Auditor: District Fiscally Sound

The Tinton Falls School District is financially sound, according to its auditor.

Paul Cuva of Ferraioli, Wielkotz, Cerulla, & Cuva, P.A., of Ponpoton Lakes, reviewed the district’s annual audit during the Board of Education meeting at on Monday, Dec. 12.

“Financially, we’re solid. We’re as solid we’ve ever been,” Cuva said.

Nevertheless, he noted that the 2010-2011 audit was particularly challenging because of a bond sale and a delay in receiving capital project grant funds from the New Jersey Schools Development Authority (SDA).

“[Business Administrator] Tamar [Sydney-Gens] has sent out reimbursement for some of the funds that have been expended and we’re awaiting their reply. The SDA is very slow,” Cuva said.

In 2010-2011, the district refunded 2002 bonds resulting in a $250,000 savings and refinanced other existing bonds, he said.

“We were able to take funds we have on hand and reduce our total debt burden,” Cuva said.

The audit contained one recommendation: the district’s subsidiary ledgers should be reconciled to the board secretary’s report trial balance. The Syndney-Gens will be responsible for reviewing the procedure for reconciling balances as well as perform monthly reviews of the balances, according to the audit recommendation.