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Auditor: Fort Lee schools end year with strong reserves and a small surplus
Summary
District auditor Matthew Wilcox told the Fort Lee Board of Education the district finished the 2024'25 fiscal year with robust reserves, a roughly $953,000 surplus and a total fund balance of about $24.7 million; he said prior audit findings have mostly been addressed.
The Fort Lee Board of Education heard an overview of the district's annual audit on Tuesday, during which Matthew Wilcox of Wilcox and Company said the district is in a solid financial position compared with peer districts.
At the meeting, Wilcox said the district holds approximately $11,500,000 in capital reserve, $2,800,000 in maintenance reserve and about $802,000 in an emergency reserve, with a total fund balance near $24,700,000. "Results of our operations last year were $953,000 of revenue over expenses," Wilcox said, adding that many corrective actions from prior management findings have already been implemented.
The presentation included two reports: a management (compliance) report and the comprehensive annual financial report (ACFR). Wilcox said the ACFR provides a snapshot of how the district performed through the year and noted that, despite statewide budget pressures, Fort Lee's reserves compare favorably to similar districts. "Our reserves are very strong for a district of our size," he told the board.
Wilcox described the capital reserve as intended for capital projects, the maintenance reserve for upkeep of buildings, and the emergency reserve for unanticipated needs. He recommended continued attention to those reserves while noting the district has increased contributions to the capital reserve in recent periods.
The audit presentation followed the superintendent's report, which also covered public-safety items and programming; the board did not take a separate, recorded vote during the audit presentation in the portion of the transcript provided. The auditor invited board questions and indicated the full reports were available for review.
The board will proceed with routine follow-up through its administration and finance committee, and the district will incorporate any remaining audit recommendations into its corrective-action planning.
