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Toms River board accepts 2024 audit, approves multiple consent and personnel items
Summary
The Toms River Regional Schools board received an unmodified audit opinion for fiscal year ending 6/30/2024, heard details about state aid cuts and reserve usage, and approved the ACFR plus several consent, personnel and education program items by roll call.
The Toms River Regional Schools board voted unanimously to accept the district's 06/30/2024 annual comprehensive financial report and auditors' management report, and then approved a series of consent, personnel and educational program items.
The district's auditor reported an unmodified opinion on the financial statements and said the audit showed overall revenues declined largely due to nearly $15,000,000 in state aid cuts. "We have an unmodified opinion on the financial statements," the auditor said, adding the district ended the year with about $51,000,000 in total fund balance and described allocations for reserves and encumbrances.
Why it matters: an unmodified opinion means the auditors found no need for changes to bring the district's statements into conformity with generally accepted accounting principles. Board members were briefed on how the district used roughly $22,000,000 of fund balance to help balance the fiscal 2025 budget.
Key details from the audit presentation included the auditor's statement that "state aid cut was almost $15,000,000," a year-end fund balance of "right around $51,000,000," and set-asides of almost $19,000,000 for capital and maintenance reserves and about $6,000,000 for an unemployment reserve. The auditors noted a carryover single-audit matter related to the food-service fund that the district has been drawing down under a corrective action plan to meet Department of Agriculture guidance.
The board approved the audit and related corrective action plan by roll call immediately after the presentation. The clerk called the roll and recorded affirmative votes for the motion to accept the ACFR. The board then approved agenda items 12 through 17, certified the board secretary's report for October 2024, approved personnel agenda items 1 through 20, and approved educational program items 1 through 7; all motions passed on roll call.
Board members emphasized continued oversight. The chair said committee review of policies and the budget process will continue, and the administration and auditors fielded questions during and after the presentation.
The board concluded the business portion of the meeting and moved to other agenda items and public comment; no additional formal financial actions were taken at this session.
