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Hopewell Area SD auditor issues clean opinion; district posts $734,000 general fund increase
Summary
Independent auditor Stephen Naidenberg told the board the district received an unqualified (clean) opinion for the year ending June 30, 2025, reporting a $7.8 million fund balance and a $734,000 increase in the general fund driven by revenues roughly matching budgets and underspending on expenditures.
Stephen Naidenberg of Metel and Wood presented the Hopewell Area School District's audit for the fiscal year ending June 30, 2025, telling the board the firm issued an unqualified (clean) opinion on the district's financial statements and on federally funded programs.
The auditor said the district reported about $16.4 million in total assets and roughly $8.66 million in liabilities and deferred outflows, leaving an approximate fund balance of $7.8 million at June 30, 2025. General fund revenues totaled about $47.7 million with expenditures just over $47.0 million, producing a net increase in fund balance of roughly $734,000 for the year.
Naidenberg attributed the positive general fund result to revenues coming in very close to budget and to expenditures running below budget in several areas. He also noted the capital projects fund used about $316,000 of fund balance after roughly $424,000 in capital spending and related debt service.
On the food service fund, the auditor said the recorded decrease in net position of about $322,000 was largely the result of a pension and OPEB revaluation rather than operating losses. Long-term debt on the district's books was reported at about $12.22 million.
The presentation included the required footnotes and a single-audit review of federal expenditures. Naidenberg reported that the firm found no deficiencies in internal control that rose to the level of reporting for the audited federal programs and reiterated the clean opinion on the district's financial statements.
Board members thanked the auditor and had no immediate questions about corrective actions; the presentation concluded with the auditor offering to follow up with trustees individually on any specific items.
The board received the audit as presented; no formal vote on acceptance is recorded in the transcript beyond the presentation and opportunity for questions.
