For the second consecutive year, the West Windsor-Plainsboro school district’s financial practices have been recognized with a certificate of excellence in financial reporting from the Association of School Business Officials.
District auditor Scott Clellan of Wiss and Company, of New Jersey and New York, reported at the October 26 Board of Education meeting on the annual audit of the district’s finances, which remain in good standing.
Clellan said that even though the state deadline for having an audit conducted was pushed back from November 5 to December 5 because many districts would not have their financial statements ready in time, the WW-P district did not need the extension.
“Your district had the financial statements ready to go,” he said. “Your report is complete.”
In addition to the international ASBO award, “the district remains very prudent in the way it manages its finances,” Clellan told the board.
He said that the district’s fund balance was down this year, but that the lower figures coincides with the reduction the district saw in state aid. “During the fiscal year, the state reduced your state aid by $2.8 million, and that clearly reflects the reduction of your fund balance. You still have fund balance, and you still have good financial position.”
The district’s fund balance is over 2 percent, which is only about $4 million, but that is also in line many other districts that also saw reductions. In addition to the $2.8 million in state aid reductions for the 2009-’10 school year, the budget was reduced as a result of state cuts by 5 percent for the current year. On top of that, the last two state aid payments to the district that were supposed to be issued in June were delayed until July, but the district’s financial practices were able to carry it forward, he said.
“The district continues to take advantage of, and prudently so, the reserves that were allowed to be put aside by the district to make sure it has money to support maintenance projects, for emergencies, as well as capital reserve items,” Clellan added.
There were no major areas of concern to report, Clellan said.
