packet after debate over legal invoice
Summary
Auditors gave the Edison Township School District an unmodified opinion for FY2024 and detailed about $72.6 million in fund balance, while the board approved the finance/bills list amid public concerns about a small legal invoice tied to a trustee and a separate Hatfield Schwartz line item.
Auditors from HFA told the Edison Township Board of Education that the district received an unmodified opinion on its financial statements for the year ended June 30, 2024, and reported a total fund balance of about $72.6 million.
"We have an unmodified opinion on the financial statements," Jerry Conedy, partner at HFA accounts and advisors, said during the board's audit presentation, noting timely filing with the state. James Nemeth, the audit supervisor on the engagement, said the district's capital reserve stood at about $33.5 million at year end and that excess surplus totaled roughly $16.9 million, of which about $8.6 million was already designated for prior-year expenditures.
The audit team identified one repeat finding: the food-service fund's net cash…
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