CLARK, NJ – The Clark Board of Education presented the 2017-2018 school year audit findings along with the tentative budget for 2019-2020 school year at Monday’s meeting held in the Clark Council Chambers.
The Board was joined by Andrew Parente of the district’s auditing firm Lerch, Vinci & Higgins. Superintendent Ed Grande explained that audits are done on a delay. Therefore, the audit results discussed by Parente Monday evening were based on the 2017-2018 school year.
Parente explained that every public school district in New Jersey is required to file two reports annually: the comprehensive annual financial report (CAFR) and the auditor’s management report. The auditor’s management report is where any findings and reccomendations would be stated.
“At June 30, 2018, the district ended the year with approximately $5.7 million of fund balance,” said Parente. The fund balance is broken down into the following categories and amounts as detailed by Parente during his presentation:
Revenue Source: $1.6 million
This money was utilized as a revenue source for the current school year (2018-2019).
Excess Surplus: $2.2 million
The excess surplus was be used when district prepares the 2019-2020 budget.
Capital Reserve: $587,000
The capital reserve is used to fund future capital projects.
Maintenance Reserve: $634,000
The maintenance reserve is used to fund future maintenance projects.
Unassigned Fund Balance: $702,000
The unassigned fund balance is 2% of the district’s expenditures.
Parente explained that there are three types of recommendations you can have: material weakness (the most severe), significant deficiency, and general comment. “We have three general comments for 2017-2018 school year.” This compares to the previous audit for the 2017-2018 school year which had seven general comments.
Board member Robert Smorol congratulated the district’s business administrator R. Paul Vizzuso and his team for an outstanding audit. “A few years back we had a multitude of comments and a number of significant deficiencies…that’s just spectacular. Just keep up the good work.”
Vizzuso then presented the tentative annual school budget for the 2019-2020 school year.
|Taxes to be Raised||$32,328,259||$0||$1,351,032||$33,679,291|
The public hearing for the 2019-2020 school year budget will be held in the Clark Council Chambers on Monday, May 6 at 7:00 p.m. in the Clark Council Chambers.