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.

SystemIsBroken December 19, 2012 at 03:23 PM
Speaking of revenue. why did Judge Pisano have to summon the district for comment on restitution??? http://www.app.com/apps/pbcs.dll/article?AID=2012312120135&nclick_check=1 2nd page of article reads..... In the courtroom Wednesday were representatives from the school district’s administration, including the Toms River Superintendent of Schools Frank J. Roselli and William J. Doering, the business administrator. They were present at the request of the judge, who explained he felt the Board of Education ought to be represented at the hearing. “I believe the Toms River Regional School District is the victim here,” Pisano said. “And quite frankly, I was surprised I had not heard anything from the Toms River Board of Education about restitution.” It makes it appear like we have additional UNINDICTED Co-Conspirators at 1144. Lets start with security and ethics in the District Office!
JD December 19, 2012 at 04:03 PM
Giovine is just another Ritacco supporter cloaked in "clean slate clothes".... The Holman report on the Bubble and Pinebelt was a joke... lol They didn't even render an opinion on it.... They "made" the numbers work. By my estimates and allocation... the Bubble lost $20,000. IF TRIE needed an auxilary gym... you don't build and indoor track for $2.7 million when a 8,000 ft2 auxilary gym could have been built for $500K with gas+electric at 6-10k/yr!!! 3% ROI on 2.7million is what Holman said was satisfactory... lol... when the 20yr T-note (with NO risk) in June 2004 (when bubble built) was 5.45%!!! Nice try Holman.... Time to fire Holman as auditor!!! Here is a recommendation.... Form an Audit Committee which doesn't have any TRRS employees... and have the auditors report to the Audit Committee... therefore, no conflict. That is how any Fortune 500 company do it... Currently, the auditors report to Doering/Roselli... the persons you are auditing... that is how it was when Ritacco was in charge...
JD December 19, 2012 at 04:37 PM
Also... concession sales at Pine Belt and Bubble... Can you say "sticky fingers"... Bubble had a 38% margin and Pine Belt at a 30% margin... whereas concession typically are at 50% margin... and based upon prices of drinks, etc at bubble and pine belt.. they should be at 50% margin!!! But this was not audited by Holman... and he rendered no opinion on it!!!
Irina December 19, 2012 at 05:05 PM
"Neither building is being subsidized by tax revenues," Holman said.....Well who paid for this eyesore to be repaired? Santa Claus????? All concessions sold should be via a register not a cash box. I'm sure a bunch of $ went south and unreported.
JD December 19, 2012 at 05:46 PM
LOL... Like I said... complete BS report... basically Roselli and Doering told Holman what to say and approve to look good... they are still protecting Ritacco... Even Judge Pisano wanted to know why TRRS didn't submit anything for resititution!!! Pisano ordered Roselli and Doering to his courtroom... and Ritacco was a client of the TRRS attorney!!
JD December 19, 2012 at 06:38 PM
You obviously didn't read the Holman report in it's entirity... Just the facts... All the numbers I listed above came right from the report... except for some numbers I researched.. ie. Fed 20 yr T-note in June 2004... you can look that up if you want! Anyone with 1/2 a brain that took accounting 101 and finance 101 would look at the numbers and laugh... Better yet... take it to a banker and ask if they would lend money to finance the venture? lol
Momma327 December 19, 2012 at 09:18 PM
I dont get it....people do research about the finances of the Board of Ed and take notes at meetings yet I have not seen any of your names on a ballot? If you care that much about the "what, when, where, and why's" of how the district spends their money and establishes their budget, than perhaps becoming a board member to voice your opinions about how to "correctly" handle school finances should be considered? Must be nice to have that much free time that you can do all of this research...?
Chief Wahoo December 19, 2012 at 09:18 PM
99 million in DEBT !!!!!!!!!!!!!
All talk no action December 19, 2012 at 09:59 PM
JD can't run for BOE he doesn't have a diploma
Johnjcpa December 19, 2012 at 10:58 PM
What part of year ended June 30, 2012 gives you the most trouble. And in case you think that this is a slander free zone, you are mistaken. When I was in practice, the last thing I'd consider were school audits, just not worth the grief. But if someone slurred me in print, I certainly would serve a supoena on the patch and work back through your email and ISP.
TRWatch December 20, 2012 at 01:14 PM
Hey Johnjcpa, How much money did you steal when you were in practice? My email and ISP look forward to your subpoena.


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