2012 School Budget Gets Clean Audit
Officials stayed on track for the $233.3 million budget.
Frank B. Holman, the auditor of the Toms River Regional School District, gave the district a "clean audit opinion" of its $233.3 million budget for the year ended June, 30, 2012.
"The most important thing was the adherence to the budget," Holman told the Board of Education at Tuesday night's meeting.
He said 2.5 percent of the budget was unspent and the district was "very tight with its surplus position."
The district's revenue exceeded spending by $3.35 million for the fiscal year ended in June, compared with the prior year when it spent $1.05 million more than its revenue. The "excess surplus" totaled $174,783 for the fiscal year ended 2012. The district had fund balances, which includes restricted funds for capital improvements, maintenance and emergencies, of $7.55 million at June 30, compared with $4.2 million on that date in 2011.
The school's debts totaled $99 million, but Holman, who is president of Holman & Frenia, said that figure is less than half of the district's assets.
Holman also presented a report about the finances of the Bennett Complex and the Pine Belt Arena that showed the two buildings had a combined increase in net assets of $162,504 for the year ended June 30.
"Neither building is being subsidized by tax revenues," Holman said.
The school board accepted the auditors report for the budget, as well as the report on the Bennett Complex and Pine Belt Arena, with seven votes and two abstentions.