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Auditors give Toms River Schools an unmodified opinion but warn fund balance is shrinking after large state aid cuts
Summary
Auditors told the Toms River Regional School District board they issued an unmodified opinion on the district's financial statements and found no internal control or single-audit findings, but reported a $17.2 million drop in state aid and over $20 million of fund balance used in the FY25 budget, warning reserves are diminishing.
Jerry Conedy, a partner at the auditing firm identified in the transcript, told the Toms River Regional Schools Board of Education the auditors would file the annual comprehensive fiscal report with the state on time and that they issued an "unmodified opinion" on the district's financial statements. "That is the best opinion that we can give," Conedy said, adding that the audit found no findings or recommendations on internal control, financial reporting or compliance.
Conedy said auditors found no single-audit findings for federal and state grant compliance but flagged a recurring regulatory item tied to the food service fund: because of large COVID-era federal inflows the district temporarily held…
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