Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Long Hill Township board accepts 2023'24 audit; auditors report no recommendations
Summary
Board accepted the annual comprehensive financial report for fiscal year ended June 30, 2024, following an auditor presentation that found a healthy fund balance and offered two administrative suggestions. The audit carried no formal recommendations for the third consecutive year.
The Long Hill Township Board of Education voted unanimously to accept the district's Annual Comprehensive Financial Report (ACFR) and the auditor's management report for the fiscal year ended June 30, 2024.
The auditor from Necivacia presented the district's financial statements and annual management report, reporting that the district's fund balance rose $111,000 from June 30, 2023 to June 30, 2024 (not including a $118,000 June state-aid payment that the auditor said cannot be booked until July). The auditor said the district's capital reserve was listed at $3,000,000, maintenance reserves were roughly $961,000, emergency reserves about $250,000 and excess surplus totaled $330,000, which the district plans to use to help balance the 2025 budget. Unassigned fund balance was reported as $797,000 and outstanding debt in the debt service fund was about $3,700,000.
'You are as healthy as the state will allow you to be,' the auditor said, praising the district's management of the state-imposed 2% unassigned fund balance cap and noting the district's strong position relative to peers.
The auditor offered two written suggestions for administrative practice: be consistent in submitting reimbursement requests (the state favors monthly or quarterly claims) and retain documentation for federal COVID-19 grants for the full retention period (the auditor noted a seven-year retention expectation). The board and finance committee responded positively; members thanked the business office staff for their work and noted this was the third consecutive year with no formal recommendations.
The board moved and passed a resolution (numbered by the meeting as Other 44) to accept the ACFR and the auditor management report. The roll-call vote as read by the board clerk recorded all voting members as "yes," and the motion passed.
The acceptance concludes the auditor's presentation and adds the audit to the district record. The board will proceed with the budget calendar and related planning in coming months.
