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Auditor: Keansburg audit shows $16.1M reported liabilities but ‘no impact on budget’
Summary
At the Jan. 10 Keansburg Board meeting, HFA representative Robert Mulligan presented the annual audit showing about $16.1 million on the report — roughly $8 million in capital maintenance reserves and an increase in accrued sick/vacation liabilities — and said the disclosure does not change current budget obligations.
The Keansburg Board of Education received its annual audit presentation on Jan. 10 from HFA representative Robert Mulligan, who said the district's audited statement shows roughly $16,100,000, including about $8,000,000 held in a capital maintenance reserve. Mulligan told trustees the report also reflects an increase in accrued compensated absences — sick and vacation time — which rose by about $6,000,000 compared with the prior year.
Mulligan stressed the accounting disclosure does not change what the district expects to pay under current contracts and state rules. “This has no impact on budget,” he said, explaining that statutes and contract caps mean employees will not receive those full accrual amounts on retirement; the figures are a required reporting disclosure. Trustees asked follow-up questions about 'user access levels' and control of financial-system permissions; Mulligan recommended periodic reviews and deactivation when staff depart. The board did not take additional budget action at the meeting.
