Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
District audit finds unmodified opinion but flags excess food-service cash
Summary
Independent auditors gave the Toms River Regional School District an unmodified opinion for fiscal year ending June 30, 2025 and noted a prior-period accounting adjustment; auditors reported one repeat finding: excess cash in the school food service fund and described a plan to reduce it.
Independent auditors presented the Toms River Regional School District’s June 30, 2025 Annual Comprehensive Financial Report at the Dec. 17 board meeting and issued an unmodified opinion on the district’s financial statements.
The audit presentation (by Jerry Conny) noted a prior-period adjustment tied to a new accounting standard for compensated absences that affects governmental entities nationwide. Auditors said the adjustment reflects changes in how compensated absences are accounted for and is not the result of district misstatement.
The auditors reported one repeat finding arising from regulatory testing: the school food service fund contains excess cash resources, an effect auditors attributed in part to federal COVID-era funding that left some food-service balances higher than typical. The auditor said the district has a plan to spend down those resources and reduce food prices, and that the plan is being implemented over multiple years to avoid disruptive budget impacts.
Why it matters: An unmodified opinion indicates auditors found the district’s financial statements fairly presented in accordance with generally accepted accounting principles. The repeat finding about the food-service fund, however, requires monitoring and corrective action because it is identified in federal single-audit testing and mentions potential compliance concerns if not addressed.
Board reaction and vote: The board approved the ACFR, auditor’s management report and corrective action plan pending the release of the federal single compliance supplement by unanimous roll call.
What the audit did not say: During the presentation, the auditor answered a direct question asking whether he had observed waste, fraud or abuse; he answered no. The audit materials referenced in the meeting were described as un-audited documents pending certain federal supplements.
Next steps: The district will continue implementing its corrective action plan to address the food-service fund balance; the board approved the report and requested the single-compliance supplement be incorporated when released.
