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Board accepts audit, approves $2.8 million in payments and several finance items
Summary
Valerie Dolan of Nisivoccia LLP presented the 2024–25 audit and commended the Business Office; the board approved vendor payments totaling $2,800,543.83, accepted September financial reports, and approved grant final-expenditure reports and reserve allocations.
The Franklin Borough School District Board accepted the results of the 2024–25 audit presented by Valerie Dolan of Nisivoccia LLP and approved a series of finance motions at its Nov. 17 meeting.
Dolan presented the audit and commended the Business Office for presenting sound financial statements. The board approved vendor payments dated Oct. 14–Nov. 17, 2025 with totals reported by fund: Fund 10 Charter School/ER FICA Share $888,024.77; Fund 11 General Expense $1,758,256.39; Fund 20 Special Revenue $119,520.30; Fund 60 Cafeteria $34,161.65; Fund 95 Student Activities $580.72; for a grand total of $2,800,543.83.
The Board Secretary’s and Treasurer’s reports for September 2025 were accepted and the board certified, pursuant to N.J.A.C. 6A:23A-16.10(c) and N.J.S.A. 18A:22-8.1, that as of September 2025 no major account or fund reflected expenditures in excess of appropriations. The board also approved between-line transfers required by state rules and accepted final expenditure reports for IDEA and ESEA grant carryovers (Title I $532.00; Title IIA $10,345.00; Title IV $263.00).
The audit’s surplus allocations to Capital and Maintenance Reserve accounts were recorded in the minutes, with the Capital Reserve balance reported as $1,247,625 after transfers and the Maintenance Reserve balance reported as $654,826 after transfers. The minutes list these allocations and the associated accounting entries as part of acceptance of the audit and final reports.
These finance items were approved by roll call during the finance/buildings and grounds portion of the meeting.
