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External auditor reports modest excess revenue, recommends tighter control of student-activity deposits
Summary
The district's auditor presented the 2024—25 audit, reporting roughly $223,000 in excess revenue, an ending general fund balance near $3.49 million, and one formal recommendation to improve timeliness of student-activities deposits.
An external auditor (Heidi) presented the Hardyston Township School District's 2024—25 audit at the Jan. 6 meeting and described the district's financial position and a small set of recommendations.
Key figures introduced by the auditor included: budgeted local tax levy and local revenue of about $11.262 million with actual local revenue around $11.408 million (an excess of roughly $145,000); state revenue budgeted at $1.5 million with actual approximately $1.629 million (an excess of about $97,000); overall excess revenue for the year just under $223,000; and an ending general fund balance reported as a little under $3.49 million. The auditor also described restricted balances: a capital reserve of about $1.365 million and a maintenance reserve around $156,908 (figures reported as of 06/30/2025 and rounded in the presentation).
The auditor reported one formal recommendation: student-activities deposits were not being made in a timely manner and should ideally be deposited multiple times per week to ensure safekeeping. Additional suggestions concerned confirming purchase-order timing and upcoming Governmental Accounting Standards Board (GASB) changes that will affect reporting disclosures.
Why it matters: The audit and fund-balance numbers help frame how much surplus the district can responsibly use in the 2026 budget and underline the need to maintain reserves for capital projects and unexpected increases in operating costs. The auditor recommended administrative controls to ensure timely deposits and clearer purchase-order practices.
What comes next: Board members thanked the business office for its work. The district will consider the auditor's recommendation as it finalizes budget decisions in the coming months.
