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Novi issues $49.81M in 2024 bonds; auditors urge improved capital-asset records
Summary
The district issued $49.81 million of 2024 school building and site bonds; auditors reported $36.9M in capital additions and recommended reconciling manual capital-asset records to detailed listings and adopting asset-tracking software.
The audit reports that the district issued $49,810,000 of 2024 serial general obligation bonds (recorded with premium) and that capital additions for the year totaled roughly $36.89 million, mainly from the renovation of Novi Meadows. The capital-projects activity increased the 2024 Capital Projects Fund balance by about $54.88 million.
Auditors also noted that capital assets were being tracked on a manual spreadsheet (dating from 2011) and that the summary totals did not agree to detailed listings. They recommended that management locate pre-2011 detail where possible, perform a current-year physical inventory to reconcile the detail to summary totals, and implement a capital-asset software module to reduce reconciliation risk.
