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Wayne Board hears audit showing $7 million drop in fund balance, adds personnel and disenrollment items to agenda
Summary
At its Nov. 14 meeting the Wayne Township Board of Education reviewed an auditor's report showing a roughly $7 million year-over-year decline in fund balance, heard warnings about tight capital reserves and rising bus costs, and approved agenda additions including a separation agreement, a sidebar labor pact, a student disenrollment and a settlement.
The Wayne Township Board of Education on Nov. 14 reviewed its annual audit, was warned about tightening capital reserves and rising costs, and approved several additions to the meeting agenda including personnel and student-discipline items.
Catherine Martell, the audit partner who summarized the district's financial report, told the board that the change in fund balance from fiscal 2023 to fiscal 2024 was "down a little over $7,000,000," in part because encumbrances were liquidated and the district withdrew money from capital reserves for projects. Martell said some capital and maintenance reserves remain available but described an overall tightening of resources across districts statewide.
The audit presentation included project-level figures: the auditor reported SDA projects of about $954,000 and described the district's capital-outlay share…
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