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Franklin Borough School District accepts 2023–24 audit, approves $1.33 million in payments and surplus allocations
Summary
At its Oct. 14 meeting, the Franklin Borough School District Board accepted an "acceptable" 2023–24 audit with a reported score of 77, approved vendor payments totaling $1,330,082.95, authorized a $41,632.62 window project payment and allocated surplus funds to capital and maintenance reserves.
The Franklin Borough School District Board of Education on Oct. 14 accepted the district’s 2023–24 audit and approved a series of finance items, including vendor payments totaling $1,330,082.95 and allocations of surplus to capital and maintenance reserves.
Valerie Dolan of Nisivoccia LLP presented the June 30, 2024 audit, saying the audit report was "acceptable" and noting the district received an audit score of 77 rather than the previously referenced 78. The board took questions from members and thanked district staff for supporting the audit transition.
The board approved payment application #5 to D&E for the Window Project in the amount of $41,632.62 and accepted a $200 donation from Weis Markets for the Weis 4 School program. It also authorized disposal of two automated external defibrillators (AEDs) containing lithium batteries and approved required line‑item transfers and the Board Secretary’s and Treasurer’s reports for August 2024.
Financial detail recorded in the meeting materials lists fund balances and transfers: vendor payment totals were broken out by fund (examples: Fund 10 FICA share $57,484.14; Fund 11 general expense $1,135,869.84; Fund 12 capital outlay $44,488.69), producing a total of $1,330,082.95. The board also approved audit allocations and reported a Capital Reserve balance after transfers of $751,280.18 and a Maintenance Reserve balance of $442,933.32.
The board approved submission of the annual Health and Safety Evaluation of School Buildings Checklist (NJQSAC) and Form M‑1 (Annual Maintenance Reserve Worksheet) and accepted a corrective action plan for food service as presented.
The meeting adjourned at 7:39 p.m.; no additional finance items were continued to a future meeting.
