Board accepts auditors' report, auditor cites $15 million state aid cut and $51 million year-end fund balance

The Board of Education of Toms River Regional Schools voted to approve the district's 06/30/2024 annual comprehensive financial report, auditors' management report, and corrective action plan following an auditor presentation.

An auditor presenting the report told the board the firm issued "an unmodified opinion on the financial statements," the highest standard auditors can give. The presenter said revenues were down overall, driven by what he called "state aid cut[s] [of] almost $15,000,000," and that the district ended the year with about $51,000,000 in total fund balance. He added that nearly $19,000,000 of that was reserved for capital and maintenance, roughly $6,000,000 for an unemployment reserve, and about $22,000,000 of fund balance was used to help balance the fiscal year 2025 budget.

The auditor also reported that single-audit testing of federal and state grants produced no findings, but noted a carryover matter from the prior year related to the food service fund's net cash resources; district staff had already implemented a corrective action plan and were drawing down the balance.

Board members moved and approved the audit and related documents by roll-call vote. The motion passed; the roll-call record in the meeting shows multiple affirmative votes and one dissenting vote.

The board did not adopt new budgetary measures during the meeting; the audit presentation and board approval were recorded as part of routine financial oversight. The board directed that the audit and corrective action steps remain on the finance committee's monitoring list for follow-up.