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Board accepts fiscal report, allocates ESSA carryover and updates wages
Summary
The Medford Lakes Board of Education approved the Annual Comprehensive Fiscal Report for FY2023–24, authorized carryover ESSA funds (Title IA $5,940; Title IIA $2,904), approved contract adjustments tied to New Jersey's minimum-wage increase, and adopted the district's 2025–26 budget calendar. The auditor from Holt McNally presented the fiscal report.
The Medford Lakes Board of Education approved a package of finance actions at its Dec. 18 meeting, including acceptance of the Annual Comprehensive Fiscal Report for the fiscal year ended June 30, 2024, and allocations of federal ESSA carryover funds.
David McNally of Holt McNally presented the Annual Comprehensive Fiscal Report (ACFR) and recommended acceptance. The board voted to approve the ACFR as submitted.
The board also authorized the carry-over of 2023–24 ESSA funds into the 2024–25 school year, allocating $5,940 to Title IA (instructional supplies, account 100-600) and $2,904 to Title IIA (professional and technical services, account 200-300). Business Administrator Nikolas Vrettos certified that, as of Nov. 30, 2024, no budgetary line item exceeded appropriations under the cited New Jersey statutes and regulations.
To comply with the state minimum-wage increase effective Jan. 1, 2025, the board approved a contract addendum with ESS Northeast LLC for substitute-teacher and staffing services and authorized per-hour wage adjustments for named district employees from $15.34 to $15.49 where applicable. The board also approved the SHIF Indemnity and Trust Agreement covering July 1, 2024 to June 30, 2027.
The board adopted the district’s 2025–26 budget calendar, which sets administrative-review dates beginning in January 2025 and calls for submission of a preliminary budget to county officials in mid-March and a public budget hearing in April 2025. Routine business motions—including payment of bills and November budget transfers—were approved and recorded by roll call.
Votes on the finance items were recorded in the meeting minutes as 4 ayes with no recorded nays, absences or abstentions for the listed motions.
