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Board hears audit, learns district used reserves in 2023-24; resolution to accept audit introduced
Summary
The board received the annual audit showing the district used tuition and capital reserves and drew on fund balance to support operations in 2023-24; the auditor reported no recommendations and a resolution to accept the audit was introduced for the board's consideration.
The Mountainside Board of Education was presented the district's annual audit on the meeting night, during which the external auditor summarized fund-balance changes and said the report included no recommendations.
Kathy Mattel of Nisavache, the audit presenter (speaker 1), told the board the district's fund balance declined "a little over $200,000" from June 30, 2023, to June 30, 2024, largely because the district used its tuition reserve. Mattel said the district used approximately $200,000 of its tuition reserve, $144,000 from the capital reserve, and about $375,000 of fund balance to support operations during 2023-24.
"I condense it down to 2 and a half pages of the key takeaways," Mattel said, referencing a brief summary she provided to board members.
Business Administrator (speaker 3), who introduced the auditor, told the board they had been emailed the comprehensive audit and that the C-1 (fund-balance report) "is the document that really means the most to me and to most everyone, which is where we are financially and where our fund balance is." The BA said that maintained controls and relatively small encumbrances were positive signs.
Mattel also explained components that affected the reported numbers, including state-recognized pension-related amounts the district does not receive directly and one-time claim activity that increased unemployment costs during the year. She told the board that, because there were no audit recommendations, the board would be asked to approve a resolution "accepting the audit." The transcript did not record a formal vote on that resolution during the portion provided.
The auditor noted some capital-project balances tied to bond proceeds will require attention; older capital project balances may need to be returned to a debt-service fund if they are no longer usable for the original projects.
Next steps: the BA indicated the board would be asked to approve a resolution accepting the audit; the transcript segment provided did not include the board's vote on that resolution.
