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District auditors give Toms River schools an unmodified opinion, note one repeat finding
Summary
External auditors reported an unmodified opinion on the Toms River Regional School District’s financial statements and identified one repeated management finding involving the food service management fund’s excess cash; auditors outlined fund-balance composition and budgeting implications for FY27.
Jerry Convey, partner at HFA, told the Board of Education the firm issued an unmodified opinion on the district’s financial statements, meaning the auditors found no modifications were necessary to comply with generally accepted accounting principles.
Convey said the auditors produced three reports — the financial statements, an internal-controls report, and a single-audit report for federal/state assistance. “We have an unmodified opinion on our financial statements,” he said. He added the single-audit testing produced no findings, but the auditors noted a recurring management-report item related to the food service enterprise fund: the fund is holding excess cash resources beyond Department of Agriculture guidance.
Convey walked through the district’s fund-balance position, reporting an ending fund balance of about $43,600,000 with roughly $6,000,000 in capital reserve, $9,000,000 in maintenance reserve and $6,200,000 in an unemployment reserve. He said the district budgeted using part of the fund balance in FY26 and reminded the board that the unassigned surplus maximum for the district is about $6,230,000 — the starting point for formulating the FY27 budget.
The auditors thanked district finance staff for cooperation during a lengthy audit process that was delayed by late state pension figures and a recently released federal compliance supplement needed for single-audit testing. The report will be finalized and delivered to the district once the remaining testing wraps up.
