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District auditor: reported $12.0M fund balance masks about $3M in year‑end encumbrances
Summary
The district auditor told the Vernon Township Board that unbudgeted interest and restored extraordinary state aid boosted revenues, but approximately $3,000,001 in year‑end encumbrances and subsequent payments reduce the immediately available fund balance; he recommended a fixed‑asset appraisal and noted the 2025 budget is balanced.
The Vernon Township Board of Education heard a financial audit presentation Nov. 21 from Ray Sarinelli of Nisavachia LLP that outlined gains in revenue but warned that year‑end accounting entries limit the amount of cash the district can actually spend.
"One of the very big positives that you had this year is the rise in interest rates," Sarinelli said, and he pointed to higher‑than‑budgeted interest income and an uptick in extraordinary state aid as two drivers that improved the headline revenue picture. He also explained that on‑behalf pension receipts recorded in the district audit (payments the state makes into the TPAF pension system) inflate…
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