Livingston Public Schools’ 2024 financial report yielded no material weaknesses or significant deficiencies throughout the district, according to a report byan accounting firm that was presented at the Livingston Board of Education’s Tuesday meeting.
Other highlights from the audit report include the district’s fund balance is in excess of two percent, or $859,795, and the capital reserve fund remains consistent with the previous year, at $9,778,014. Additionally, there is $500,000 in the maintenance reserve and $ 1,000,000 in the emergency reserve.
“Nothing was identified that would effect the operations of the school district or be out of compliance,” said Scott Clelland, of PFK O’Connor Davies, the accounting firm hired by the Board to compile the audit report.
In the auditor’s manager report, Clelland noted two findings that require corrective action.
He encouraged that any cash being held in the student activity fund be deposited no later than a week, and there were some instances in the manager’s report that did not reflect this.
“Nothing we found was missing, it just wasn’t deposited timely,”he said.
His second finding related to the rollover closeout process andreviewing of open purchase orders at the end of the year.
“With a new system, new people coming on board and leaving, some of the encumbrances in accounts payable were adjusted as part of the audit process, as opposed to part of the normal routine that takes place. We don’t think that will be the same situation going forward,” he said.
In closing, Clelland referred to it as “a great audit.”
Student Representative
In her report, the Board’s student representative Darcy Bialik addressed the recent passing of Emily O’Malley. O’Malley was an LHS graduate and a coach for the recreational track program, who died in an accident on December 24.
