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Board hears 2023–24 audit: fund balance falls about $1.2 million; board accepts audit
Summary
At its Nov. 18 meeting, the Hillsborough Township Board of Education heard the 2023–24 audit showing a roughly $1.2 million decrease in fund balance and approved acceptance of the audit. The report highlighted $6.3 million in capital reserves, $1.5 million in maintenance reserves and a 2% unassigned fund balance.
The Hillsborough Township Board of Education on Nov. 18 heard a presentation of the district's 2023–24 audit and voted to accept the report.
Audit partner Andrew Kachinsky told the board the district's overall fund balance "went down by about $1.2 million" year over year and described the district's reserve structure and liabilities. He reported a capital reserve of $6.3 million, a maintenance reserve of $1.5 million and an unassigned fund balance of about $2.9 million, which he noted is roughly 2% of expenditures — the statutory maximum in New Jersey.
The auditor also outlined enterprise-fund activity (food service and summer enrichment), long-term liabilities and recent accounting changes. He said long-term liabilities include serial bonds (about $32.4 million) and a net pension liability that increased to about $22.4 million; he also described changes to how compensated absences were calculated under a new standard.
"That 2% of unassigned is as healthy as the state of New Jersey will allow us to be," Kachinsky said, emphasizing the district's consistent use of excess surplus year to year.
Superintendent Jerry and business-office staff were credited for timely work preparing audit materials. The board president thanked staff and noted that copies of the full audit report are available to board members and for public review.
The board approved the action to accept the 2023'24 audit by roll-call vote.
The acceptance of the audit concludes the formal review for the year; the audit report also includes management suggestions related to federal grant receivables and lingering COVID-19 funding items that the auditor recommended the district monitor and, where appropriate, remove from future reports as federal programs close.
