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Auditor reports modest surplus and one control recommendation for Hardyston's 2024-25 finances
Summary
An external presenter summarized the 2024-25 audit for Hardyston Township School District, reporting roughly $223,000 in excess revenue and recommending improved timeliness for student-activity deposits; the board received the report and asked clarifying questions about surplus use and reserves.
An audit presenter reviewed the Hardyston Township School District's 2024-25 financials at the Jan. 6 meeting, reporting an overall excess revenue position and offering one formal recommendation for improved internal controls.
The presenter told the board the general fund had three primary revenue sources. "Local revenue is principally your local tax levy," she said, adding the district budgeted $11,262,000 in local revenue and realized $11,408,000, an excess of about $145,000. State aid was budgeted at $1,500,000 and actual receipts were $1,629,000; combined with other variances, the presenter said, "overall excess revenue was a little under $223,000." She reported actual expenditures near $13.34 million and unexpended amounts of about $835,000 at year-end (figures were rounded in the presentation and reflect balances as of June 30, 2025).
The presenter identified restricted balances the board should note, including a capital reserve (reported at about $1,365,000) and a maintenance reserve (about $156,908), and reviewed long-term liabilities such as serial bonds and net pension liability.
On internal controls the presenter said there was "only one formal recommendation": student-activities deposits were not made in a timely manner. "They really should be ideally deposited twice a week," she said, and recommended that fundraiser donations be handled by check rather than cash to strengthen controls.
Board members asked questions about how much of the fund balance is restricted versus unassigned and whether the district could use more surplus in the 2026 budget. The presenter cautioned that some balances are restricted and recommended assessing projected year-end positions before deciding how much excess surplus to apply to the next budget.
The board thanked the presenter for a "very good report" and acknowledged the single formal recommendation as a minor control item; the auditor said prior recommendations had been resolved.
