TEANECK BOARD OF EDUCATION ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Teaneck, New Jersey

ANNUAL COMPREHENSIVE FINANCIAL REPORT
ofthe
Teaneck Board of Education Teaneck, New Jersey
For The Fiscal Year Ended June 30, 2024

Prepared by Business Office

INTRODUCTORY SECTION

Letter of Transmittal Organizational Chart Roster of Officials Consultants and Advisors

1-4
5-12
13
14

FINANCIAL SECTION

Independent Auditor's Report
REQUIRED SUPPLEMENTARY INFORMATION -PART I

Management's Discussion and Analysis

Basic Financial Statements

District-wide Financial Statements

15-17

18-28

Statement of Net Position	29
Statement of Activities	30
Fund Financial Statements

Governmental Funds
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balances
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Proprietary Funds
Statement of Net Position
Statement of Revenues, Expenses, and Changes in Net Position B-6	Statement of Cash Flows
Fiduciary Funds - Not Applicable

Notes to the Financial Statements

REQUIRED SUPPLEMENTARY INFORMATION - PART II

Budgetary Comparison Schedules

31-32
33

34

35
36
37

38-79

C-1
C-2
C-3

Budgetary Comparison Schedule - General Fund Budgetary Comparison Schedule - Special Revenue Fund
Budgetary Comparison Schedule - Notes to Budgetary Comparison Schedule

80-87
88
89

REQUIRED SUPPLEMENTARY INFORMATION - PART III

Schedules Related to Accounting and Reporting for Pensions

Required Supplementary Information - Schedule of the District's Proportionate
Share of the Net Pension Liability - Public Employees Retirement System	90
Required Supplementary Information - Schedule of District Contributions -
Public Employees Retirement System	91
Required Supplementary Information - Schedule of the District's Proportionate
Share of the Net Pension Liability - Teachers Pension and Annuity Fund	92
Notes to Required Supplementary Information - Net Pension Liability	93
Schedules Related to Accounting and Reporting for Postemployment Benefits Other Than Pensions
Required Supplementary Information- Schedule of Changes in the District's
Proportionate Share of Total OPEB Liability	94
Notes to Required Supplementary Information - OPEB Liability	95
OTHER SUPPLEMENTARY INFORMATION
School Level Schedules - Not Applicable
Special Revenue Fund

E-1
E-2

Combining Schedule of Revenues and Expenditures Special Revenue Fund- Budgetary Basis
Preschool Education Aid - Schedule of Expenditures - Budgetary Basis

96-102
103

Capital Projects Fund

F-1
F-2

F-2a- F-2b

Summary Schedule of Project Expenditures
Summary Schedule of Revenues, Expenditures and Changes in Fund Balance - Budgetary Basis
Schedule of Project Revenues, Expenditures, Project Balances and Project Status

104
105
106-107

Proprietary Funds

Enterprise Fund
Combining Statement of Net Position - Not Applicable
Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Not Applicable
Combining Statement of Cash Flows - Not Applicable

Fiduciary Funds - Not Applicable

108
108
108

Long-Term Debt

1-1
1-2
1-3
1-4

Schedule of Bonds Payable
Schedule of Obligations under Capital Financing Agreements Budgetary Comparison Schedule - Budget and Actual
Schedule of Obligations Subscription-Based Information Technology Arrangements - Not Applicable

109
109
110

STATISTICAL SECTION (Unaudited)
Net Position by Component	111
Changes in Net Position	112-113
Fund Balances - Governmental Funds	114
Changes in Fund Balances - Governmental Funds	115-116
General Fund Other Local Revenue by Source	117
Assessed Value and Actual Value of Taxable Property	118
Direct and Overlapping Property Tax Rates	119
Principal Property Taxpayers	120
Property Tax Levies and Collections	121
Ratios of Outstanding Debt by Type	122
Ratios ofNet General Bonded Debt Outstanding	123
Direct and Overlapping Government Activities Bond Debt	124
Legal Debt Margin Information	125
Demographic and Economic Statistics	126
Principal Employers	127
Full Time Equivalent District Employees by Function/Program	128
Operating Statistics	129
School Building Information	130
Schedule of Required Maintenance for School Facilities	131
Schedule of Insurance	132
SINGLE AUDIT SECTION

K-1	Report on Internal Control Over Financial Reporting and on Compliance		
	and Other Matters Based on an Audit of Financial Statements		
	Performed in Accordance With Government Auditing Standards -		
	Independent Auditor's Report	133-134	
K-2	Report on Compliance for Each Major Federal and State Program; Report on		
	Internal Control Over Compliance; and Report on the Schedule of Expenditures of		
	Federal Awards Required by U.S. Uniform Guidance and Schedule of Expenditures		
	Of State Financial Assistance as Required by New Jersey 0MB Circular 15-08 -		
	Independent Auditor's Report	135-137	
K-3	Schedule of Expenditures of Federal Awards	138-139	
K-4	Schedule of Expenditures of State Financial Assistance	140-141	
K-5	Notes to the Schedules of Expenditures of Federal Awards and		
	State Financial Assistance	142-143	
K-6	Schedule of Findings and Questioned Costs - Part 1 - Summary of Auditor's Results	144-145	
K-6	Schedule of Findings and Questioned Costs - Part 2 - Schedule of		
	Financial Statement Findings	146-148	
K-6	Schedule of Findings and Questioned Costs - Part 3 - Schedule of Federal and State		
	Award Findings and Questioned Costs	149-151	
K-7	Summary Schedule of Prior Year Findings	152-153	

INTRODUCTORY SECTION

-  TEANECK BOARD OF EDUCATION
Andre D. Spencer, Ed. D.
Superintendent

Victor Anaya
Interim Business Administrator/Board Secretary
vanaya@teaneckschools.org
January 7, 2025 Honorable President and
Members of the Board of Education Teaneck Board of Education
651 Teaneck Road
Teaneck, NJ 07666

f. onora le	es·den and Me  be s of • e T a eek	oard:

The Annual Comprehensive Financial Report (ACFR) of the Teaneck Board of Education (the "Board" or "District") for the fiscal year ended June 30, 2024, is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Teaneck Board of Education. To the best of our knowledge an4 belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.
Governmental Accounting Standards Board (GASB) requires that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A that should be read in conjunction with it. Teaneck Board of Education's MD&A can be found immediately following the "Independent Auditor's Report".
The annual comprehensive financial report is presented in four sections: introductory, financial, statistical, and single audit. The introductory section includes this transmittal letter, the District's organizational chart, and a list of principal officials. The financial section includes the Independent Auditors' Report, Management's Discussion and Analysis and basic financial statements including the District-Wide financial statements presented in accordance with the provisions of the Governmental Accounting Standards Board (GASB) Statements. The basic financial statements also include individual fund financial statements, Notes to Financial Statements and Required Supplementary Information (RSI). The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the requirements of 2 CFR 200-Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (U.S. Uniform Guidance), and the State 0MB Circular 15-08, "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid." Information related to this single audit, including the auditor's report on the internal control structure and compliance with applicable laws and regulations and findings and questioned costs, are included in the single audit section of this report.

REPORTING ENTITY AND ITS SERVICES

The Teaneck Board of Education is an independent reporting entity within the criteria adopted by the GASB. All funds of the District are included in this report. The Teaneck Board of Education constitutes the District's reporting entity. The District has no component units included in this report which meet the criteria of legally separate entities for which the District is financially accountable. In addition, the District is not includable in any other reporting entity as a component unit.
The District provides a full range of educational services appropriate to grade levels PreK through 12. These include regular, advanced placement courses, bilingual instruction in Spanish, English as a second language, vocational as well as special education for handicapped youngsters. The District completed the 2023/2024 fiscal year with an enrollment of 3,906 which is 9 students less than the previous year's enrollment. The following details the changes in the student enrollment of the District over the last ten years.

Fiscal Year	Student Enrollment	Percent Change	
2023/2024	3,906	-.23%	
2022/2023	3,915	1.93%	
2021/2022	3,841	-1.92%	
2020/2021	3,916	-0.28%	
2019/2020	3,927	0.69%	
2018/2019	3,900	-1.84%	
2017/2018	3,973	0.40%	
2016/2017	3,957	-1.54%	
2015/2016	4,019	-1.30%	
2014/2015	4,072	-0.63%	
ECONOMIC CONDITION AND OUTLOOK			

The Teaneck Board of Education continues to provide a high-quality education while maintaining a fiscally conservative approach. The Board has controlled costs and been mindful of the impact of its decisions on the local taxpayer. The result is that District has consistently ranked near the bottom in per pupil spending in the county, while provided its students with an excellent education. The State of New Jersey continues to add costly mandates while maintaining or reducing state aid with a 2% budget CAP. Despite the challenging environment, the Teaneck Board of Education is committed to moving forward with the expectation of full compliance with regulations, adherence to the strict budget CAP and understanding of the difficult economic conditions of our taxpayers while continuing to provide high quality instruction to students.
The District continues to find itself in a strong economic position as indicated by its AA (Stable) long-term credit rating from Standard & Poor's, Inc. Global ("S&P"), Ratings Services. The S&P report dated September 15, 2021 noted that the Teaneck Board of Education is characterized by stable and positive operating financial profile, which has allowed the district to build its fund balance over the last several years.

RELEVANT FINANCIAL POLICIES
The operations of the Teaneck Board of Education are financed primarily through the local property tax levy; however, the District receives additional revenue from state and federal aid along with other miscellaneous local revenues. The school portion of the property tax levy, the largest revenue source for the district, has been held relatively stable over the past five years despite increases in contractual salaries and benefits, special educational placements and related transportation.
The administration continues to operate under the District's Standard Operating Procedures and Internal Controls which are reviewed and updated annually by the School Business Administrator. The policies include internal controls, accounting, budget development and purchasing in addition to other standardized procedures.
INTERNAL ACCOUNTING CONTROLS

Management of the District is responsible for. establishing	no-.+n ........... ,.,,. an	control structure designed to ensure that the assets of the District are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept ofreasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and
(2) the valuation of costs and benefits requires estimates and judgments by management. As a recipient of federal and state financial assistance, the District also is responsible for ensuring than an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs.
As part of the District's single audit described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws, regulations, contracts and grants.

BUDGETARY CONTROLS

In addition to internal accounting controls, the District maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the voters of the municipality. Annual appropriated budgets are adopted for the general fund, the special revenue fund and the debt service fund. Project-length budgets are approved for the capital improvements accounted for in the capital projects fund. The final budget amount as amended for the fiscal year is reflected in the financial section.

An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are either canceled or are included as reappropriation of fund balance in the subsequent year. Those amounts to be reappropriated are reported as reservations of fund balance at June 30, 2024.

LONG-TERM FINANCIAL PLANNING

Each year, as part of the annual budget development process, the administration sets forth the District's statement of priorities. This statement is used to document a District's initiatives, goals and priorities and how they relate to the budget process. The goals presented often balance fiscal and program issues.

The following 2023-2024 Budget Goals were adopted by the Board and used to guide the budget development process:

Proposed 2023-2024 School Board Goals

GOAL 1: Teachers and administrators in the Teaneck Public Schools will further elevate academic programs by creating varied learning pathways and by improving student supports.

GOAL 2: The Teaneck Public Schools will continue to improve facilities and technology in support of 21st Century learning opportunities.

GOAL 3: The Teaneck Public Schools will execute effective communications and solidify quality relationships with educational partners within and throughout the community.

GOAL 4: The Teaneck Public Schools will create equitable and inclusive learning opportunities for all students.

GOAL 5: The Teaneck Public .Schools will ensure operational excellence in hiring, developing and retaining staff.

OTHER INFORMATION

Independent Audit - State statutes require an annual audit by independent certified public accountants or registered municipal accountants. The accounting firm of Lerch, Vinci and Bliss, LLP, was selected by the Board. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the U.S. Uniform Guidance and the State 0MB Circular 15-08. The auditor's report on the basic financial statements is included in the financial section of this report. The auditor's report related specifically to the single audit and Government Auditing Services is included in the single audit section of this report.

ACKNOWLEDGEMENTS

We would like to express our appreciation to the members of the Teaneck Board of Education for the concern in providing fiscal accountability to the citizens and taxpayers of the school district and thereby contributing their full support to the development and maintenance of our financial operation. The preparation of this report could not have been accomplished without the efficient and dedicated services of our financial and accounting staff.

Teaneck Public Schools Organizational Chart	District Cabinet Members

CJ7

Supervision and Support Services

Teaneck Public Schools Organizational Chart	Office of Assistant Superintendent of School

Teaneck Public Schools Organizational Chart

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e	-- 11

Teaneck  Public Schools Organizational Chart	_I	o_ff_ic_e_o_f_H_u_m_a_n

- -s- _u:_ _e

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00

Teaneck Public Schools Organizational Chart	Office of Partnerships, Outreach, and Special Projects

Teaneck Public Schools Organizational Chart	Office of Operations and Maintenance

Teaneck Public Schools Organizational Chart

Office of Innovative Technologies
11

====---=-=======	,,=====-========="'

I-'
I-'

Teaneck Public Schools Organizational Chart	Office of Safety and Residency Services

ROSTER OF OFFICIALS JUNE 30, 2024

MEMBERS OF THE BOARD OF EDUCATION	TERM EXPIRES	
Clara Williams, President	2025	
Kassandra Reyes, Vice President	2025	
Dr. David Gruber	2026	
Dr. Gerald Kirshenbaum	2026	
Victoria Fisher	2024	
Dr. Dennis Klein	2024	
Jonathan Rodriguez	2024	
Edward Ha	2025	
James Wolff	2026	

Other Officials		
Dr. Andre D. Spencer, Superintendent of Schools		
Haqquisha Q. Taylor, School Business Administrator/Board Secretary		
Irene Gray, Assistant School Business Administrator/Board Secretary		
Antoinette Kelly, Treasurer of School Monies		

CONSULTANTS AND ADVISORS

Audit Firm

Lerch, Vinci & Bliss, LLP 17-17 Route 208 North Fair Lawn, NJ 07410

Attorneys

General Counsel Weiner Law Group 629 Parsippany Road
Parsippany Troy Hills, NJ 07054

Special Education
Cleary Giacobbe Alfieri Jacobs, LLC Mark A. Wenczel

Negotiations/Labor
Difrancesco Bateman Phil Stem

Official Depositories

TD Bank, N.A.
540 River Street
Hackensack, NJ 07666

Teaneck Federal Credit Union 100 Elizabeth Avenue
PO Box 1016
Teaneck, NJ 07666

FINANCIAL SECTION

B

b/	LERCH, VINCI & BLISS, LLP
CERTIFIED PUBLIC ACCOUNT ANTS REGISTERED MUNICIPAL ACCOUNT ANTS

DIETER P. LERCH, CPA, RMA, PSA GARY J. VINCI, CPA, RMA, PSA JEFFREY C. BLISS, CPA, RMA, PSA PAUL}. LERCH, CPA, RMA, PSA JULIUS B. CONSONI, CPA, PSA
ANDREW D. PARENTE, CPA, RMA, PSA ELIZABETH A. SHICK, CPA, RMA, PSA ROBERTW. HAAG, CPA, RMA,PSA

DEBRA GOLLE, CPA MARK SACO, CPA ROBERT LERCH, CPA, PSA
CHRISTOPHER M. VINCI, CPA, PSA CHRISTINA CUIFFO, CPA, PSA JOHN CUIFFO, CPA, PSA

Honorable President and Members of the Board of Education Teaneck Board of Education
651 Teaneck Road
Teaneck, New Jersey 07666

INDEPENDENT AUDITOR'S REPORT

Report on the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities and each major fund of the Teaneck Board of Education, as of and for the fiscal year ended June 30, 2024 and the related notes to the financial statements, which collectively comprise the Board of Education's basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of the Teaneck Board of Education as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America..
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Teaneck Board of Education and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Teaneck Board of Education's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

17-17 ROUTE 208 FAIR LAWN, NJ 07410 • TELEPHONE (201) 791-7100 • FACIMILE (201) 791-3035 WWW.LVBCPA.COM

Auditor's Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards and audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards and audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, we:

Exercise professional judgement and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Teaneck Board of Education's internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Teaneck Board of Education's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison information, pension information and other postemployment benefits information be presented to supplement the basic financial statements. Such information is the responsibility of management and although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Teaneck Board of Education's basic financial statements. The accompanying fund financial statements, schedule of expenditures of federal awards as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and schedule of expenditures of state financial assistance as required by New Jersey 0MB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, are presented for purposes of additional analysis and are not a required part of the basic financial statements of the Teaneck Board of Education. Such information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the fund financial statements, schedules of expenditures of federal awards and state financial assistance are fairly stated in all material respects in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory section, financial schedules and statistical section but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated January 7, 2025 on our consideration of the Teaneck Board of Education's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Teaneck Board of Education's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Teaneck Board of Education's internal control over financial reporting and compliance.
f.lA ris' LI ,td'
Certified Public Accountants Public School Accountants
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Public School Accountant PSA Number CS00829

Fair Lawn, New Jersey January 7, 2025

REQUIRED SUPPLEMENTARY INFORMATION -PART I MANAGEMENT'S DISCUSSION AND ANALYSIS

This section of Teaneck Board of Education's annual comprehensive financial report presents our discussion and analysis of the District's financial performance during the fiscal year that ended on June 30, 2024. The intent of this section is to look at the District's financial performance as a whole; readers should also review the basic financial statements and notes to enhance their understanding of the District's financial performance.
Management's Discussion and Analysis (MD&A) is an element of the Required Supplementary Information specified in the Governmental Accounting Standards Board's (GASB) Statement. Certain comparative information between the current year (2023-2024) and the prior year (2022- 2023) is required to be presented in the MD&A.

FINANCIAL HIGHLIGHTS

Key financial highlights for the 2023-2024 fiscal year include the following:

The assets and deferred outflows of resources of the Teaneck Board of Education exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $54,225,190 (net position).

Overall District revenues were $138,777,686. General revenues accounted for $102,293,808 or 74% of all revenues. Program specific revenues in the form of charges for services and grants and contributions accounted for $36,483,878 of total revenues.

The School District had $130,315,720 in expenses for governmental activities; only
$32,881,514 of these expenses were offset by program specific charges, grants or contributions. General revenues (predominantly property taxes and unrestricted State aid) of
$102,293,808 were adequate to provide for these programs.

As of the close of the current fiscal year, the District's governmental funds reported a combined ending fund balance of $19,231,772 an increase of $1,169,722 when compared to the ending fund balance at June 30, 2023 of $18,062,050.

The General Fund unassigned fund balance at June 30, 2024 was $860,474, a decrease of
$288,049 when compared with the ending fund balance of $1,148,523 at June 30, 2023.

The General Fund unassigned budgetary fund balance at June 30, 2024 was $3,124,210 which represents a decrease of $317,888 when compared to the ending unassigned fund balance at June 30, 2023 of $3,442,098.

OVERVIEW OF THE FINANCIAL STATEMENTS

The financial section of the annual report consists of four parts - Independent Auditor's Report, required supplementary information which includes the management's discussion and analysis (this section), the basic financial statements, and supplemental information. The basic financial statements include two kinds of statements that present different views of the District:

The first two statements are district wide financial statements that provide both short­ term and long-term information about the District's overall financial status.
The remaining statements are fund financial statements that focus on individual parts of the District, reporting the District's operations in more detail than the district-wide statements.

The Governmental Funds statements tell how basic services were financed in the short term as well as what remains for future spending.

Proprietary Funds statements offer short-term and long-term financial information about the activities the district operated like businesses.

Required Supplementary
Information

The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The table below shows how the various parts of this annual report are arranged and related to one another.

Fund Financial Statements

Basic Financial Statements

District- Wide Financial Statements

Management's Discussion
and Analysis

Notes to the
Financial
Statements

OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)

The major features of the District's financial statements, including the portion of the District's activities they cover and the types of information they contain are summarized below. The remainder of this overview section of management's discussion and analysis highlights the structure and contents of each of the statements.

Major Features of the District-Wide and Fund Financial Statements
	District-Wide Statements	Fund Financial Statements	
		Governmental Funds	Proprietary Funds	
Scope	Entire district	!The activities of the district that re not proprietary or fiduciary,
uch as instruction, special education building maintenance, and K:ommunity education	Activities the district operates similar to brivate businesses: Enterprise funds	
Required financial statements	Statements of Net Position Statement of Activities	!Balance Sheet Statement of Revenues,
Expenditures and Changes in [Fund Balances	Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position
Statement of Cash Flows	
!Accounting Basis and Measurement focus	!Accrual accounting and conomic resources focus	Modified accrual accounting and current financial focus	Accrual accounting and economic resources focus	
rrype of asset/liability information	IAU assets, deferred outflows, liabilities, deferred inflows, oth financial and capital, short-term and long-term	Genera11y, assets expected to be used up and liabilities that come due during the year or soon there after; no capital assets or long-term liabilities included	IAU assets, deferred putflows, liabilities, kleferred inflows,
both financial and capital, nd short-term and long-
term	
Type of inflow/outflow information	IA11 revenues and expenses kluring year, regardless of twhen cash is received or Paid	Revenues for which cash is received during or soon after the end of the year; expenditures when goods or services have been received and the
elated liability is due and payable.	AU revenues and expenses during the year, regardless of when cash is received or paid.	

District-Wide Financial Statements
The district-wide statements report information about the District as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the District's assets, deferred outflows of resources, liabilities and deferred inflows of resources. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid.
The two district-wide statements report the District's net position and how it has changed. Net position - the difference between the District's assets/deferred outflows and liabilities/deferred inflows - is one way to measure the District's financial health or position
Over time, increases or decreases in the District's net position are an indicator of whether its financial position is improving or deteriorating, respectively.
To assess the overall health of the District you need to consider additional non­ financial factors such as changes in the District's property tax base and the condition of school buildings and other facilities.
In the district-wide financial statements the District's activities are shown in two categories:
Governmental Activities - Most of the District's basic services are included here, such as regular instruction and special education, transportation, administration, and plant operation and maintenance. Property taxes and State and Federal Aids finance most of these activities.

Business Type Activities - These funds are used to account for operations that are financed and operated in a manner similar to private business enterprises. The District's Food Service Fund and Community School Programs are included here.

Fund Financial Statements

The fund financial statements provide more detailed information about the District's funds - focusing on its most significant or "major" funds - not the District as a whole. Funds are accounting devices the District uses to keep track of specific sources of funding and spending on particular programs:
Some funds are required by State law and bond covenants.

The District establishes other funds to control and manage money for particular purposes or to show that it is properly using certain revenues (federal and state grants).

Fund Financial Statements (Continued)

The District has two kinds of funds:
Governmental funds - Most of the District's basic services are included in governmental funds, which generally focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps to determine whether there are more or fewer financial resources that can be spent in the near future to finance the District's programs. Because this information does not encompass the additional long-term focus of the district-wide statements, we provide additional information at the bottom of the governmental funds statements that explains the relationship (or differences) between them.
Proprietary funds - Services for which the District charges a fee are generally reported in proprietary funds. Proprietary funds are reported in the same way as the district-wide statements. The District's Enterprise Fund is established to account for operations that are financed and operated in a manner similar to private business enterprises. The stated intent is that costs of providing goods or services to the students on a continuing basis are financed or recovered primarily through user charges.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the district-wide and fund financial statements. The notes to the financial statements can be found following the fund financial statements.

Other Information

In addition to the financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District's budget process. The District adopts an annual expenditure budget for the general, special revenue and debt service funds. A budgetary comparison statement has been provided for these funds as required supplementary information. The required supplementary information can be found following the notes to the financial statements.
The District also presents required supplementary information regarding the accounting and reporting for pensions as required under GASB Statement No. 68 and post-retirement medical benefits as required under GASB Statement No. 75. The required supplementary information can be found following the notes to the financial statements.

Combining statements and schedules are presented immediately following the major budgetary comparisons if required.

DISTRICT-WIDE FINANCIAL ANALYSIS
Net position may serve over time as a useful indicator of the District's financial position. The District's assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $54,225,190 and $48,858,503 as of June 30, 2024 and 2023, respectively, as shown below.
By far the largest portion of the District's net position reflects its investment in capital assets (e.g., land and improvements, buildings and improvements, vehicles, furniture and equipment); less any related debt used to acquire those assets that are still outstanding. The District uses these capital assets to provide services to its students; consequently, these assets are not available for future spending. Although the District's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

Statement of Net Position As of June 30, 2024 and 2023

Governmental
Activities	Business-Type
Activities	
Total	
2024	2023	2024	2023	2024	2023	

Assets
Current and Other Assets	

$ 26,526,823 $ 24,351,985	

$  4,888,537	4,533,369	

31,415,360	28,885,354	
Capital Assets		58,773,333	57,073,734		  250,979	215,937 	 59,024,312	57,289,671	

Total Assets	
	85,300,156	81,425,719		
 5,139,516	4,749,306 	
 90,439,672	86,175,025	

Deferred Outflows of Resources					
Deferred Amounts of Refunding of Debt	110,758	134,695	110,758	134,695	
Deferred Amount of Net Pension Liability	2,932,389	2,616,444	2,932,389	2,616,444	
Total Deferred Outflows of Resources		3,043,147	2,751,139 		 			  3,043,147	2,751,139	
Total Assets and Deferred Outflows of Resources	
	88,343,303	84,176,858			
 5,139,516	4,749,306 		
 93,482,819	88,926,164	
Liabilities
Long-Term Liabilities	
30,737,812	30,842,933				
30,737,812	30,842,933	
Other Liabilities		7,563,733	6,580,111 		  27,716	146,169 		  7,591,449	6,726,280	
Total Liabilities		38,301,545	37,423,044 		  27,716	146,169 		 38,329,261	37,569,213	

Deferred Inflows of Resources							
Deferred Commodities Revenue			21,026	19,448	21,026	19,448	
Deferred Amount of Net Pension Liability	907,342	2,479,000			907,342	2,479,000	
Total Deferred Inflows of Resources		907,342	2,479,000 		  21,026	19,448 		  928,368	2,479,000	
Total Liabilities and Deferred Inflows of Resources	
	39,208,887	39,902,044 		
  48,742	165,617 		
 39,257,629	40,048,213	

Net Position:										
Net Investment in Capital Assets	45,051,720	42,254,626	250,979	215,937	45,302,699	42,470,563	
Restricted	8,840,728	5,220,876			8,840,728	5,220,876	
Unrestricted	(4,758,032)	(3,200,688)	4,839,795	4,367,752	81,763	1,167,064	
Total Net Position	$ 49,134,416  $ 44,274,814	 $  5,090,774	  4,583,689	$  54,225,190		48,858,503 	

The changes in net position for fiscal years ended 2024 and 2023 are as follows:

Changes in Net Position
For the Fiscal Years Ended June 30, 2024 and 2023

Governmental Activities	Business-Tyne Activities	Total
	2024	2023	2024	2023	2024	2023	
Revenues							
Program Revenues							
Charges for Services	$	389,307	$	311,778	$	2,452,525	$	1,804,749	$	2,841,832	$	2,116,527	
Operating Grants and Contributions	31,728,530	30,149,456	1,149,839	5,731,396	32,878,369	35,880,852	
Capital Grants and Contributions	763,677	602,749			763,677	602,749	
General Revenues							
Property Taxes	100,980,972	97,617,357			I00,980,972	97,617,357	
Investment Earnings	1,095,716	460,518			1,095,716	460,518	
Other Miscellaneous	217,120	641,064			217,120	641,064	

Total Revenues	
135, I75,322	
129,782,922	
3,602,364	
7,536,145	
138,777,686	
137,319,067	

Expenses							
Instruction					
Regular	49,720,572	49,047,284	49,720,572	49,047,284	
Special Education	28,489,950	28,696,295	28,489,950	28,696,295	
Other Instruction/School Sponsored Activities	3,180,167	4,619,662	3,180,167	4,619,662	
Support Services							
Student and Instruction Related Services	21,055,577	20,039,847			21,055,577	20,039,847	
General Administrative Services	1,909,724	1,695,372			1,909,724	1,695,372	
School Administrative Services	4,945,361	4,931,751			4,945,361	4,931,751	
Business and Other Support Services	1,959,019	1,568,316			1,959,019	1,568,316	
Plant Operations and Maintenance	10,264,881	10,288,527			10,264,881	10,288,527	
Pupil Transportation	8,320,004	7,726,396			8,320,004	7,726,396	
Interest and Other Charges on Long-Term Debt	470,465	447,596			470,465	447,596	
Food Services			2,088,003	5,993,450	2,088,003	5,993,450	
Community School			1,007,276	472,667	1,007,276	472,667	

Total Expenses	
130,315,720	
129,061,046	
3,095,279	
6,466,117	
133,410,999	
135,527,163	

Change in Net Position	
4,859,602	
721,876	
507,085	
1,070,028	
5,366,687	
1,791,904	
Net Position, Beginning of Year	44,274,814	43,552,938	4,583,689	3,513,661	48,858,503	47,066,599	

Net Position, End of Year	
$  49,134,416	
$  44,274,814	
$	5,090,774	
$	4,583,689	
$  54,225,190	
$  48,858,503	

Governmental Activities

The financial position of the District improved in 2023-2024. However, maintaining existing programs with enrollment changes, the provision of a multitude of special programs/services for disabled pupils, and increases in District health benefits costs places a great demand on the District's resources. As a result, careful management of expenses remains essential for the District to sustain its financial health.

Total and Net Cost of Governmental Activities. The following schedule presents the District's total costs of services provided by major activity. After applying program revenues, derived from charges for services, operating grants and contributions and capital grants and contributions, the net cost of these services is presented. The following is a comparative analysis of the total and the net cost of governmental activities for the fiscal years ended June 30, 2024 and 2023.

Total Cost of Services

Net Cost of Services

2024	2024	2023
Instruction

Regular	49,720,572	$	49,047,284	$	39,559,737	$	38,297,858	
Special Education	28,489,950	28,696,295	18,726,223	21,484,206	
Other Instruction/School Sponsored Activities
Support Services	3,180,167	4,619,662	2,406,743	3,559,739	
Student and Instruction Related Services	21,055,577	20,039,847	14,567,870	13,190,003	
General Administration	1,909,724	1,695,372	1,853,191	1,647,329	
School Administration Services	4,945,361	4,931,751	4,356,766	4,351,309	
Business Services	1,959,019	1,568,316	1,874,784	1,518,678	
Plant Operation and Maintenance	10,264,881	10,288,527	8,333,293	8,644,567	
Pupil Transportation	8,320,004	7,726,396	5,285,134	4,855,778	
Interest and Other Charges on Long-Term Debt		470,465		447,596		470,465		447,596	

Total	$ 130,315,720  $ 129,061,046  $	97,434,206  $	97,997,063

FINANCIAL ANALYSIS OF THE DISTRICT'S FUNDS
The District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
Governmental Funds

The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unreserved fund balance may serve as a useful measure of the District's net resources available for spending at the end of the fiscal year.
The financial performance of the District as a whole is reflected in its governmental funds as well. As the District completed the year, its governmental funds reported a combined fund balance of$19,231,772, an increase of$1,169,722 from last year's fund balance of$18,062,050.
Revenues and other financing sources for the District's governmental funds were $148,047,082; total expenditures and other financing uses were $146,877,360.
General Fund - The General Fund is the chief operating fund of the District and includes the primary operations in providing educational services to students.
Revenues of the General Fund were $133,399,251 for the fiscal year ended June 30, 2024. State sources amounted to $31,680,759, federal sources totaled $24,683 and local sources were
$101,693,809.
Expenditures of the General Fund were $132,640,062.	Instructional expenditures were
$84,281,117, expenditures for support services were $43,221,564, capital expenditures totaled
$3,236,744 and debt service expenditures totaled $1,900,637 for the fiscal year ended June 30, 2024.
Special Revenue Fund - The Special Revenue Fund includes all restricted Federal and State sources as well as local grants and donations utilized in the operations of the district in providing educational services to students.
Revenues of the Special Revenue Fund were $12,108,176 for the fiscal year ended June 30, 2024. State sources amounted to $5,599,759, federal sources totaled $6,118,508 and local sources were
$389,909.
Expenditures of the Special Revenue Fund were $12,633,578. Instructional expenditures were
$5,929,707, expenditures for support services were $5,949,728 and capital expenditures totaled
$754,143 for the fiscal year ended June 30, 2024.
Capital Projects - The capital projects expenditures were $23,835, exceeding revenues of $9,534 by $14,301. In addition, there were transfers of $249,600 from the General Fund Capital Reserve, thereby increasing fund balance from $30,787 at June 30, 2023 to $266,086 at June 30, 2024.

Proprietary Funds
The District maintains three Enterprise Funds to account for activities, which are supported in part through user fees.
Enterprise Fund - The District uses Enterprise Funds to report activities related to the Food Services and Community School Programs. The District's Enterprise Fund provides the same type of information found in the district-wide financial statements, business-type activities, but in more detail. Factors concerning the finances of this Fund have already been addressed in the discussion of the District's business-type activities.

GENERAL FUND BUDGETARY HIGHLIGHTS

Over the course of the year, the District revised the annual operating budget several times. These budget amendments fall into the following categories

Implementing budgets for specially funded projects, which include both federal and state grants.
Reappropriation of June 30, 2023 encumbrances.
Withdrawal from the Capital Reserve
CAPITAL ASSETS

The District's investment in capital assets for its governmental and business type activities as of June 30, 2024 and 2023 amounts to $59,024,312 and $57,289,671 (net of accumulated depreciation), respectively. The capital assets consist of land, site improvements, buildings, building improvements, computers, specialized machinery and various other types of equipment. Depreciation charges for the fiscal year 2023-2024 amounted to $2,315,123 for governmental activities and $38,255 for the Business-Type activities.
The following is a comparative analysis of capital assets at June 30, 2024 and 2023.

Governmental	Business- Type
Activities	Activities	Total
	2024	2023	2024	2023	2024	2023	

Land	
$	1,601,471	
$	1,601,471			
$	1,601,471	
$	1,601,471	
Construction in Progress	6,603,454	5,492,496			6,603,454	5,492,496	
Improvements Other Than Bldgs	2,220,973	1,419,285			2,220,973	1,419,285	
Buildings and Improvements	44,901,083	44,860,158			44,901,083	44,860,158	
Machinery and Equipment	3,446,352	3,700,324	$	250,979	$	215,937	3,697,331	3,916,261	

Total	
$	58,773,333	
$	57,073,734 	
$	250,979	
$	215,937	
$	59,024,312	
 $	57,289,671	

Additional information on the District's capital assets are presented in the Notes to the Financial Statements.

LONG TERM LIABILITIES

At June 30, 2024, the District's long-term liabilities consisted of compensated absences payable of $3,258,493, serial bonds of $5,925,914 (including unamortized premium), capital financing agreements of $7,937,244 and net pension liability of $13,616,161 totaling $30,737,812. This is in comparison to long-term liabilities at June 30, 2023 of$30,842,933 or a decrease of$105,121.
Additional information on the District's long-term liabilities are presented in the Notes to the Financial Statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGET AND RATES

Many factors were considered by the District's administration during the process of developing the fiscal year 2024-2025 budget. The primary factors were the District's projected student population, anticipated state and federal aid as well as increasing labor and related employee benefit costs. Other budgetary increases are anticipated with special education, and utilizes the required investment to repair the District's aging facilities.
These expenditures are to be paid for by the mandated 2% CAP on the property tax levy with certain allowable adjustments to the tax levy. In the future, any such allowable adjustments may not be permitted.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the money it receives. If you have questions about this report or need additional information contact the Business Office, Teaneck Board of Education, 651 Teaneck Road, Teaneck, NJ 07666.

FINANCIAL STATEMENTS

	EXHIBIT A-1	
	TEANECK BOARD OF EDUCATION			
	STATEMENT OF NET POSITION			
	AS OF JUNE 30, 2024			
	Governmental	Business-Type		
		Activities		Activities	Total	
ASSETS				
Cash and Cash Equivalents	$	21,709,126	$	4,744,767	$	26,453,893	
Receivables, net	4,715,013	197,270	4,912,283	
Inventories		49,184	49,184	
Internal Balances
Capital Assets	102,684	(102,684)		
Not Being Depreciated	8,204,925		8,204,925	
Being Depreciated, Net	50,568,408	250,979	50,819,387	

Total Assets	
85,300,156	
5,139,516	
90,439,672	

DEFERRED OUTFLOWS OF RESOURCES			
Deferred Amount on Refunding of Debt	110,758	110,758	
Deferred Amounts on Net Pension Liability		2,932,389		2,932,389	

Total Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources

		3,043,147 88,343,303

	3,043,147

	5,139,516		93,482,819

LIABILITIES		
Accounts Payable and Other Current Liabilities	5,038,690	927	5,039,617	
Accrued Interest Payable	268,682		268,682	
Intergovernmental Payables	363,796		363,796	
Unearned Revenue
Noncurrent Liabilities	1,892,565	26,789	1,919,354	
Due Within One Year	2,872,458		2,872,458	
Due Beyond One Year	27,865,354	 		27,865,354	
Total Liabilities	38,301,545		27,716		38,329,261	
DEFERRED INFLOWS OF RESOURCES				
Deferred Commodities Revenue		21,026	21,026	
Deferred Amounts on Net Pension Liability		907,342	 			907,342	
Total Deferred Inflows of Resources		907,342		21,026		928,368	
Total Liabilities and Deferred Inflows of Resources	39,208,887		48,742	39,257,629	
NET POSITION				
Net Investment in Capital Assets Restricted for	45,051,720	250,979	45,302,699	
Capital Projects	5,029,883		5,029,883	
Other Purposes	3,810,845		3,810,845	

Unrestricted

Total Net Position

	(4,758,032)	4,839,795	81,763

 $	49,134,416	 $	5,090,774	 $	54,225,190

The accompanying Notes to the Financial Statements are an Integral Part of this Statement.

29

EXHIBIT A-2

TEANECK BOARD OF EDUCATION STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2024
Net (Expense) Revenue and
Program Revenues		Changes in Net Position Operating	Capital
Charges for	Grants and	Grants and	Governmental	Business-Type

Instruction		
Regular	$  49,720,572	$	23,167	$  10,104,536	$	33,132	$  (39,559,737)	$	(39,559,737)	
Special Education	28,489,950		9,763,727		(18,726,223)	(18,726,223)	
Other Instruction	1,307,199		229,748		(1,077,451)	(1,077,451)	
School Sponsored Activities	1,872,968	298,139	245,537		(1,329,292)	(1,329,292)	
Support Services							
Student and Instruction Related Services	21,055,577	52,114		6,435,593		(14,567,870)		(14,567,870)	
General Administrative Services	1,909,724			56,533		(1,853,191)		(1,853,191)	
School Administrative Services	4,945,361			588,595		(4,356,766)		(4,356,766)	
Business and Other Support Services	1,959,019			84,235		(1,874,784)		(1,874,784)	
Plant Operations and Maintenance	10,264,881			1,201,043	730,545	(8,333,293)		(8,333,293)	
Transportation	8,320,004	15,887		3,018,983		(5,285,134)		(5,285,134)	
Interest and Other Charges on Long-Term Debt	470,465					(470,465)		(470,465)	
Total Governmental Activities	130,315,720	389,307		31,728,530	763,677		 (97,434,206)	 		(97,434,206)	

Business-Type Activities										
Food Service	2,088,003	836,519	1,149,839	$	(101,645)		(101,645)	
Community School		1,007,276		1,616,006			608,730	 		608,730	

Total Business-Type Activities	3,095,279	2,452,525	
1,149,839		
507,085		
507,085	

Total Primary Government		$ 133,410,999	$	2,841,832 	
$  32,878,369	
 $	763,677	 (97,434,206) 		
507,085	
 		
(96,927,121)	

General Revenues:					
Property Taxes - General Purposes		100,341,919		100,341,919	
Property Taxes -Debt Service		639,053		639,053	
Interest Earnings		1,095,716		1,095,716	
Miscellaneous Income	 		217,120	 		217,120	
Total General Revenues and Transfers		102,293,808		102,293,808	
Change in Net Position		4,859,602	507,085	5,366,687	
Net Position, Beginning of Year		44,274,814	4,583,689	48,858,503	

	Functions/Programs	 Expenses	Services	Contributions	Contributions	Activities	Activities	Total Governmental Activities

w
0

Net Position, End of Year	 $	49,134,416	$	5,090,774	$	54,225,190 

The accompanying Notes to the Financial Statements are an integral part of this statement

FUND FINANCIAL STATEMENTS

	EXHIBIT B-1	
TEANECK BOARD OF EDUCATION				
GOVERNMENTAL FUNDS				
BALANCE SHEET				
AS OF JUNE 30, 2024				
Special	Capital	Debt	Total	
General	Revenue	Projects	Service	Governmental	
Fund	Fund	Fund	Fund	Funds	

ASSETS				
Cash and Cash Equivalents	$	21,317,643	$	356,910	$	34,571	$	2	$	21,709,126	
Intergovernmental Receivables	785,750	3,762,863	166,400		4,715,013	
Due From Other Funds	977,340		221,981	 			1,199,321 	

Total Assets	
$	
23,080,733	
$	
4,119,773	
$	
422,952	
$ 	2 	
$ 	27,623,460 	

LIABILITIES AND FUND BALANCES									
Liabilities						
Accounts Payable	$	2,154,430	$	788,712			$	2,943,142	
Payroll Deductions and Withholdings Payable	2,095,548				2,095,548	
Intergovernmental Payable						
State		278,199			278,199	
Federal		85,597			85,597	
Due To Other Funds	221,981	874,656			1,096,637	
Unearned Revenue		1,735,699	156,866	 			1,892,565 	

Total Liabilities	
4,471,959	
3,762,863	
156,866	
 		
	8,391,688 	

Fund Balances Restricted
Capital Reserve	3,882,284	3,882,284
Capital Reserve - Designated for
Subsequent Year's Budget	912,300	912,300
Maintenance Reserve	2,089,715	2,089,715
Maintenance Reserve - Designated for
Subsequent Year's Budget	1,079,056	1,079,056
Tuition Reserve	150,000	150,000
Tuition Reserve - Designated for
Subsequent Year's Budget	135,162	135,162	
Excess Surplus
Excess Surplus - Designated for	3,399,556	3,399,556	
Subsequent Year's Budget Student Activities	1,315,650	
216,043			1,315,650
216,043	
Scholarship Awards		140,867			140,867	
Capital Projects			266,086		266,086	
Debt Service				$	2	2	
Committed						
Encumbrances	1,451,237				1,451,237	
Assigned						
Encumbrances	291,242				291,242	
Designated for Subsequent						
Year's Budget	3,042,098				3,042,098	
Unassigned		860,474 	 		 			860,474	
Total Fund Balances	  18,608,774 		356,910	266,086 		2 		19,231,772	

Total Liabilities and Fund Balances	
$	23,080,733	
$	4,119,773	
$	422,952	
$	2	
$	27,623,460	

The accompanying Notes to the Financial Statements are an Integral Part of this Statement.
31

EXHIBIT B-la

TEANECK BOARD OF EDUCATION GOVERNMENTAL FUNDS BALANCE SHEET
AS OF JUNE 30, 2024

Total Fund Balances - Governmental Funds (Exhibit B-1)

Amounts reported for governmental activities in the Statement of Net Position (A-1) are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $98,172,754 and the accumulated depreciation is $39,399,421

Deferred Inflows and Outflows related to debt refundings and net pension liability are not reported in the funds. (See Note 2)

The District has financed capital assets through the issuance of
general obligation bonds and capital financing agreements. The interest accrual at year end is:

Long-term liabilities, including bonds payable and net pension liability are not due and payable in the current period and therefore are not reported as liabilities in the funds. (See Note 2)

Net Position of Governmental Activities (Exhibit A-1)

$	19,231,772

58,773,333

2,135,805

(268,682)

(30,737,812)

$	49,134,416

32

The accompanying Notes to the Financial Statements are an Integral Part of this Statement.

TEANECK BOARD OF EDUCATION GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 2024

REVENUES	
General Fund	Special Revenue Fund	Capital Projects Fund	Debt Service Fund	Total Governmental Funds	
Local Sources						
Property Taxes	$	100,341,919			$	639,053	$	100,980,972	
Tuition	23,167				23,167	
Transportation Fees	15,887				15,887	
Rents and Royalties	8,743				8,743	
Interest	1,095,716				1,095,716	
Miscellaneous	208,377	$	389,909			598,286	

Total - Local Sources	
101,693,809	
389,909		
639,053	
102,722,771	
State Sources	31,680,759	5,599,759	$	9,534		37,290,052	
Federal Sources	24,683	6,118,508			6,143,191	

Total Revenues	
133,399,251	
12,108,176	
9,534	
639,053	
146,156,014	

EXPENDITURES						
Current						
Instruction						
Regular Instruction	51,353,073	4,435,873	55,788,946	
Special Education Instruction	29,582,107	1,222,547	30,804,654	
Other Instruction	1,530,372		1,530,372	
School Sponsored Activities	1,815,565	271,287	2,086,852	
Support Services						
Student and Instruction Related Services	16,811,046	5,656,644			22,467,690	
General Administrative Services	2,000,183				2,000,183	
School Administrative Services	5,685,478				5,685,478	
Business and Other Support Services	2,021,506				2,021,506	
Plant Operations and Maintenance	8,393,840	268,442			8,662,282	
Transportation	8,309,511	24,642			8,334,153	
Capital Outlay	3,236,744	754,143	23,835		4,014,722	
Debt Service						
Principal	1,510,766			525,000	2,035,766	
Interest and Other Charges	389,871			138,700	528,571	

Total Expenditures	
132,640,062	
12,633,578	
23,835	
663,700	
145,961,175	

Excess (Deficiency) of Revenues Over Expenditures	

759,189	

(525,402)	

(14,301)	

(24,647)	

194,839	

OTHER FINANCING SOURCES						
Capital Financing Agreements	974,883				974,883	
Transfers In		666,585	249,600		916,185	
Transfers Out	(916,185)				(916,185)	

Total Other Financing Sources	
58,698	
666,585	
249,600		
974,883	

Net Change in Fund Balances	
817,887	
141,183	
235,299	
(24,647)	
1,169,722	
Fund Balance, Beginning of Year	17,790,887	215,727	30,787	24,649	18,062,050	
Fund Balance, End of Year	$	18,608,774	$	356,910	$	266,086	$	2	$	19,231,772	

TEANECK BOARD OF EDUCATION RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Total Net Change in Fund Balances - Governmental Funds (Exhibit B-2)	$	1,169,722 Amounts reported for governmental activities in the Statement
of Activities (A-2) are different because:

Capital outlays to purchase or build capital assets are reported in governmental funds as expenditures. However, for governmental activities those costs are shown in the statement and allocated over their estimated useful lives as annual depreciation expense.

Depreciation Expense Capital Outlays

$	(2,315,123)
	4,014,722 

1,699,599

The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources. Neither transaction, however, has any effect on net position.

Repayment of Debt Principal Serial Bonds
Capital Financing Agreements Issuance of Debt
Capital Financing Agreements

1,205,000
830,766

	(974,883)

	1,060,883	
Some expenses reported in the statement of activities do not require the use of current financial			
resources and therefore are not reported as expenditures in governmental funds.			
Governmental funds report the effect of premiums, discounts, and similar items when debt			
is first issued, whereas, these amounts are deferred and amortized in the statement of activities.			
This amount is the net effect of these differences in the treatment of long-term debt and			
related items.			
Amortization of Premium	60,549		
Amortization of Deferred Amount on Refunding Bonds		(23,937)		
		36,612	
Interest on long-term debt in the statement of activities differs from the amount			
reported in the governmental funds because interest is recorded as an			
expenditure in the funds when it is due, and thus requires the use of current			
financial resources. In the statement of activities, however, interest expense			
is recognized as the interest accrues, regardless of when it is due.			
Decrease in Accrued Interest		21,494	

In the statement of activities, certain operating expenses, e.g., compensated absences and net pension liability are measured by the amounts earned or incurred during the year. In the governmental funds, however, expenditures for these items are reported in the amount of financial resources used (paid). When the earned or incurred amount exceeds the paid amount, the difference is reduction in the reconciliation; when the paid amount
exceeds the earned or incurred amount the difference is an addition to the reconciliation.

Increase in Compensated Absences Net Decrease in Pension Expense

(79,475)
	950,767

	871,292

Change in Net Position of Governmental Activities (Exhibit A-2)	$	4,859,602

STATEMENT OF NET POSITION AS OF JUNE 30, 2024

Business-Type Activities- Enterprise Funds
 Food Services	 Community School	Totals

ASSETS

Current Assets		
Cash and Cash Equivalents	$	2,756,489	$	1,988,278	$	4,744,767	
Intergovernmental Accounts Receivable	30,486		30,486	
Other Accounts Receivables	166,784		166,784	
Inventories	49,184		49,184	

Total Current Assets	
3,002,943	
1,988,278	
4,991,221	

Capital Assets				
Machinery and Equipment	743,662	743,662	
Less: Accumulated Depreciation	(492,683) 		(492,683)	
Total Capital Assets	250,979	250,979	

Total Assets	
3,253,922	
1,988,278	
5,242,200	

LIABILITIES				
Current Liabilities				
Accounts Payable		927	927	
Due to Other Funds	102,684		102,684	
Unearned Revenue	23,989	2,800	26,789	

Total Current Liabilities	
126,673	
3,727	
130,400	

DEFERRED INFLOWS OF RESOURCES						
Deferred Commodities Revenue	21,026		21,026	

Total Deferred Inflows of Resources	
21,026		
21,026	

Total Liabilities and Deferred Inflows of Resources	
147,699	
3,727	
151,426	

NET POSITION						

Investment in Capital Assets	
250,979		
250,979	
Unrestricted	2,855,244	1,984,551	4,839,795	

Total Net Position	
 $	3,106,223	
 $	1,984,551	
 $	5,090,774	

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

OPERATING REVENUES
Charges for Services

Business-Type Activities-
		Enterprise Funds		 Food Services	Communi!l'. School	Totals

Daily Sales - Reimbursable Programs	$	574,757		$	574,757	
Daily Sales - Non-Reimbursable Programs	210,202		210,202	
Other Miscellaneous	51,560		51,560	
Program Fees	-	$	1,616,006	1,616,006	

Total Operating Revenues	
836,519	
1,616,006	
2,452,525	

OPERATING EXPENSES				
Cost of Sales - Reimbursable Programs	770,405		770,405	
Cost of Sales - Non Reimbursable Programs	192,889		192,889	
Salaries	812,900	610,877	1,423,777	
Employee Benefits	16,610	33,980	50,590	
Purchased Management Services	57,995		57,995	
Other Purchased Services	74,414	278,935	353,349	
Cleaning, Repairs and Maintenance	13,498		13,498	
Insurance	103,474		103,474	
Supplies and Materials		67,698	67,698	
Miscellaneous	7,563	15,786	23,349	
Depreciation	38,255		38,255	

Total Operating Expenses	
2,088,003	
1,007,276	
3,095,279	

Operating Income (Loss)	(1,251,484) 	608,730		(642,754)

NONOPERATING REVENUES
Local Sources
Vendor Subsidy - Operating Profit Guarantee	49,257	49,257 State Sources
School Lunch Program	37,425	37,425	
School Breakfast Program	2,637	2,637	
NJEIE Lunch	11,908	11,908	
NJEIE Breakfast	1,462	1,462	
Federal Sources			
School Breakfast Program	97,649		97,649	
National School Lunch Program	705,104		705,104	
Food Distribution Program	152,822		152,822	
PEBT-Admin Costs	3,256		3,256	
Covid Supply Chain Assistance	88,319		88,319	

Total Nonoperating Revenues	
1,149,839		
1,149,839	

Change in Net Position	
(101,645)	
608,730	
507,085	
Total Net Position, Beginning of Year	3,207,868	1,375,821	4,583,689	

Total Net Position, End of Year	
 $	3,106,223	
$	1,984,551	
$	5,090,774	

STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Business-Type Activities­
	Enterprise Funds	
Food Services	Community School	Totals

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers	$	719,751	$	1,556,564	$	2,276,315	
Payments to Employees for Salaries and Benefits	(829,510)	(644,857)	(1,474,367)	
Payments to Suppliers for Goods and Services	(1,125,917)	(361,712)	(1,487,629)	

Net Cash Provided by (Used for) Operating Activities	
(1,235,676)	
	549,995	
(685,681)	

CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES	
Receipts from State and Federal Subsidy Reimbursements	1,069,466		1,069,466	
Vendor Subsidy - Operating Profit Guarantee	49,257		49,257	
Due to Other Funds		(510,000)	(510,000)	

Net Cash Provided by (Used for) Noncapital Financing Activities		1,118,723	(510,000) 	608,723

Cash Flows Capital and Related Financing Activities		
Purchase of Capital Assets	(73,297)	 		(73,297)	

Net Cash (Used for) Capital and Related	
(73,297)	
 		
(73,297)	
Financing Activities

Net Increase (Decrease) in Cash and Cash Equivalents	(190,250)

39,995

(150,255)

Cash and Cash Equivalents, Beginning of Year		2,946,739	1,948,283 	4,895,022

Cash and Cash Equivalents, End of Year	 $	2,756,489  $

1,988,278  =$===4=='=74=4===7,=6=7

Operating Income (Loss)	$	(1,251,484)	$	608,730	_$  	(_,_6_42--'-7,_5_.J4)	
Adjustments to Reconcile Operating Income (Loss) to				
Net Cash Provided by (Used for) Operating Activities				
Depreciation	38,255		38,255	
USDA Commodities	152,822		152,822	
Change in Assets, Liabilities and Deferred Inflows of Resources				
(Increase)/Decrease in Inventories	135		135	
(Increase)/Decrease in Other Accounts Receivable	(117,264)		(117,264)	
Increase/(Decrease) in Accounts Payable	(60,214)	707	(59,507)	
Increase/(Decrease) in Unearned Revenue	496	(59,442)	(58,946)	
Increase/(Decrease) in Deferred Commodities Revenue		1,578	 			1,578	
Total Adjustments		15,808	(58,735)	(42,927)	
Net Cash Provided by (Used for) Operating Activities	$	(1,235,676)	$	549,995	=$========6(=85===,6=8:=il)	
Noncash Investing, Capital and Financing Activities				
Value Received - Food Distribution Program	$	154,400			

Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity

The Teaneck Board of Education (the "Board" or the "District") is an instrumentality of the State of New Jersey, established to function as an education institution. The Board consists of nine elected officials and is responsible for the fiscal control of the District. A Superintendent of Schools is appointed by the Board and is responsible for the administrative control of the District. A School Business Administrator/Board Secretary is also appointed by the Board and oversees the business functions of the District. Under existing statutes, the Board's duties and powers include, but are not limited to, the development and adoption of a school program; the establishment, organization and operation of schools; and the acquisition, maintenance and disposition of school property. The Board currently operates a Pre-Kindergarten through grade twelve (12) school district.

The Board also has broad financial responsibilities, including the approval of the annual budget and the establishment of a system of accounting and budgetary controls. The Superintendent of Schools is the Chief Administrative Officer of the District who is responsible for general supervision of all schools, planning and operational functions of the District. The School Business Administrator/Board Secretary is the Chief Financial Officer and is responsible for budgeting, financial accounting and reporting and reports through the Superintendent of Schools to the Board.

The reporting entity is composed of the primary government, component units, and other organizations that are included to ensure that the financial statements of the District are not misleading. The primary government consists of all funds, departments, boards and agencies that are not legally separate from the District. For the Teaneck Board of Education this includes general operations, food service, community school programs and student related activities of the District.

Component units are legally separate organizations for which the District is financially accountable. The District is financially accountable for an organization if the District appoints a voting majority of the organization's governing board and (1) the District is able to significantly influence the programs or services performed or provided by the organization; or
(2) the District is legally entitled to or can otherwise access the organization's resources; the District is legally obligated or has otherwise assumed the responsibility to finance the deficits of, or provide financial support to, the organization; or the District is obligated for the debt of the organization. Component units may also include organizations that are fiscally dependent on the District in that the District approves the budget, the issuance of debt or the levying of taxes. Based on the foregoing criteria, the District has no component units. Furthermore, the District is not includable in any other reporting entity as a component unit.

New Accounting Standards

During fiscal year 2024, the District adopted the following GASB statements:

GASB Statement No. 100, Accounting Changes and Error Corrections - an amendment of GASE Statement No. 62, will be effective beginning with the fiscal year ending June 30, 2024. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability.

Other accounting standards that the District is currently reviewing for applicability and potential impact on the financial statements include:
GASB Statement No. 101, Compensated Absences, will be effective beginning with the fiscal year ending June 30, 2025. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

B. New Accounting Standards (Continued)
GASB Statement No. 102, Certain Risk Disclosures, will be effective beginning with the fiscal year ending June 30, 2025. The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a school district vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a school district's financial condition.

GASB Statement No. 103, Financial Reporting Model Improvements, will be effective beginning with the fiscal year ending June 30, 2026. The requirements for MD&A will improve the quality of the analysis of changes from the prior year, which will enhance the relevance of that information. They also will provide clarity regarding what information should be presented in MD&A. The requirements for the separate presentation of unusual or infrequent items will provide clarity regarding which items should be reported separately from other inflows and outflows of resources. The definitions of operating revenues and expenses and of nonoperating revenues and expenses will replace accounting policies that vary from school district to school district, thereby improving comparability. The addition of a subtotal for operating income (loss) and noncapital subsidies will improve the relevance of information provided in the proprietary fund statement of revenues, expenses, and changes in fund net position. The requirement for presentation of major component unit information will improve comparability. The requirement that budgetary comparison information be presented as RSI will improve comparability, and the inclusion of the specified variances and the explanations of significant variances will provide more useful information for making decisions and assessing accountability.
C. Basis of Presentation - Financial Statements
The financial statements include both district-wide financial statements (based on the District as a whole) and fund financial statements (based on specific District activities or objectives). Both the district-wide and fund financial statements categorize activities as either governmental activities or business-type activities. While separate district-wide and fund financial statements are presented, they are interrelated. In the district-wide financial statements, the governmental activities column incorporates data from governmental funds while business-type activities incorporate data from the District's enterprise funds. Fiduciary funds are excluded from the district-wide financial statements. Currently the District has no fiduciary funds.
District-Wide Financial Statements
The district-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Board of Education. All fiduciary activities are reported only in the fund financial statements. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by property taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. In the statement of net position, both the governmental and business-type activities columns (a) are presented on a consolidated basis by column, and (b) reflect on a full accrual economic resource basis, which incorporates long-term assets and receivables as well as long-term debt and obligations.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or other governmental entities, including other school districts, who purchase, use, or directly benefit from goods or services provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Property taxes, unrestricted state aid and other items not properly included among program revenues are reported instead as general revenues.
As a general rule the effect of interfund activity has been eliminated from the district-wide financial statements. Exceptions to this general rule are charges between the Board's proprietary funds since elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Presentation - Financial Statements (Continued) Fund Financial Statements
Separate fund financial statements are provided for governmental and proprietary activities, even though the latter are excluded from the district-wide financial statements. The emphasis of fund financial statements is on major individual governmental and enterprise funds, each reported as separate columns in the fund financial statements. The District considers all of its governmental and enterprise funds to be major funds.
The District reports the following major governmental funds:
The general fund is the School District's primary operating fund. It accounts for all financial resources of the District, except those to be accounted for in another fund.
The special revenue fund accounts for the proceeds of specific revenue sources legally restricted to expenditures for specified purposes. This fund accounts for federal, state and local financial programs, with the exception of grants for major capital projects and the child nutrition programs, student activity funds derived from athletic events or other activities of pupil organizations and private donations for scholarship awards.
The capital projects fund accounts for the proceeds from the sale of bonds, financing agreements, grants and other revenues used for the acquisition or construction of capital facilities and other capital assets, other than those financed by the proprietary funds.
The debt service fund accounts for the accumulation of resources that are restricted, committed or assigned for the payment of principal and interest on long-term general obligation debt of governmental funds.
The District reports the following major proprietary funds which are organized to be self-supporting through user charges:
The food service fund accounts for the activities of the school cafeteria, which provides food service to students as well as a la carte and catering services for administrators, teachers and special events.
The community school fund accounts for the activities of the District's community school which provides for the operation of the before and after school child care program and summer camp program.
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds". Any residual balances outstanding between the governmental activities and business-type activities are reported in the district-wide financial statements as "internal balances".
Reclassifications
Certain amounts presented in the prior year data may have been reclassified in order to be consistent with the current year's presentation.
D. Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current fmancial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Measurement Focus and Basis of Accounting (Continued)
The district-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. All assets, all liabilities and all deferred outflows/inflows of resources associated with these operations are included on the Statement of Net Position. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual (i.e. when they are both measurable and available). Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Board considers revenues to be available if they are collected within 60 days after year-end. Expenditures are recorded when a liability is incurred, as under accrual basis of accounting, with the exception of debt service expenditures as well as expenditures related to compensated absences and claims and judgments which are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt, acquisitions under financing agreements, leases payable for intangible right-to-use leased assets and subscription arrangements for intangible right-to-use information technology {IT) software assets are reported as other financing sources.
Property taxes, tuition, transportation fees, unrestricted state aid, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Entitlements (formula-type grants and aid) are recorded as revenues when all eligibility requirements are met, including any time requirements, and the amount is received during the period or within the availability period for this revenue source. Expenditure-driven grants and similar awards (reimbursement-type grants and awards) are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements imposed by the grantor or provider have been met, and the amount is received during the period or within the availability period for this revenue source. All other revenue items are considered to be measurable and available only when cash is received by the District.	•
When both restricted and unrestricted resources are available for use, it is the Board's policy to use restricted resources first, then unrestricted resources as they are needed.	-
E.  Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance
Cash, Cash Equivalents and Investments
Cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition.
Investments are reported at fair value and are limited by N.J.S.A. 18A:20-37.
Receivables
All receivables are reported at their gross value, and where appropriate, are reduced by the estimated portion that is expected to be uncollectible.
Inventories
The cost of inventories of the governmental fund types are recorded as expenditures at the time individual inventory items are purchased.
Food Service Fund inventories, exclusive of the federal commodities, are valued at cost, using the first-in first-out (FIFO) method and consist of food and expendable supplies. The cost of such inventories is recorded as expenses when consumed rather than when purchased. The United States Department of Agriculture (USDA) commodity portion of the Food Service Fund inventory consists of food donated by the USDA. It is valued at estimated market prices by the USDA. The amount of unused commodities inventory at year-end is reported as deferred inflows of resources.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance (Continued)
Capital Assets
Capital assets, which include property, plant and equipment, are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the Board as assets with an initial, individual cost of $2,000 and an estimated useful life in excess of two years. The District was able to estimate the historical cost for the initial reporting of these capital assets through back trending. As the District constructs or acquires additional capital assets each period, they are capitalized and reported at historical cost, except for intangible right-to-use leased assets and intangible right-to-use IT subscription assets. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Land and construction in progress are not depreciated. The other property, plant, and equipment of the District is depreciated using the straight line method over the following estimated useful lives:
Years

Land Improvements	15-20	
Buildings	20-50	
Building Improvements	7-50	
Heavy Equipment and Vehicles	5-20	
Office Equipment and Furniture	5-20	
Computer Equipment	5-7	
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until then. The Board has two items which arise only under the accrual basis of accounting that qualify for reporting in this category. One item is the deferred amount on refunding of debt which results from a debt refunding reported in the district­ wide statement of net position. Deferred amounts on debt refunding result from the difference on the transaction when the debt's reacquisition price is greater than the carrying value of the refunded debt. These amounts are deferred and amortized over the shorter of the life of the refunded or refunding debt. The other item that qualifies for reporting in this category is the deferred amounts on net pension liability. Deferred amounts on net pension liability are reported in the district-wide statement of net position and result from: (1) differences between expected and actual experience; (2) changes in assumptions; (3) net difference between projected and actual investment earnings on pension plan investments; (4) changes in proportion and differences between employer contributions and proportionate share of contributions; and (5) contributions made subsequent to the measurement date. These amounts are deferred and amortized over future years.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The Board has two types of items which arise only under the accrual basis of accounting that qualify for reporting in this category. The one item that qualifies for reporting in this category is the Deferred amounts on net pension liability are reported in the district-wide statement of net position and result from: (1) differences between expected and actual experience; (2) changes in assumptions; (3) net difference between projected and actual investment earnings on pension plan investments; and (4) changes in proportion and differences between employer contributions and proportionate share of contributions. These amounts are deferred and amortized over future years. The other item is the deferred commodities revenue, reported in both the district-wide and the proprietary funds statements of net position. The deferred commodities revenue represents the estimated market value of the donated and unused Federal commodities inventory at year end. This amount is deferred and recognized as an inflow of resources in the period the commodities are consumed.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance (Continued)
Compensated Absences
It is the District's policy to permit employees to accumulate (with certain restrictions) earned but unused vacation, personal, and sick leave benefits. A long-term liability of accumulated vacation, personal and sick leave and salary related payments has been recorded in the governmental activities in the district-wide financial statements, representing the Board's commitment to fund such costs from future operations. The District does not have an accumulated vacation, personal and sick leave liability in their proprietary funds. A liability is reported in the governmental funds only to the amount actually due at year end as a result of employee resignations and retirements.
Pensions
In the district-wide financial statements and proprietary fund types in the fund financial statements, for purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the retirement systems sponsored and administered by the State of New Jersey and additions to/deductions from these retirement systems' fiduciary net position have been determined on the same basis as they are reported by the retirement systems. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
In the governmental fund financial statements, net pension liabilities represent amounts normally expected to be liquidated with expendable available financial resources for required pension contributions that are due and payable at year end. Pension expenditures are recognized based on contractual pension contributions that are required to be made to the pension plan during the fiscal year.
Financing Agreements
Capital financing agreements and other financing agreements are financed purchase contracts that transfer ownership of the underlining assets or items (i.e. expendable supplies) to the District by the end of the agreement and do not contain termination options. Capital financing agreements and other financing agreements are recognized as long-term liabilities along with the related capital asset or expenses being financed, respectively, in the district-wide and proprietary fund type financial statements.
In the fund financial statements, capital financing agreements and other financing agreements are recognized as other financing sources at the face amount of the financed purchase contract. Assets and supplies financed under these agreements are reported as capital outlay or current expenditures, respectively.
Long-Term Obligations
In the district-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Losses resulting from debt refundings are classified as deferred outflows of resources. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Losses resulting from debt refundings are also deferred and amortized over the life of the refunded bonds or new bonds whichever is less using the effective interest method. Bonds payable are reported with the unamortized bond premium or discount. Bond issuance costs (other than for prepaid insurance) are treated as an expense.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

10 Net Position/Fund Balance
District-Wide Statements
In the district-wide statements, there are three classes of net position:
Net Investment in Capital Assets - consists of net capital assets (cost less accumulated depreciation) reduced by outstanding balances of related debt obligations from the acquisition, construction or improvement of those assets. Deferred outflows of resources and deferred inflows of resources attributable to the acquisition, construction or improvement of those assets or related debt also should be included.
Restricted Net Position - reports net position when constraints placed on the residual amount of noncapital assets are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.
Unrestricted Net Position - any portion of net position not already classified as either net investment in capital assets or net position - restricted is classified as net position - unrestricted.
Governmental Fund Statements
Fund balance categories are designed to make the nature and extent of the constraints placed on the District's fund balance more transparent. These categories are comprised of a hierarchy based primarily on the extent to which the District is bound to observe constraints imposed upon the use of the resources reported in governmental funds.
Restricted Fund Balance - Amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), through constitutional provisions, or by enabling legislation.
Capital Reserve - This restriction was created by the District in accordance with NJAC 6A:23A-14.1 to fund future capital expenditures (See Note 3B).
Capital Reserve - Designated for Subsequent Year's Budget - This designation was created to dedicate the portion of capital reserve fund balance appropriated in the 2024/2025 original budget certified for taxes.
Maintenance Reserve - This restriction was created by the Board in accordance with NJAC 6A:23A-14.2 to accumulate funds for the required maintenance of school facilities in accordance with the EFCA (NJSA 18A:7G-9) for a thorough and efficient education. (See Note 3C).
Maintenance Reserve - Designated for Subsequent Year's Budget - This designation was created to dedicate the portion of maintenance reserve fund balance appropriated in the 2024/2025 original budget certified for taxes.
Tuition Reserve - This restriction was created in accordance with NJAC 6A:23A-17.1 (f)8 to represent foreseeable future tuition adjustments for the 2023/2024 contract year and is required to be appropriated in the 2025/2026 original budget certified for taxes.
Tuition Reserve - Designated for Subsequent Year's Budget - This restriction was created in accordance with NJAC 6A:23A-17 .1(F)8 to represent foreseeable future tuition adjustments for the 2022/2023 contract year that is appropriated in the 2024/2025 original budget certified for taxes.
Excess Surplus - This restriction was created in accordance with NJSA 18A:7F-7 to represent the June 30, 2024 audited excess surplus that is required to be appropriated in the 2025/2026 original budget certified for taxes.
Excess Surplus - Designated for Subsequent Year's Budget - This restriction was created in accordance with NJSA 18A:7F-7 to represent the June 30, 2023 audited excess surplus that was appropriated in the 2024/2025 original budget certified for taxes.
Student Activities - This restriction was created in accordance with NJAC 6A:23A-16.12 to represent the accumulation of funds derived from athletic events and other student organizations reserved for the payment of student group activities.

Net Position/Fund Balance (Continued) Governmental Fund Statements (Continued) Restricted Fund Balance (Continued)
Scholarship Awards - This restriction was created to represents the accumulation of donor restricted funds specifically earmarked for student scholarship awards.
Capital Proiects - Represents fund balance restricted specifically for capital acquisitions and improvements in the Capital Projects Fund.
Debt Service - Represents fund balance restricted specifically for the repayment of long-term debt principal and interest in the Debt Service Fund.
Committed Fund Balance - Amounts constrained to specific purposes by a school district itself, using its highest level of decision-making authority; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest level action to remove or change the constraint.
Encumbrances - Represents outstanding purchase orders at year end for contracts awarded by formal action of the Board of Trustee's for specific purposes from available resources of the current year for which the goods and materials have not yet been received or the services have not yet been rendered at June 30.
Assigned Fund Balance - Amounts a school district intends to use for a specific purpose; intent can be expressed by the governing body or by an official or body to which the governing body delegates the authority.
Encumbrances - Represent outstanding purchase orders for goods or services approved by management for specific purposes from available resources of the current year for which the goods and materials have not yet been received or the services have not yet been rendered at June 30.
Designated for Subsequent Year's Budget - This designation was created to dedicate the portion of fund balance appropriated in the 2024/2025 original budget certified for taxes.
Unassigned Fund Balance - Represents fund balance that has not been restricted, committed or assigned to specific purposes within the governmental funds.
In the general operating fund and other governmental funds (special revenue, capital projects and debt service fund types), it is the District's policy to consider restricted resources to have been spent first when an expenditure is incurred for purposes for which both restricted and unrestricted (i.e., committed, assigned or unassigned) fund balances are available, followed by committed and then assigned fund balances. Unassigned amounts are used only after the other resources have been used.
Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The Board of Education itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund balance).
The committed fund balance classification includes amounts that can be used only for the specific purposes determined by a formal action of the District's highest level of decision-making authority. The Board of Trustees is the highest level of decision-making authority for the school district that can, by adoption of a resolution or formal Board action prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken (the adoption of another resolution) to remove or revise the limitation.

11. Fund Balance Policies (Continued)
Amounts in the assigned fund balance classification are intended to be used by the Board of Education for specific purposes but do not meet the criteria to be classified as committed. The Board has authorized the School Business Administrator/Board Secretary to assign fund balance. The Board may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment.
Revenues and Expenditures/Expenses
Program Revenues
Amounts reported as program revenues in the district-wide statement of activities include 1) charges to customers or applicants for goods or services, provided, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all property taxes, unrestricted state aid, investment earnings and miscellaneous revenues.
Property Taxes
Property taxes are levied pursuant to law and are collected by the municipality and are transferred to the District as requested. Property tax revenues are recognized in the year they are levied and become available. Property taxes collected in advance of the year-end for which they are levied and transferred to the District are reported as deferred inflows of resources. The tax bills are mailed annually in June by the municipal tax collector and are levied and due in four quarterly installments on August 1, November 1, February 1 and May 1 of the fiscal year. When unpaid, taxes or any other municipal lien, or part thereof, on real property, remains in arrears on April 1st in the year following the calendar year levy when the same became in arrears, the tax collector of the municipality shall, subject to the provisions of New Jersey Statute, enforce the lien by placing the property on a tax sale. The mumcipality may institute annual "in rem" tax foreclosure proceedings to enforce the tax collection or acquisition of title to the property.
Tuition Revenues and Expenditures
Tuition Revenues - Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs are determined and certified by the State Department of Education.
Tuition Expenditures - Tuition charges for the fiscal years 2022-2023 and 2023-2024 were based on rates established by the receiving district. These rates are subject to change when the actual costs have been certified by the State Department of Education.
On-Behalf Payments
Revenues and expenditures of the general fund include payments made by the State of New Jersey on-behalf of the District for social security, _pension, long-term disability insurance and post-retirement medical benefit contributions for District employees enrolled m the Teacher Pension and Annuity Fund (TPAF) retirement system.
Revenues and expenses of governmental activities fund include the State's proportionate share of the on-behalf actuarial determined pension and post-retirement medical benefit amounts attributable to the District for District employees enrolled in the TPAF retirement system.
Proprietary Funds, Operating and Nonoperating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's pnncipal ongoing operations. The principal operating revenues are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Federal and State subsidies for the food service operation are considered nonoperating revenues.

NOTE 2 RECONCILIATION OF DISTRICT-WIDE AND FUND FINANCIAL STATEMENTS
A. Explanation of certain differences between the governmental fund balance sheet and the district-wide statement of net position
The governmental fund balance sheet includes a reconciliation between fund balance - total governmental funds and net position- governmental activities as reported in the district-wide statement of net position. One element of that reconciliation explains that "long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds." The details of this difference are as follows:

General Obligation Bonds Payable, Including Unamortized Premium	$	5,925,914		
Capital Financing Agreements	7,937,244		
Compensated Absences	3,258,493		
Net Pension Liability		13,616,161		
	$	30,737,812		
Another element of that reconciliation states that "deferred inflows	and outflows related	to debt refundings and net	
pension liability are not reported in the funds". The details are as follows:

Deferred Inflows of Resources
Deferred Amount on Net Pension Liability Deferred Outflows of Resources
Deferred Amount on Net Pension Liability Deferred Amount on Refunding of Debt

$	907,342

(2,932,389)
(110,758)

$ (2,135,805)

NOTE 3 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budgetary Information
In accordance with the requirements of the New Jersey Department of Education ("the Department"), the District annually prepares its operating budget for the forthcoming year. The budget, except for the general fund and special revenue fund, which is more fully explained below and in the notes to the required supplementary information, is prepared in accordance with accounting principles generally accepted in the United States of America and serves as a formal plan for expenditures and the proposed means for financing them.
The District must prepare its budget in compliance with applicable laws limiting the amount by which the general fund property tax levy can increase in the annual school budget. The 2010 Tax Levy CAP Law is calculated using the formulas and provisions ofNJSA 18A:7F-38. The law was originally adopted in 2007 and was most recently amended in 2018. The core of the tax-levy cap calculation is a 2% increase to the previous budget year's general fund tax levy with exceptions only for enrollment increases, increases for certain pension contributions in excess of 2%, certain healthcare increases, and amounts approved by a simple majority of voters at a special election. Additionally, school districts can bank the unused tax levy for use in any of the next three (3) succeeding budget years if they were not granted approval to exceed the tax levy cap by the voters. The restrictions are solely on the tax levy for the general fund and are not applicable to the debt service fund.

NOTE 3 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
A. Budgetary Information (Continued)
The annual budget is adopted in the spring of the preceding year for the general, special revenue and debt service funds. The District is not required to adopt an annual budget for the capital projects fund. The budget is submitted to the county superintendent for review and approval prior to adoption. Districts that have their school board members elected in November do not have to submit their budgets that meet levy cap requirements for voter approval. Only a school board decision to exceed the tax levy cap would require voter approval for the additional amount on the November ballot. The Board adopted a resolution to move its annual election to the date of the general elections in accordance with the law; therefore voter approval of the annual budget is not required.
Budget adoptions and amendments are recorded in the District's board minutes. The budget is amended by the Board of Trustees as needed throughout the year. The budget for revenues, other resources, other uses, and fund balances is prepared by fund source and amount. The budget for expenditures is prepared by fund, program, function, object and amount. The legal level of budgetary control is established at the line item account within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C. 6:20- 2A.2(m)1. The Board approved several budget transfers during 2023/2024. Also, during 2023/2024 the Board increased the original budget of the general fund by $6,008,548 and the special revenue fund by $8,221,538. The increases were funded by the appropriation of capital reserve, additional grant awards, student activity revenues, scholarship donations and the reappropriation of prior year general fund encumbrances.
Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and accounting principles generally accepted in the United States of America, with the exception of the legally mandated revenue recognition of certain state aid payments for budgetary purposes only and the treatment of encumbrances in the special revenue fund as described in the Notes to Required Supplementary Information (RSI). Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year end.
Encumbrance accounting is employed in the governmental funds. Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as committed and/or assigned fund balances at fiscal year end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services which are reappropriated and honored during the subsequent fiscal year.
B. Capital Reserve
A capital reserve account was established by the District. The accumulation of funds will be used for capital outlay expenditures in subsequent fiscal years.  The capital reserve is maintained in the general fund and its activity is included in the general fund annual budget.
Funds placed in the capital reserve are restricted to capital projects in the District's approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the Department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by board resolution at year end of any unanticipated revenue or unexpended line-item appropriation amounts or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A. 19:60-2.  Pursuant to N.J.A.C. 6:23A-
14. l (g), the balance in the reserve cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.

NOTE 3 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
B. Capital Reserve (Continued)

The activity of the capital reserve for the fiscal year ended June 30, 2024 is as follows:

Balance, July 1, 2023	$  3,396,326

Increased by:
Deposit Approved by Board Resolution Interest Earnings

Decreased by:
Withdrawal Approved in District Budget Withdrawal Approved by Board Resolution

Balance, June 30, 2024

$  2,000,000
57,858

410,000
249,600

2,057,858

5,454,184

659,600

$  4,794,584 

The June 30, 2024 LRFP balance of the total costs of uncompleted capital projects is estimated by management to be
$63,574,729. The withdrawals from the capital reserve were for use in a department approved facilities project, consistent with the District's Long Range Facilities Plan. $912,300 of the capital reserve balance at June 30, 2024 was designated and appropriated for use in the 2024/2025 original budget certified for taxes.

C. Maintenance Reserve

A maintenance reserve account was established by the District. The accumulation of funds will be used for required maintenance of school facilities expenditures in subsequent fiscal years. The maintenance reserve is maintained in the General Fund and its activity is included in the General Fund annual budget.

Funds placed in the maintenance reserve are restricted to required maintenance activities for a school facility as reported in the comprehensive maintenance plan. A District may appropriate funds into the maintenance reserve in the annual General Fund budget certified for taxes or by transfer by board resolution at year end of any unanticipated revenue or unexpended line item appropriation amounts or both. Pursuant to N.J.A.C. 6A:23A-14.2(g), the balance in the reserve cannot at any time exceed four percent of the replacement cost of the school district's school facilities for the current year.

NOTE 3 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued)
C. Maintenance Reserve (Continued)

The activity of the maintenance reserve for the fiscal year ended June 30, 2024 is as follows:

Balance, July 1, 2023	$	1,381,216

Increased by:
Deposit Approved by Board Resolution Interest Earnings

Decreased by:
Withdrawal Approved in District Budget Balance, June 30, 2024

$	2,000,000
37,555

2,037,555

3,418,771

	250,000

$	3,168,771

The June 30, 2024 comprehensive maintenance plan indicated a maximum maintenance reserve amount of $3,745,673. The withdrawals from the maintenance reserve were for use in required maintenance activities for school facilities. $1,079,056 of the maintenance reserve balance at June 30, 2023 was designated and appropriated for use in the 2024/2025 original budget certified for taxes.
E. Transfers to Capital Outlay
During the 2023/2024 school year, the district transferred $327,191 to the non-equipment capital outlay accounts.
F. Calculation of Excess Surplus
In accordance with N.J.S.A. 18A:7F-7, as amended, the restricted fund balance for Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive Educational Improvement and Financing Act of 1996 (CEIFA). New Jersey school districts are required to restrict General Fund fund balance in excess of 2% of budget expenditures at the fiscal year end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent year's budget. The excess fund balance at June, 30, 2024 is $4,715,206. Of this amount, $1,315,650 was designated and appropriated in the 2024/2025 original budget certified for taxes and the remaining amount of $3,399,556 will be appropriated in the 2025/2026 original budget certified for taxes.

NOTE 4 DETAILED NOTES ON ALL FUNDS
A. Cash Deposits and Investments Cash Deposits
The Board's deposits are insured through either the Federal Deposit Insurance Corporation (FDIC), National Credit Union Share Insurance Fund (NCUSIF), Securities Investor Protection Corporation (SIPC) or New Jersey's Governmental Unit Deposit Protection Act (GUDPA). The Board is required to deposit their funds in a depository which is protecting such funds pursuant to GUDPA. The New Jersey Governmental Unit Deposit Protection Act requires all banks doing business in the State of New Jersey to pledge collateral equal to at least 5% of the average amount of its public deposits and 100% of the average amount of its public funds in excess of the lesser of 75% of its capital funds or $200 million for deposits in excess of the FDIC and NCUSIF insured amounts. GUDPA does not protect intermingled trust funds, withholdings from an employee's salary or funds which may pass to the local government upon the happening of a future condition.

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

A. Cash Deposits and Investments (Continued)

Cash Deposits (Continued)

Bank balances are insured up to $250,000 in the aggregate by the FDIC for each bank. NCUSIF insures credit union accounts up to $250,000 in the aggregate for each financial institution.  SIPC replaces cash claims up to a maximum of
$250,000 for each failed brokerage firm. At June 30, 2024, the book value of the Board's deposits was $26,453,893 and bank and brokerage firm balances of the Board's deposits amounted to $31,722,002. The Board's deposits which are displayed on the various fund balance sheets as "cash and cash equivalents" are categorized as:

Depository Account		
Insured	$	29,991,357	
Uninsured and Collateralized		1,730,645	
	$	31,722,002	
Custodial Credit Risk- Deposits -	Custodial credit risk is the risk that in the event of a bank failure, the Board's deposits	
may not be returned to it. The Board does not have a policy for custodial credit risk. As of June 30, 2024 the Board's bank balance of $1,730,645 was exposed to custodial credit risk as follows:

Depository Account

Uninsured and Collateralized
Collateral held by pledging financial institution's
trust department not in the Board's name	$	1,730,645

Investments

The Board is permitted to invest public funds in accordance with the types of securities authorized by N.J.S.A. 18A:20-37. Examples of the allowable investments are bonds or other obligations of the United States or obligations guaranteed by the United States of America; Government Money Market Mutual Funds; any obligation that a federal agency or a federal instrumentality has issued in accordance with an act of Congress, which security has a maturity date not greater than 397 days from the date of purchase, provided that such obligations bear a fixed rate of interest not dependent on any index or other external factor; bonds or other obligations of the school district or bonds or other obligations of the local unit or units within which the school district is located; Bonds or other obligations, having a maturity date of not more than 397 days from the date of purchase, issued by New Jersey school districts, municipalities, counties, and entities subject to the "Local Authorities Fiscal Control Law," (C.40A:5A-1 et seq.); Other bonds or obligations having a maturity date not more than 397 days from the date of purchase may be approved by the Division of Investment in the Department of the Treasury for investment by school districts; Local Government investment pools; deposits with the State of New Jersey Cash Management Fund established pursuant to section 1 of P.L. 1977, c.281 (C.52:18A-90.4); and agreements for the repurchase of fully collateralized securities, if transacted in accordance with the above statute.

As of June 30, 2024, the Board had no outstanding investments.

Custodial Credit Risk - Investments - For an investment, this is the risk, that in the event of the failure of the counterparty, the Board will not be able to recover the value of its investments or collateral securities that are held by an outside party. The Board does not have a policy for custodial credit risk.

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)
B. Receivables

Receivables as of June 30, 2024 for the district's individual major funds including the applicable allowances for uncollectible accounts, are as follows:

Special	Capital	Food

Receivables:		
Accounts			$	166,784	$	166,784	
Federal	$	3,706,084		28,559	3,734,643	
State	$	785,750
Other	56,779	$	166,400	1,927	1,010,856	

785,750	
3,762,863	
166,400	
197,270	
4,912,283	

Gross Receivables	785,750	
3,762,863	
166,400	
197,270	
4,912,283	
Less: Allowance for Uncollectibles					

Net Total Receivables	
$	785,750	
$	3,762,863	
$	166,400	
$	197,270	
$	4,912,283	

C. Unearned Revenue						

General	Revenue	Projects	Service	Total

Intergovernmental

Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of unearned revenue reported in the governmental funds were as follows:

Special Revenue Fund Unencumbered Grant Drawdowns
Grant Draw Downs Year-End Encumbrances Capital Projects Fund
Unrealized SDA Grant

Total Unearned Revenue for Governmental Funds

Total

$  1,588,651
147,048

	156,866

$	1,892,565

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)
D. Capital Assets

Capital asset activity for the fiscal year ended June 30, 2024 was as follows:

	Balance,		Balance,	
	July 1, 2023	 Increases		 Transfers	 June 30, 2024	
Governmental Activities:				
Capital Assets, Not Being Depreciated:				
Land	$	1,601,471		$	1,601,471	
Construction In Progress	5,492,496	$  2,276,594	$ {1,165,636)	6,603,454	

Improvements Other Than Buildings	4,857,974	974,883		5,832,857	
Buildings and Improvements	74,305,180	519,581	1,165,636	75,990,397	
Machinery and Equipment	7,900,911	243,664		8,144,575	
Total Capital Assets Being Depreciated	87,064,065	1,738,128	1,165,636	89,967,829	

Less Accumulated Depreciation for:					
Improvements Other Than Buildings	(3,438,689)	(173,195)		(3,611,884)	
Buildings and Improvements Machinery and Equipment	(29,445,022)
{4,200,587)	(1,644,292)
{497,636)		(31,089,314)
{4,698,223)	

Total Capital Assets, Not Being Depreciated		7,093,967  2,276,594   (1,165,636)   8,204,925  Capital Assets, Being Depreciated:

Total Accumulated Depreciation	  {37,084,298)   {2,315,123) 		{39,399,421) Total Capital Assets, Being Depreciated, Net  49,979,767  {576,995)   1,165,636			50,568,408  Governmental Activities Capital Assets, Net		$  57,073,734 $ 1,699,599 $	$  58,773,333
Balance,	Balance,
July 1, 2023	 Increases		 Decreases		June 30, 2024

Business-Type Activities:
Capital Assets, Being Depreciated:

Machinery and Equipment	$	670,365	$	73,297		-	 $	743,662 	
Total Capital Assets Being Depreciated	670,365	73,297				743,662 	
Less Accumulated Depreciation for: Machinery and Equipment	

(454,428)	

(38,255)			

	(492,683)	
Total Accumulated Depreciation	(454,428)	(38,255)				(492,683)	

Business-Type Activities Capital Assets, Net	
$	215,937	
$	35,042	
$		
$	250,979 	

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

D. Capital Assets (Continued)

Depreciation expense was charged to functions/programs of the District as follows:

Governmental Activities:		
Instruction		
Regular	$	187,013	
Special Education	12,205	
Other Instruction	33,795	
School Sponsored		33,145	
Total Instruction		266,158	

Support Services		
Student and Instructional Related Services	26,784	
School Administration	3,731	
Business and Other Admininstrative Services	106,866	
Operations and Maintenance of Plant	1,881,645	
Transportation		29,939	
Total Support Services	2,048,965	
Total Depreciation Expense - Governmental Activities	$	2,315,123	

Business-Type Activities:
Food Service Fund

Total Depreciation Expense-Business-Type Activities

$	38,255

$	38,255

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

D. Capital Assets (Continued)

Construction and Other Significant Commitments

The District has the following active construction projects as of June 30, 2024:

Project

Remaining Spent to Date	Commitment

Lowell Elementary School	$	296,400	$	79,600	
Ben Franklin Middle School	152,000	262,000	
Thomas Jefferson Middle School	294,500	600,500	
lectrical Upgrades
Ben Franklin Middle School	161,112	452,465	
Teaneck High School	207,858	458,719	

HVAC Upgrades

E

Fire Alarm Upgrades Teaneck High School
Bryant Elementary School - Pre-K Classrooms

915,390	50,035
	23,835	5,865

$	2,051,095	$	1,909,184

E. Interfund Receivables, Payables, and Transfers

The composition of interfund balances as of June 30, 2024, is as follows:

Due To/From Other Funds

Receivable Fund	Payable Fund	Amount

General Fund	Special Revenue Fund	$	874,656	
General Fund	Food Service Enterprise Fund	102,684	
Capital Projects Fund	General Fund		221,981	

$	1,199,321

The above balances are the result of revenues earned or other financing sources received in one fund which are due to another fund and/or expenditures paid by one fund on behalf of another fund.
The District expects all interfund balances to be liquidated within one year.

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

E. Interfund Receivables, Payables, and Transfers (Continued)

lnterfund Transfers
	Transfer In:	

Transfer Out:

Special Revenue Fund

Capital Projects
Fund	Total

General Fund	$	666,585	$	249,600	$	916,185
=========

The above transfers are the result of revenues earned in one fund to finance expenditures in another fund.
F. Financing Agreements

Capital Financing Agreements

The District entered into the following agreements to finance the construction of major capital facilities and other capital assets under capital financing agreements. The repayments under these financing agreements are subject to the annual appropriation of funds in the District's approved budget.

Capital financing agreements at June 30, 2024 are comprised of the following:

$1,600,000, Fiscal Year 2020 agreement for HVAC Improvements due in annual installments
of $329,751 through March 15, 2025 interest at 1.55%

$5,738,822, Fiscal Year 2020 agreement for HVAC Improvements under an Energy Savings
Improvement Project (ESIP) due in annual installments
of $204,355 to $411,477 through July 15, 2039 interest at 2.42%

$2,270,594 Fiscal Year 2020 agreement for HVAC Improvements under an Energy Savings
Improvement Project (ESIP) due in annual installments
of $71,708 to $237,162 through July 15, 2039 interest at 2.42%

$592,281, Fiscal Year 2024 agreement for network switches due in annual installments
of $112,203 to $129,588, through 2027/28, interest at 4.92%

$382,602, Fiscal Year 2023 agreement for network switches due in annual installments
of $72,643 to $84,285, through 2027/28, interest at 5.08%

Total

$	329,751

4,734,633

2,076,364

483,025

	313,471

 $	7,937,244

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

F. Financing Agreements (Continued)

Other Financing Agreements

The maturity schedule of the remaining capital and other financing agreement payments for principal and interest is as follows:
Governmental Activities:

Fiscal
Year Ending	
Ca:gital Agreements		
June 30,	Princi:gal	 Interest		Total	

2025	
$	847,458	
$	209,620	
$	1,057,078	
2026	541,922	187,245	729,167	
2027	544,634	169,159	713,793	
2028	574,035	150,758	724,793	
2029	380,126	131,386	511,512	
2030-2034	2,226,650	508,649	2,735,299	
2035-2039	2,349,596	221,947	2,571,543	
2040		472,823	11,442	484,265	
Total	$ 	7,937,244	$	1,590,206	$	9,527,450	
G. Long-Term Debt		

General Obligation Bonds	

The Board issued general obligation bonds to provide funds for the acquisition and construction of major capital facilities and other capital assets or other purposes permitted by statute. The full faith and credit of the Board are irrevocably pledged for the payment of the principal of the bonds and the interest thereon.

Bonds payable at June 30, 2024 are comprised of the following issues:		
$3,595,000, 2022 School Energy Savings Obligation Refunding Bonds installments of $720,000 to $785,000
through April 1, 2027, interest at 1.096%	

$2,255,000	
$7,615,000, 2016 Refunding Bonds, due in annual installments of $465,000 to $525,000
through July 15, 2030, interest at 3.50% to 4.00%	

3,485,000	
Total	$5,740.000	

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)

G. Long-Term Debt (Continued)
The Board's schedule of principal and interest for long-term debt issued and outstanding is as follows:

Governmental Activities:

Fiscal Year Ending
June 30,	
Serial Bonds
Principal	Interest	

Total	

2025	
$	1,245,000	
$	147,665	
$	1,392,665	
2026	1,265,000	118,974	1,383,974	
2027	1,295,000	90,254	1,385,254	
2028	500,000	61,450	561,450	
2029	490,000	42,263	532,263	
2030-2031		945,000	32,813		977,813	

  $	5,740,000	$	493,419	$	6,233,419

Statuton: Borrowing Power	

The Board's remaining borrowing power under N.J.S. 18A:24-19, as amended, at June 30, 2024 was as follows:

4% of Equalized Valuation Basis (Municipal)	$	286,934,483	
Less: Net Debt Issued and Authorized But Not Issued		5,740,000	
Remaining Borrowing Power	$	281,194,483	

NOTE 4 DETAILED NOTES ON ALL FUNDS (Continued)		
H. Other Long-Term Liabilities (Continued)		
Changes in Long-Term Liabilities		
Long-term liability activity for the fiscal year ended June 30, 2024, was as follows:		
		Due	
Balance,	Balance,	Within	
July 1, 2023	Additions	 Reductions		June 30, 2024	 One Year		

Governmental Activities:						
Bonds Payable	$	6,945,000		$	1,205,000	$	5,740,000	$	1,245,000	
Add: Premium on Bonds	246,463		60,549	185,914		
Total Bonds Payable	7,191,463		1,265,549	5,925,914	1,245,000	
Capital Financing Agreements	7,793,127	$	974,883	830,766	7,937,244	847,458	
Compensated Absences	3,179,018	546,549	467,074	3,258,493	780,000	
Net Pension Liability	12,679,325	1,887,603	950,767	13,616,161		
Governmental Activity						
Long-Term Liabilities	$  30,842,933	$	3,409,035	 $	3,514,156	$  30,737,812	$	2,872,458	

For the governmental activities, the liabilities for compensated absences, capital financing agreements and net pension liability are generally liquidated by the general fund.

NOTE 5 OTHER INFORMATION

Risk Management

The District is exposed to various risks of loss related to property, general liability, automobile coverage, theft of, damage to and destruction of assets; errors and omissions; injuries to employees; student accident; termination of employees and natural disasters. The Board has obtained insurance coverage to guard against these events to minimize the exposure to the District should they occur. A complete schedule of insurance coverage can be found in the statistical section of this Annual Comprehensive Financial Report.

The District is a member of the Northeast Bergen County School Board Insurance Group (NESBIG or Group). The Group is a risk sharing public entity pool, established for the purpose of insuring against worker's compensation claims.

The relationship between the Board and the insurance fund is governed by a contract and by-laws that have been adopted by resolution of each unit's governing body. The Board is contractually obligated to make all annual and supplementary contributions to the funds, to report claims on a timely basis, cooperate with the management of the funds, its claims administrator and attorneys in claims investigation and settlement, and to follow risk management procedures as outlined by the funds. Members have a contractual obligation to fund any deficit of the funds attributable to a membership year during which they were a member.

NOTE 5 OTHER INFORMATION (Continued)
Risk Management (Continued)

NESBIG provides its members with risk management services, including the defense of and settlement of claims and to establish reasonable and necessary loss reduction and prevention procedures to be followed by the members. Complete financial statements of the respective insurance funds are on file with the School's Business Administrator.
There has been no significant reduction in insurance coverage from the previous year nor have there been any settlements in excess of insurance coverage's in any of the prior three years.
Contingent Liabilities
The District is a party defendant in some lawsuits, none of a kind unusual for a school district of its size and scope of operation. In the opinion of the Board's Attorney the potential claims against the District not covered by insurance policies would not materially affect the financial condition of the District.
Federal and State Awards - The Board participates in a number of federal and state programs that are fully or partially funded by grants received from other governmental units. Expenditures financed by grants are subject to audit by the appropriate grantor government. If expenditures are disallowed due to noncompliance with grant program regulations, the Board may be required to reimburse the grantor government. As of June 30, 2024, significant amounts of grant expenditures have not been audited by the various grantor agencies but the Board believes that disallowed expenditures, if any, based on subsequent audits will not have a material effect on any of the individual governmental funds or the overall financial position of the District.
Federal Arbitrage Regulations

The District is subject to Section 148 of the Internal Revenue Code as it pertains to the arbitrage rebate on all tax-exempt obligations, both long and short-term debt. Under the 1986 Tax Reform Act, the Internal Revenue Service (IRS) required that all excess earnings from investment proceeds be rebated to the IRS. Arbitrage, for purposes of these regulations, is defined as the difference between the yield on the investment and the yield on the obligations issued. If there are excess earnings, this amount may be required to be rebated to the IRS. At June 30, 2024, the District has not estimated its arbitrage earnings due to the IRS, if any.

Employee Retirement Systems and Pension Plans Plan Descriptions and Benefits Provided
The State of New Jersey sponsors and administers the following contributory defined benefit public employee retirement systems (retirement systems) covering substantially all Board employees who are eligible for pension coverage:
Public Employees' Retirement System (PERS)-Established in January 1955, under the provisions ofN.J.S.A. 43:ISA to provide coverage, to substantially all full time employees of the State or any county, municipality, school district, or public agency provided the employee is not a member of another State-administered retirement system. Membership is mandatory for such employees. PERS is a cost sharing multiple employer defined benefit pension plan. For additional information about PERS, please refer to the State Division of Pension and Benefits (Division's) Annual Comprehensive Financial Report (ACFR) which can be found at www.state.nj.us/treasury/pensions.
The vesting and benefit provisions are set by N.J.S.A. 43: ISA. PERS provides retirement, death, and disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service or under the disability provisions of PERS.

NOTE 5 OTHER INFORMATION (Continued)

Employee Retirement Systems and Pension Plans (Continued) Public Employees' Retirement System (PERS) (Continued)
The following represents the membership tiers for PERS:

	Tier			Definition	

Members who were enrolled prior to July 1, 2007
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
Members who were eligible to enroll on or after June 28, 2011

Service retirement benefits of 1155th of final average salary for each year of service credit is available to tier 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1160th of final average salary for each year of service credit is available to tier 4 members upon reached age 62 and tier 5 members upon reaching age 65. Early retirement benefits are available to tier 1 and 2 members before reaching age 60, tier 3 and 4 members with 25 or more years of service credit before age 62, and tier 5 members with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the age at which a member can receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is available to members who have at least ten years of service credit and have not reached the service retirement age for the respective tier.

Teachers' Pension and Annuity Fund (TPAF) - Established in January 1955, under the provisions ofN.J.S.A. 18A:66 to provide coverage to substantially all full time certified teachers or professional staff of the public school systems in the State. Membership is mandatory for such employees. TPAF is a cost sharing multiple- employer defined benefit pension plan with a special funding situation, by which the State is responsible to fund 100% of local employer contributions, excluding any local employer early retirement incentive (ERI) contributions. For additional information about TPAF, please refer to the State;Division of Pension and Benefits (Division's) Annual Comprehensive Financial Report (ACFR) which can be found at www.state.nj.us/treasury/pensions.

The vesting and benefit provisions are set by N.J.S.A. 18A:66. TPAF provides retirement, death, and disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service or under the disability provisions of TPAF. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members' beneficiaries are entitled to full interest credited to the members' accounts.

The following represent the membership tiers for TPAF:

	Tier			Definition	

Members who were enrolled prior to July 1, 2007
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
Members who were eligible to enroll on or after June 28, 2011

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued) Teachers' Pension and Annuity Fund (TPAF) (Continued)
Service retirement benefits of 1155th of final average salary for each year of service credit is available to tier 1 and 2 members
upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1160th of final average salary for each year of service credit is available to tier 4 members upon reached age 62 and tier 5 members upon reaching age 65. Early retirement benefits are available to tier 1 and 2 members before reaching age 60, tier 3 and 4 members with 25 or more years of service credit before age 62, and tier 5 members with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the retirement age for their respective tier. Deferred retirement is available to members who have at least ten years of service credit and have not reached the service retirement age for the respective tier.
The State of New Jersey sponsors and administers the following defined contribution public employee retirement program covering certain state and local government employees which include those Board employees who are eligible for pension coverage.

Defined Contribution Retirement Program (DCRP) - established under the provisions of Chapter 92, P.L. 2007 and Chapter 103, P.L. 2008 to provide coverage to elected and certain appointed officials, effective July 1, 2007 and employees enrolled in PERS or TPAF on or after July 1, 2007 who earn in excess of established annual maximum compensation limits (equivalent to annual maximum wage for social security deductions). This provision was extended by Chapter 1, P.L. 2010, effective May 21, 2010, to new employees (Tier 2) of the PFRS and new employees who would otherwise be eligible to participate in PERS or TPAF on or after November 2, 2008 and do not earn the minimum salary required for tier 3 enrollment or do not work the minimum required hours for tier 4 and tier 5 enrollments but earn a base salary of at least $5,000 are eligible for participation in the DCRP. Membership is mandatory for such individuals with vesting occurring after one (1) year of membership. DCRP is a defined contribution pension plan.

Other Pension Funds

The State established and administers a Supplemental Annuity Collective Trust Fund (SACT) which is available to active members of the State-administered retirement systems to purchase annuities to supplement the guaranteed benefits provided by their retirement system. The state or local government employers do not appropriate funds to SACT.

The cost of living increase for PERS and TPAF, are funded directly by each of the respective systems but are currently suspended as a result of reform legislation.

According to state law, all obligations of each retirement system will be assumed by the State of New Jersey should any retirement system be terminated.
The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits ("Division"), issues publicly available financial reports that include the financial statements and required supplementary information of each of the above systems. The financial reports may be accessed via the New Jersey, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued) Plan Amendments
The authority to amend the provisions of the above plans rests with legislation passed by the State of New Jersey. Pension reforms enacted pursuant to Chapter 78, P.L. 2011 included provisions creating special Pension Plan Design Committees for TPAF and PERS, once a Target Funded Ratio (TFR) is met. The Pension Plan Design Committees will have the discretionary authority to modify certain plan design features, including member contribution rate; formula for calculation of final compensation of final salary; fraction used to calculate a retirement allowance; age at which a member may be eligible and the benefits for service or early retirement; and benefits provided for disability retirement. The committees will also have the authority to reactivate the cost of living adjustment (COLA) on pensions. However, modifications can only be made to the extent that the resulting impact does not cause the funded ratio to drop below the TFR in any one year of a 30- year projection period.

Measurement Focus and Basis of Accounting

The financial statements of the retirement systems are prepared in accordance with U.S. generally accepted accounting principles as applicable to governmental organizations. In doing so, the Division adheres to reporting requirements established by the Governmental Accounting Standards Board (GASB).

The accrual basis of accounting is used for measuring financial position and changes in net position of the pension trust funds. Under this method, contributions are recorded in the accounting period in which they are legally due from the employer or plan member, and deductions are recorded at the time the liabilities are due and payable in accordance with the terms of each plan. The accounts of the Division are organized and operated on the basis of funds. All funds are accounted for using an economic resources measurement focus.

Investment Valuation

The Division of Investment, Department of the Treasury, State ofNew Jersey (Division of Investment) manages and invests certain assets of the retirement systems. Empower Retirement (formerly Prudential) is the third-party administrator for the DCRP and provides record keeping, administrative services and investment options. Investment transactions are accounted for on a trade or investment date basis. Interest and dividend income is recorded on the accrual basis, with dividends accruing on the ex-dividend date. The net increase or decrease in the fair value of investments includes the net realized and unrealized gains or losses on investments.

The State ofNew Jersey, Department of the Treasury, Division of Investment issues publicly available financial reports that include the financial statements of the State of New Jersey Cash Management Fund. The financial reports may be obtained in writing to the State of New Jersey, Department of the Treasury, Division of Investment, P.O. Box 290, Trenton, New Jersey 08625-0290 or at www.state.nj.us/treasury/doinvest.

Collective Net Pension Liability

The collective net pension liability of the participating employers for local PERS at June 30, 2023 is $14.6 billion and the plan fiduciary net position as a percentage of the total pension liability is 65.23%. The collective net pension liability of the State funded TPAF at June 30, 2023 is $51.1 billion and the plan fiduciary net position as a percentage of total pension liability is 34.68%.

The total pension liabilities for the June 30, 2023 measurement date were determined based on actuarial valuations as of July 1, 2022 which were rolled forward to June 30, 2023.

Actuarial Methods and Assumptions

In the July 1, 2022 PERS and TPAF actuarial valuation, the actuarial assumptions and methods used in these valuations were described in the Actuarial Assumptions and Methods section of the Actuary's report and are included here in this note to the financial statements. The pension systems selected economic and demographic assumptions and prescribed them for use for purposes of compliance with GASB Statement No. 68. The Actuary provided guidance with respect to these assumptions, and it is their belief that the assumptions represent reasonable expectations of anticipated plan experience.

Employer and Employee Pension Contributions

The contribution policy is set by laws of the State of New Jersey and contributions are required by active members and participating employers. Plan members and employer contributions may be amended by State ofNew Jersey legislation with the amount of contributions by the State of New Jersey contingent upon the Annual Appropriations Act. As defined, the retirement systems require employee contributions based on 7.50% for PERS, 7.50% for TPAF and 5.50% for DCRP of the employee's annual compensation for fiscal year 2024.

PERS employers' and TPAF State's nonemployer contributions are based on actuarially determined amounts, which include the normal cost and unfunded accrued liability. For the fiscal year ended June 30, 2023 for TPAF, which is a cost sharing multiple employer defined benefit pension plan with a special funding situation, the State's annual pension contribution was more than the actuarial determined amount. For local PERS, which is a cost sharing multiple employer defined benefit pension plan, the annual pension contributions were equal to the actuarial determined amounts. TPAF nonemployer contributions are made annually by the State of New Jersey to the pension system on behalf of the Board. PERS employer contributions are made annually by the Board to the pension system in accordance with Chapter 114, P.L. 1997. In the DCRP, which is a defined contribution plan, member contributions are matched by a 3% employer contribution. All PERS and DCRP contributions made by the Board for fiscal years 2024, 2023 and 2022 were equal to the required contributions.
During the fiscal years ended June 30, 2024, 2023 and 2022 the Board was required to contribute for PERS and DCRP and the State of New Jersey, as a nonemployer contributing entity, contributed for TPAF, respectively, for normal cost pension and unfunded accrued liability contributions (including non-contributory group life insurance (NCGI)) the following amounts:

Fiscal
Year Ended		
On-Behalf		
June 30,	PERS	TPAF	DCRP	

2024	
$	1,256,415	
$  14,528,910	
$	11,477	
2023	1,059,495	14,491,253	7,198	
2022	923,352	14,221,512	8,224	

Employer and Employee Pension Contributions (Continued)

In addition for fiscal years 2024, 2023 and 2022 the State contributed $5,246, $5,321 and $5,043, respectively for TPAF for Long Term Disability Insurance Premium (LTDI).

The PERS contributions are recognized in the governmental fund financial statements (modified accrual basis) as an expenditure. The on-behalf TPAF contributions are recognized in the governmental fund financial statements (modified accrual basis) as both a revenue and expenditure in accordance with GASB Statement No. 85, Omnibus 2017 (GASB No. 85). The DCRP contributions are recognized in the governmental fund financial statements (modified accrual basis) as an expenditure, as well as, the district-wide financial statements (accrual basis) as an expense.

Also, in accordance with N.J.S.A. 18A:66-66 the State of New Jersey reimbursed the Board $3,020,607 during the fiscal year ended June 30, 2024 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been recognized in the district-wide financial statements (accrual basis) and the governmental fund financial statements (modified accrual basis) as both a revenue and expense/expenditure in accordance with GASB No. 85.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
Public Employees Retirement System (PERS)
GASB Statement No. 68, Accounting and Financial Reporting for Pensions, (GASB No. 68) requires participating employers in PERS to recognize their proportionate share of the collective net pension liability, collective deferred outflows of resources, collective deferred inflows of resources and collective pension expense based on a measurement date no earlier than the end of the employer's prior fiscal year. The employer allocation percentages presented are based on the ratio of the contributions as an individual employer to total contributions to the PERS during the measurement period July 1, 2022 through June 30, 2023. Employer allocation percentages have been rounded for presentation purposes. Contributions from employers are recognized when due based on statutory requirements.

Although the NJ Division of Pensions and Benefits ("Division") administers one cost-sharing multiple employer defined benefit pension plan, separate (sub) actuarial valuations are prepared to determine the actuarial determined contribution rate by group. Following this method, the measurement of the collective net pension liability, deferred outflows of resources, deferred inflows of resources and pension expense are determined separately for each individual employer of the State and local groups of the plan.
To facilitate the separate (sub) actuarial valuations, the Division maintains separate accounts to identify additions, deductions, and fiduciary net position applicable to each group. The allocation percentages are presented for each group. The allocation percentages for each group as of June 30, 2023 are based on the ratio of each employer's contributions to total employer contributions of the group for the fiscal year ended June 30, 2023.

At June 30, 2024, the District reported in the statement of net position (accrual basis) a liability of $13,616,161 for its proportionate share of the PERS net pension liability. The net pension liability was measured as of June 30, 2023 and was determined by an actuarial valuation as of July I, 2022. The District's proportionate share of the net pension liability was based on the ratio of the District's share of contributions to the pension plan relative to the total contributions of all participating governmental entities, for the year ended June 30, 2023. At June 30, 2023, the District's proportionate share was .09401 percent, which was an increase of .00999 percent from its proportionate share measured as of June 30, 2022 of
.08402 percent.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Public Employees Retirement System (PERS) (Continued)

For the fiscal year ended June 30, 2024, the District recognized in the district-wide statement of activities (accrual basis) pension expense of $305,648 for PERS. The pension contribution made by the District during the current 2023/2024 fiscal year is the contribution that is applied to the net pension liability reported at the end of the current fiscal year of June 30, 2024 with a measurement date of the prior fiscal year end of June 30, 2023. Since the State of New Jersey applies the current year pension contribution towards the calculation of the net pension liability reported at the end of the current fiscal year, which has a measurement date of the preceding fiscal year end, there is no deferred outflows of resources reported as of June 30, 2024 for contributions made subsequent to the measurement date. At June 30, 2024, the District reported deferred outflows of resources and deferred inflows of resources related to PERS pension from the following sources:

Deferred	Deferred
Outflows	Inflows
 of Resources		 of Resources 
Difference Between Expected and
Actual Experience	$	130,188	$	55,658
Changes of Assumptions	29,912	825,198 Net Difference Between Projected and Actual
Earnings on Pension Plan Investments	62,704 Changes in Proportion and Differences Between
District Contributions and Proportionate Share
of Contributions		 	2,709,585			 		26,486 Total	 $		2,932,389		$		907,342
At June 30, 2024, the amounts reported as deferred outflows of resources and deferred inflows of resources related to PERS pension will be recognized in pension expense/(benefit) as follows:

Year
Ending		
June 30,	Total	
2025	$	505,002	
2026	505,002	
2027	505,000	
2028	465,847	
2029	44,196	
Thereafter	 		
	$	 	2,025,047 	

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Public Employees Retirement System (PERS) (Continued)

Actuarial Assumptions

The District's total pension liability for the June 30, 2023 measurement date was determined by an actuarial valuation as of July 1, 2022, which was rolled forward to June 30, 2023. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement.

Inflation Rate: Price
Wage

Salary Increases:

2.75%
3.25%

2.75-6.55%
Based on Years of Service

Investment Rate of Return	7.00%

Mortality Rates

Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee mortality table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future improvement from the base year of2010 on a generational basis. Post-retirement mortality rates were based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4% adjustment for males and 99.7% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Disability retirement rates used to value disabled retirees were based on the Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for males and 117.2% adjustment for females, and with future improvement from the base year of 2010 on generational basis. Mortality improvement is based on Scale MP-2021.

The actuarial assumptions used in the July 1, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2018 to June 30, 2021.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Public Employees Retirement System (PERS) (Continued)

Long-Term Expected Rate of Return

In accordance with State statute, the long-term expected rate of return on plan investments (7% at June 30, 2023) is determined by the State Treasurer, after consultation with the Directors of the Division of Investment and Division of Pensions and Benefits, the board of trustees and actuaries. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plans investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the PERS's target asset allocation as of June 30, 2023 are summarized in the following table:

Long-Term
Target	Expected Real
Asset Class	Allocation		Rate of Return

Risk Mitigation Strategies	3.00%	6.21%	
Cash Equivalents	2.00%	3.31%	
U.S. Treasuries	4.00%	3.31%	
Investment Grade Credit	7.00%	5.19%	
US Equity	28.00%	8.98%	
Non-US Developed Markets Equity	12.75%	9.22%	
Emerging Markets Equity	5.50%	11.13%	
High Yield	4.50%	6.97%	
Real Assets	3.00%	8.40%	
Private Credit	8.00%	9.20%	
Real Estate	8.00%	8.58%	
Private Equity	13.00%	12.50%	
International Small Cap Equity	1.25%	9.22%	

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Public Employees Retirement System (PERS) (Continued)

Discount Rate

The discount rate used to measure the total pension liability for PERS was 7.00% as of June 30, 2023. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers and the nonemployer contributing entity will be based on 100% of the actuarially determined contributions for the State employer and 100% of actuarially determined contributions for the local employers. Based on those assumptions, the plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all projected benefit payments in determining the total pension liability.

Sensitivity of Net Pension Liability

The following presents the District's proportionate share of the PERS net pension liability calculated using the discount rate of 7.00, as well as what the District's proportionate share of the PERS net pension liability would be if it were calculated using a discount rate that is I-percentage-point lower (6.00 percent) or I-percentage-point higher (8.00 percent) than the current rate:

	1%
Decrease	Current
Discount Rate	1%
Increase	
	6.00%	7.00%	8.00%	
District's Proportionate Share of the PERS Net Pension Liability	
 $	17,725,345	
$	13,616,161	
$	10,118,703	

The sensitivity analysis was based on the proportionate share of the District's net pension liability as of the measurement date of June 30, 2023. A sensitivity analysis specific to the District's net pension liability at June 30, 2023 was not provided by the pension system.

Pension Plan Fiduciary Net Position

Detailed information about the PERS pension plan's fiduciary net position is available in the separately issued financial report from the State of New Jersey, Department of the Treasury, Division of Pension and Benefits. The financial report may be accessed via the New Jersey, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Teachers Pension and Annuity Fund (TPAF)

GASB No. 68, requires participating employers in TPAF to recognize their proportionate share of the collective net pension liability, collective deferred outflows of resources, collective deferred inflows of resources and collective pension expense based on a measurement date no earlier than the end of the employer's prior fiscal year. The non-employer allocation percentages presented are based on the ratio of the State's actual contributions made as an employer and non-employer adjusted for unpaid early retirement incentives to total contributions to TPAF during the measurement period July 1, 2022 through June 30, 2023. Non-employer allocation percentages have been rounded for presentation purposes.

The contribution policy for TPAF is set by N.J.S.A. 18A:66 and requires contributions by active members and non-employer contributions by the State. State legislation has modified the amount that is contributed by the State. The State's pension contribution is based on an actuarially determined amount, which includes the employer portion of the normal cost and an amortization of the unfunded accrued liability. For the fiscal year ended June 30, 2023, the State's pension contribution was more than the actuarial determined amount.

In accordance with GASB No. 68, the District is not required to recognize a net pension liability for TPAF. The State of New Jersey, as a nonemployer contributing entity, is the only entity that has a legal obligation to make employer contributions to TPAF on behalf of the District. Accordingly, the District's proportionate share percentage determined under Statement No. 68 is zero percent and the State's proportionate share is 100% of the net pension liability attributable to the District for TPAF. Therefore, in addition, the District does not recognize any portion of the TPAF collective deferred outflows of resources and deferred inflows of resources.

For the fiscal year ended June 30, 2024, the District recognized in the district-wide statement of activities (accrual basis) pension expense of $4,383,356 for TPAF. This amount has been included in the district-wide statement ofactivities (accrual basis) as both a revenue and expense in accordance with GASB No. 85.

At June 30, 2024 the State's proportionate share of the net pension liability attributable to the District is $178,423,890. The net pension liability was measured as of June 30, 2023 and was determined by an actuarial valuation as of July 1, 2022. The nonemployer allocation percentages are based on the ratio of the State's contributions made as a nonemployer attributable to the District adjusted for unpaid early retirement incentives relative to total contributions to TPAF during the year ended June 30, 2023. At June 30, 2023, the State's share of the net pension liability attributable to the District was .34963 percent, which was an increase of .00897 percent from its proportionate share measured as of June 30, 2022 of .34066 percent.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Teachers Pension and Annuity Fund (TPAF) (Continued) Actuarial Assumptions
The total pension liability for the June 30, 2023 measurement date was determined by an actuarial valuation as of July 1, 2022, which was rolled forward to June 30, 2023. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement.

Inflation Rate: Price
Wage

Salary Increases:

2.75%
3.25%

2.75-4.25%
Based on Years of Service

Investment Rate of Return	7.00%

Mortality Rates

Pre-retirement mortality rates were based on the Pub-2010 Teachers Above-Median Income Employee mortality table with a 93.9% adjustment for males and 85.3% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were based on the Pub-2010 Teachers Above-Median Income Healthy Retiree mortality table with a 114.7% adjustment for males and 99.6% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Disability mortality rates were based on the Pub-2010 Non-Safety Disabled Retiree mortality table with a 106.3% adjustment for males and 100.3% adjustment for females, and with future improvement from the base year of2010 on a generational basis. Mortality improvement is based on Scale MP-2021.

The actuarial assumptions used in the July 1, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2018 to June 30, 2021.

NOTE 5 OTHER INFORMATION (Continued)

D.	Employee Retirement Systems and Pension Plans (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)

Teachers Pension and Annuity Fund (TPAF) (Continued) Long-Term Expected Rate of Return
In accordance with State statute, the long-term expected rate of return on plan investments (7% at June 30, 2023) is determined by the State Treasurer, after consultation with the Directors of the Division of Investment and Division of Pensions and Benefits, the board of trustees and actuaries. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rate of return (expected returns, net of pension plans investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the TPAF's target asset allocation as of June 30, 2023 are summarized in the following table:

Asset Class

Long-Term
Target	 Expected Real Allocation	Rate of Return

Risk Mitigation Strategies	3.00%	6.21%	
Cash Equivalents	2.00%	3.31%	
U.S. Treasuries	4.00%	3.31%	
Investment Grade Credit	7.00%	5.19%	
US Equity	28.00%	8.98%	
Non-US Developed Markets Equity	12.75%	9.22%	
Emerging Markets Equity	5.50%	11.13%	
High Yield	4.50%	6.97%	
Real Assets	3.00%	8.40%	
Private Credit	8.00%	9.20%	
Real Estate	8.00%	8.58%	
Private Equity	13.00%	12.50%	
International Small Cap Equity	1.25%	9.22%	

Discount Rate
The discount rate used to measure the total pension liability for TPAF was 7.00% as of June 30, 2023. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be based on 100% of the actuarially determined contributions for the State. Based on those assumptions, the plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all projected benefit payments in determining the total pension liability.

NOTE 5 OTHER INFORMATION (Continued)

Employee Retirement Systems and Pension Plans (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
Teachers Pension and Annuity Fund {TPAF) (Continued)
Sensitivity of Net Pension Liability
The following presents the State's proportionate share of the TPAF net pension liability attributable to the District calculated using the discount rate of 7.00%, as well as what the State's proportionate share of the TPAF net pension liability attributable to the District that would be if it were calculated using a discount rate that is I-percentage-point lower (6.00% percent) or I-percentage-point higher (8.00% percent) than the current rate:

	1%
Decrease	Current
Discount Rate	1%
Increase	
	(6.00%)	(7.00%)	(8.00%)	
State's Proportionate Share of				
the TPAF Net Pension Liability Attributable to the District	
 $	2I0,394,I44	
$	I 78,423,890	
$	I5I,497,338	

The sensitivity analysis was based on the State's proportionate share of the net pension liability attributable to the District as of the measurement date of June 30, 2023. A sensitivity analysis specific to the State's proportionate share of the net pension liability attributable to the District at June 30, 2023 was not provided by the pension system.

Pension Plan Fiduciary Net Position

Detailed information about the TPAF pension plan's fiduciary net position is available in the separately issued financial report from the State of New Jersey, Department of the Treasury, Division of Pension and Benefits. The financial report may be accessed via the New Jersey, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.

Post-Retirement Medical Benefits

The State of New Jersey sponsors and administers the post-retirement health benefit program plan for school districts.

As a result of implementing GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other than Pension Plans, the post-retirement health benefit program plan is reported in a Custodial Fund in the New Jersey Annual Comprehensive Financial Report for the fiscal year ended June 30, 2023. In addition, the plan is administered on a pay-as­ you-go basis. Therefore, the plan has no assets accumulated in a qualified trust. In accordance with GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pension (GASB No. 75), the plan is classified as a multiple-employer defined benefit OPEB plan with a special funding situation that is not administered through a trust that meets the criteria in paragraph 4 of GASB No. 75.

Plan Description and Benefits Provided

The State of New Jersey sponsors and administers the following post-retirement health benefit program plan covering certain local school district employees, including those Board employees and retirees eligible for coverage.

NOTE 5 OTHER INFORMATION (Continued)
E.	Post-Retirement Medical Benefits (Continued)
State Health Benefit Program Fund - Local Education Retired Employees Plan (including Prescription Drug Program Fund)-N.J.S.A. 52:14-17.32fprovides medical coverage, prescription drug benefits and Medicare Part B reimbursement to qualified retired education employees and their covered dependents. The State of New Jersey provides employer-paid coverage to members of the TPAF who retire from a board of education or county college with 25 years of service or on a disability retirement. Under the provisions of Chapter 126, P.L. 1992, the State also provides employer-paid coverage to members of the PERS, the Police and Firemen Retirement System (PFRS) or Alternate Benefits Program (ABP) who retire from a board of education or county college with 25 years of service or on a disability retirement. Retirees who are not eligible for employer paid health coverage at retirement can continue in the program if their employer participates in this program or if they are participating in the health benefits plan of their former employer and are enrolled in Medicare Parts A and B by paying the cost of the insurance for themselves and their covered dependents.

Pursuant to Chapter 78, P.L. 2011, future retirees eligible for postretirement medical coverage who have less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost of their health care coverage in retirement provided they retire with 25 or more years of pension service credit. The percentage of the premium for which the retiree will be responsible will be determined based on the retiree's annual retirement benefit and level of coverage.

The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, issues publicly available financial reports that include the financial statements and required supplementary information of the above Fund. The financial reports may be accessed via the State ofNew Jersey, Department of the Treasury, Division of Pensions and Benefits, website at www.state.nj.us/treasury/pensions.

Plan Membership

Membership of the defined benefit OPEB plan consisted of the following at June 30, 2022:

Active Plan Members
Inactive Plan Members or Beneficiaries Currently Receiving Benefits Total

217,212
152,383
369,595

Measurement Focus and Basis of Accounting

The financial statements of the post-employment health benefit plans are prepared in accordance with U.S. generally accepted accounting principles as applicable to governmental organizations. In doing so, the Division adheres to reporting requirements established by the Governmental Accounting Standards Board (GASB).
The accrual basis of accounting is used for measuring financial position and changes in net position of the post-employment health benefit plan. Under this method, contributions are recorded in the accounting period in which they are legally due from the employer or plan member, and deductions are recorded at the time the liabilities are due and payable in accordance with the terms of each plan. The accounts of the Division are organized and operated on the basis of funds. All funds are accounted for using an economic resources measurement focus.
Collective Net OPEB Liability

The collective net OPEB liability of the State, as the non-employer contributing entity, of the plan at June 30, 2023 is $52.4 billion, and the plan fiduciary net position as a percentage of the total OPEB liability is zero percent.
The total OPEB liabilities at June 30, 2023 were determined based on actuarial valuations as of June 30, 2022 which were rolled forward to June 30, 2023.

NOTE 5 OTHER INFORMATION (Continued)
E. Post-Retirement Medical Benefits (Continued) Actuarial Methods and Assumptions
In the June 30, 2022 OPEB actuarial valuation, the actuarial assumptions and methods used in these valuations were described in the Actuarial Assumptions and Methods section of the Actuary's report and are included here in this note to the financial statements. The Plan selected economic and demographic assumptions and prescribed them for use for purposes of compliance with GASB Statement No. 75. The Actuary provided guidance with respect to these assumptions, and it is their belief that the assumptions represent reasonable expectations of anticipated plan experience.
Post-Retirement Medical Benefits Contributions
The funding policy of the OPEB plan is pay as you go basis; therefore, there is no prefunding of the liability. Contributions to pay for the health benefit premiums of participating employees in the OPEB plan are made by the State, as a non­ employer contributing entity, under a special funding situation in accordance with State statutes as previously disclosed. The State as a non-employer contributing entity made contributions of $1.44 billion to the OPEB plan in fiscal year 2023.
The State sets the contribution rate based on a pay as you go basis rather than the actuarial determined contribution an amount actuarially determined in accordance with the parameters of GASB Statement 75. The actuarial determined contribution represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and any unfunded actuarial liabilities (or funding excess) of the plan using a systematic and rational method over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB through the Plan. The State's contributions, as a nonemployer contributing entity, to the_ State Health Benefits Program Fund - Local Education Retired Employees Plan for retirees' post-retirement benefits on behalf of the School District for the fiscal years ended June 30, 2024, 2023 and 2022 were $3,954,238, $3,806,817 and $3,322,720, respectively, which equaled the required contributions for each year. The State's contributions to the State Health Benefits Program Fund- Local Education Retired Employees Plan for PERS retirees' post-retirement benefits on behalf of the School District was not determined or made available by the State of New Jersey. The on-behalf OPEB contributions are recognized in the governmental fund financial statements (modified accrual basis) as both a revenue and expenditure in accordance with GASB No. 85.
OPEB Liabilities, OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related toOPEB
GASB Statement No. 75 requires participating employers in the State Health Benefit Program Fund - Local Education Retired Employees Plan to recognize their proportionate share of the collective OPEB liability, collective deferred outflows of resources, collective deferred inflows of resources and collective OPEB expense based on a measurement date no earlier than the end of the employer's prior fiscal year. The nonemployer allocation percentages presented are based on the ratio of the State's contributions made as a nonemployer toward the actuarially determined contribution amount to total contributions to the plan during the measurement period July 1, 2022 through June 30, 2023. Nonemployer allocation percentages have been rounded for presentation purposes.
In accordance with GASB No. 75, the District is not required to recognize an OPEB liability for the post-employment health benefit plan. The State of New Jersey, as a nonemployer contributing entity, is the only entity that has a legal obligation to make employer contributions to the plan on behalf of the District. Accordingly, the District's proportionate share percentage determined under Statement No. 75 is zero percent and the State's proportionate share is 100% of the OPEB liability attributable to the District. Therefore, in addition, the District does not recognize any portion of the collective deferred outflows of resources and deferred inflows of resources related to the plan.
For the fiscal year ended June 30, 2024, the District recognized in the district-wide statement of activities (accrual basis) OPEB expense of $3,119,100. This amount has been included in the district-wide statement of activities (accrual basis) as both a revenue and expense in accordance with GASB No. 85.
At June 30, 2024 the State's proportionate share of the OPEB liability attributable to the District is $148,548,650. The nonemployer allocation percentages are based on the ratio of the State's proportionate share of the OPEB liability attributable to the District at June 30, 2023 to the total OPEB liability of the State Health Benefit Program Fund - Local Education Retired Employees Plan at June 30, 2023. At June 30, 2023, the state's share of the OPEB liability attributable to the District was .28370 percent, which was an increase of .00404 percent from its proportionate share measured as of June 30, 2021 of .27966 percent.

NOTE 5 OTHER INFORMATION (Continued)
E. Post-Retirement Medical Benefits (Continued)

OPEB Liabilities, OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued)

Actuarial Assumptions

The OPEB liability for the June 30, 2023 measurement date was determined by an actuarial valuation as of June 30, 2022, which was rolled forward to June 30, 2023. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement.

Salary Increases	2.75% to 6.55%
Based on Years of Service

2.75% to 4.25%
Based on Years of Service

Preretirement mortality rates were based on the Pub-2010 Health "Teachers" (TPAF) and "General" (PERS) classification headcount-weighted mortality table with fully generational mortality improvement projections from the central year using Scale MP-2021. Postretirement mortality rates were based on the Pub-2010 "General" classification headcount-weighted mortality table with fully generational mortality improvement projections from the central year using Scale MP-2021. Disability mortality was based on the Pub-2010 "General" classification headcount-weighted disabled mortality table with fully generational mortality improvement projections from the central year using Scale MP-2021 for current disables retirees. Future disabled retirees was based on the Pub-2010 "General" (PERS) and "Teachers" (TPAF) classification headcount­ weighted disabled mortality table with fully generational mortality improvement projections from the central year using Scale MP-2021.

The actuarial assumptions used in the June 30, 2022 valuation were based on the results of the TPAF and PERS actuarial experience studies for the period July 1, 2018 to June 30, 2021.

100% of active members are considered to participate in the plan upon retirement.

Health Care Trend Assumptions

For pre-Medicare medical benefits, the trend rate is initially 6.50% and decreases to a 4.50% long-term trend rate after nine years. For post-65 medical benefits PPO, the trend is, increasing to 14.8% in fiscal year 2026 and decreases to 4.50% in fiscal year 2033. For HMO the trend is, increasing to 17.4% in fiscal year 2026 and decreases to 4.5% in fiscal year 2033. For prescription drug benefits, the initial trend rate is 9.5% and decreases to a 4.50% long-term trend rate after seven years. For the Medicare Part B reimbursement, the trend rate is 5.00%.

NOTE 5 OTHER INFORMATION (Continued)
E. Post-Retirement Medical Benefits (Continued)

OPEB Liabilities, OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued)

Discount Rate

The discount rate for June 30, 2023 was 3.65%. This represents the municipal bond return rate as chosen by the Division. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. As the long-term rate of return is less than the municipal bond rate, it is not considered in the calculation of the discount rate, rather the discount rate is set at the municipal bond rate.

Changes in the Total OPEB Liability

The change in the State's proportionate share of the OPEB liability attributable to the District for the fiscal year ended June 30, 2024 (measurement date June 30, 2023) is as follows:

	Total OPEB
Liability	
	(State Share 100%)	
Balance, June 30, 2022 Measurement Date	 $	141,635,648	
Changes Recognized for the Fiscal Year:		
Service Cost	5,612,948	
Interest on the Total OPEB Liability	5,231,702	
Differences Between Expected and Actual Experience	(286,934)	
Changes of Assumptions	299,413	
Gross Benefit Payments	(4,078,197)	
Contributions from the Member		134,070	
Net Changes		6,913,002	
Balance, June 30, 2023 Measurement Date	 $	148,548,650	

Changes of assumptions and other inputs reflect a change in the discount rate from 3.54% in 2022 to 3.65% in 2023.
The change in the total OPEB liability was based on the State's proportionate share of the OPEB liability attributable to the District at June 30, 2023.

NOTE 5 OTHER INFORMATION (Continued)

E.	Post-Retirement Medical Benefits (Continued)

OPEB Liabilities, OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued)
Sensitivity of OPEB Liability
Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the State's proportionate share of the OPEB liability attributable to the District calculated using the discount rate of 3.65%, as well as what the State's proportionate share of the OPEB liability attributable to the District that would be if it were calculated using a discount rate that is I-percentage-point lower (2.65%) or I-percentage-point higher (4.65%) than the current rate:

	1%
Decrease	Current
Discount Rate	1%
Increase	
	(2.65%)	(3.65%)	(4.65%)	
State's Proportionate Share of				
the OPEB Liability Attributable to the District	
 $	I 74,I47,790	
$	I48,548,650	
$	I27,995,513	

Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents the State's proportionate share of the OPEB liability attributable to the District calculated using healthcare cost trend rates that are I- percentage-point lower or I-percentage-point higher than the current healthcare cost trend rates:

Healthcare
1%	Cost Trend	 1% Decrease		Rates	Increase
State's Proportionate Share of the OPEB Liability
Attributable to the District	 $	I23,3 I8,282	$	I48,548,650	$	ISI,562,652

The sensitivity analyses were based on the State's proportionate share of the OPEB liability attributable to the District at June 30, 2023. Sensitivity analyses specific to the State's proportionate share of the OPEB liability attributable to the District at June 30, 2023 were not provided by the pension system.
F. Tax Abatements
As defined by the Governmental Accounting Standards Board (GASB), a tax abatement is an agreement between a government and an individual or entity in which the government promises to forgo tax revenues and the individual or entity promises to subsequently take a specific action that contributes to economic development or otherwise benefits the government or its citizens. School districts are not authorized by New Jersey statute to enter into tax abatement agreements. However, the county or municipality in which the school district is situated may have entered into tax abatement agreements, and that potential school tax revenue must be disclosed in these financial statements. If the county or municipality entered into tax abatement agreements, those agreements will not directly affect the school district's local tax revenue because N.J.S.A. 54:4-75 and N.J.S.A. 54:4-76 require that amounts so forgiven must effectively be recouped from other taxpayers and remitted to the school district. For Teaneck Board of Education, the District's share of abated taxes resulting from the municipality having entered into a tax abatement agreement is indeterminate.

NOTE 6 RECENT HEALTHCARE DEVELOPMENTS
In early March of 2020, the World Health Organization declared a pandemic following the global outbreak of COVID-19, a respiratory disease caused by a newly discovered strain of coronavirus. On March 13, 2020, the President of the United Stated declared a national public health emergency to unlock federal funds and assistance to help states and local governments fight the pandemic. The Governor of the State declared a state of emergency and a public health emergency on March 9, 2020. In response to the COVID-19 pandemic, federal and State legislation and executive orders were implemented to mitigate the spread of the disease and provide relief to State and local governments. The pandemic and certain mitigation measures altered the behavior of businesses and people with negative impacts on regional, State and local economies. The national public health emergency and the State public health emergency have since ended, while the state of emergency declared by the State and several executive orders signed by the Governor remain to manage COVID-19 on an endemic level. Depending on future circumstances, ongoing actions could be taken by State, federal and local governments and private entities to mitigate the spread and impacts of COVID-19, its variants or other critical health care challenges.
To date, the overall finances and operations of the Board have not been materially adversely affected by the COVID-19 pandemic. Nonetheless, the degree of any future impact to the Board's operations and finances is difficult to predict due to the dynamic nature of the COVID-19 pandemic and any additional actions that may be taken by governmental and other health care authorities to manage the COVID-19 pandemic.
The American Rescue Plan Act of 2021, H.R. 1319 (the "Plan"), signed into law by the President of the United States on March 11, 2021, provided $1.9 trillion in relief designed to provide funding to address the COVID-19 pandemic and alleviate the economic and health effects of the COVID-19 pandemic. The Plan, in part, provides funding for State and local governments to offset costs to safely reopen schools during the COVID-19 pandemic and to subsidize COVID-19 testing and vaccination programs. In addition, the Plan includes $350 billion in relief funds to public entities, such as the Board.
The Board has been awarded in excess of $9.8 million in federal aid to address the effects of the COVID-19 pandemic.

REQUIRED SUPPLEMENTARY INFORMATION - PART II

BUDGETARY COMPARISON SCHEDULES

	Budget	Adjustments	Budget	Actual	Actual	
REVENUES						
Local Sources						
Property Taxes	$	100,341,919		$	100,341,919	$	I00,341,919		
Tuition - Other LEA's Within the State	25,000		25,000		$	(25,000)	
Tuition - Individuals				23,167	23,167	
Transportation Fees from Individuals	5,000		5,000	15,887	10,887	
Rents and Royalties				8,743	8,743	
Unrestricted Miscellaneous Revenue	425,000		425,000	208,377	(216,623)	
Interest				1,000,303	1,000,303	
Interest on Maintenance Reserve	2,400		2,400	37,555	35,155	
Interest on Capital Reserve	4,000		4,000	57,858	53,858	
Total Local Sources	100,803,319		100,803,319	101,693,809	890,490	

State Sources						
Transportation Aid	2,382,382		2,382,382	2,382,382		
Extraordinary Aid	1,425,000		1,425,000	1,709,868	284,868	
Special Education Aid	4,293,171		4,293,171	4,293,171		
Security Aid	982,324		982,324	982,324		
Other State Aids						
Non Public Transportation				617,895	617,895	
Homeless Reimbursement				156,279	156,279	
On-BehalfTPAF Contributions Non-Budgeted						
Pensions						
Normal Pension				14,365,084	14,365,084	
NCGI Premium				163,826	163,826	
Post Retirement Medical				3,954,238	3,954,238	
Long Term Disability				5,246	5,246	
Reimbursed TPAF Social Security Contribution				3,020,607	3,020,607	

Total State Sources	
9,082,877		
9,082,877	
31,650,920	
22,568,043	

Federal Sources						
Medicaid Reimbursement Program					
SEMI	63,345	63,345	24,683	{38,662)	
Total Federal Sources	63,345	63,345	24,683	{38,662)	
Total Revenues	109,949,541	109,949,541	133,369,412	23,419,871	

CURRENT EXPENDITURES
Regular Programs - Instruction
Salaries of Teachers		
Kindergarten	945,905		945,905	930,471	15,434	
Grades 1-5	6,984,151	$	(325,854)	6,658,297	6,658,296	l	
Grades 6-8	5,094,474	(371,629)	4,722,845	4,722,845		
Grades 9-12	8,643,314	682,739	9,326,053	9,322,246	3,807	
Regular Programs - Home Instruction						
Salaries of Teachers	10,000	44,251	54,251	54,251		
Purchased Professional-Educational Svcs.	20,000	61,325	81,325	15,781	65,544	
Regular Programs - Undistributed Instruction						
Other Salaries		147,493	147,493	147,493		
Purchased Professional-Educational Svcs.	64,000	1,189,935	1,253,935	1,062,480	191,455	
Purchased Technical Services	712,550	(33,305)	679,245	599,551	79,694	
Other Purchased Services	118,450	10,254	128,704	96,866	31,838	
General Supplies	973,553	(139,774)	833,779	778,783	54,996	
Textbooks	836,000	(52,878)	783,122	781,810	1,312	
Other Objects	500	400	900	484	416	
Total Regular Programs		24,402,897  	1,212,957	25,615,854	25,171,357	444,497 

Special Education
Leaming / Language Disabilities
Salaries of Teachers	$	1,538,779	$	(84,746)	$	1,454,033	$	1,404,465	$	49,568	
Purchased Professional-Educational Svcs.	268,377	457,396	725,773	612,196	113,577	
Other Purchased Services						
General Supplies	5,786	1,000	6,786	635	6,151	
Other Objects	16,555	6,000	22,555	21,962	593	
Total Leaming/ Language Disabilities	1,829,497	379,650	2,209,147	2,039,258	169,889	

Behavioral Disabilities (Emotional Regulation)						
Salaries of Teachers	352,471	4,746	357,217	357,217		
Purchased Professional-Educational Svcs.	358,039	(182,059)	175,980	41,436	134,544	
General Supplies	440		440		440	
Total Behavioral Disabilities	710,950	{177,313)	533,637	398,653	134,984	

Multiple Disabilities						
Salaries of Teachers	553,250		553,250	518,292	34,958	
Purchased Professional-Educational Svcs.	512,021	1,110,000	1,622,021	1,610,543	11,478	
General Supplies	28,568	(4,906)	23,662	18,975	4,687	
Other Objects		518 		518		518	

Total Multiple Disabilities	
1,094,357	
1,105,094	
2,199,451	
2,147,810	
51,641	

Resource Room / Resource Center						
Salaries of Teachers	5,955,393	(352,930)	5,602,463	5,225,887	376,576	
Purchased Professional-Educational Svcs.	791,631	(257,735)	533,896	331,669	202,227	
General Supplies	3,700		3,700		3,700	

Total Resource Room/ Resource Center		6,750,724 	{610,665)	6,140,059	5,557,556	582,503	

Preschool Disabilities - Full - Time
Salaries of Teachers	652,431	

652,431	

591,418	

61,013	
Purchased Professional-Educational Svcs.	552,226		186,047	738,273	718,623	19,650	
General Supplies	22,206		{16,790)	5,416	1,834	3,582	
Total Preschool Disabilities - Full - Time		1,226,863 		169,257	1,396,120	1,311,875	84,245	

Home Instruction							
Salaries of Teachers	15,000		1,834	16,834	16,834		
Purchased Professional-Educational Svcs.	16,045		166	16,211	3,528	12,683	

Total Home Instruction	
	31,045 		
2,000	
33,045	
20,362	
12,683	

Total Special Education	
	11,643,436 		
868,023	
12,511,459	
11,475,514	
1,035,945	

Basic Skills/Remedial Salaries of Teachers	

	73,981 		

524,947	

598,928	

395,711	

203,217	

Total Basic Skills/Remedial	
	73,981 		
524,947	
598,928	
395,711	
203,217	

Bilingual Education Salaries of Teachers	

415,235		

40,133	

455,368	

455,368		
Total Bilingual Education		415,235  	40,133	455,368  	455,368	

School Sponsored Co-Curricular Activities		
Salaries	$	242,500	$	69,492	$	311,992	$	311,991	$	
Purchased Services	3,850	7,277	11,127	11,127		
Supplies and Materials	15,000	(9,750)	5,250	5,250		
Other Objects	12,500	359	12,859	12,858		
Total School Sponsored Co-Curricular Activities	273,850	67,378	341,228	341,226	2	

School Sponsored Athletics - Instruction						
Salaries	582,950	(34,626)	548,324	547,049	1,275	
Purchased Services	60,000	17,100	77,100	77,100		
Supplies and Materials	100,000	(9,488)	90,512	90,511		
Other Objects	20,000	9,493	29,493	29,493		
Transfers to Cover Deficit	57,500	{11,395)	46,105	46,105		
Total School Sponsored Athletics	820,450	{28,916)	791,534	790,258	1,276	
Total - Instruction	37,629,849	2,684,522	40,314,371	38,629,434	1,684,937	

Undistributed Expenditures Instruction						
Tuition to Other LEAs Within the State-Regular	50,000	12,600	62,600	61,744	856	
Tuition - Other LEA's Within State - Special	1,245,828	(626,947)	618,881	526,502	92,379	
Tuition to County Voe. School Dist-Regular	889,380	59,527	948,907	948,907		
Tuition to County Voe. School Dist-Special	437,904	(13,911)	423,993	425,897	(1,904)	
Tuition to CSSD & Reg. Day Schools	2,502,794	341,460	2,844,254	2,725,090	119,164	
Tuition to Private Schools - Disabled Within State	8,121,726	30,103	8,151,829	7,336,986	814,843	
Tuition to Priv. Sch. Disabled & Other LEAs - Sp!, O/S State	
1,825,256	
{747,000)	
1,078,256	
615,799	
462,457	
Total Undistributed Expenditures - Instruction		15,072,888 		{944,168)		14,128,720	12,640,925	1,487,795 	

Attendance and Social Work Services						
Salaries	276,052	(2,715)	273,337	260,004	13,333	
Salaries of Family Liaisons/Community Parent Involvment Specialist						
Purchased Professional and Technical Svcs.	52,055		52,055	50,820	1,235	
Other Purchased Services	250		250		250	
Supplies and Materials	2,000		2,000	215	1,785	
Total Attendance and Social Work Services		330,357 		{2,715)		327,642	311,039	16,603 	

Health Services							
Salaries	609,300		91,747	701,047	701,047		
Purchased Professional and Technical Svcs.	676,500		303,494	979,994	740,109	239,885	
Other Purchased Services	2,500		200	2,700	394	2,306	
Supplies and Materials	22,548		744	23,292	18,209	5,083	
Total Health Services		1,310,848 		396,185	1,707,033	1,459,759	247,274	

Other Support Services - Students - Speech, OT, PT									
and Related Services						
Salaries	924,864	67,298	992,162	992,162		
Purchased Professional-Educational Services	1,256,456	(77,798)	1,178,658	813,731	364,927	
Supplies and Materials		11,134 		11,134	7,634	3,500	

Total Other Support Services - Students - Speech, OT, PT and Related Services	

	2,192,454 	

{10,500)	

2,181,954	

1,813,527	

368,427	

Other Support Services-Students-Extra Serv.		
Salaries	$	271,054	$	77,666	$	348,720	$	348,720		
Purchased Professional-Educational Services	2,000,812	{942,839)	1,057,973	350,660  $	707,313	
Total Other Support Services-Extra Serv.	2,271,866	  	{865,173)	 		1,406,693 		699,380  	707,313	
Other Support Services-Students-Guidance								
Salaries of Other Professional Staff	1,639,862		38,663		1,678,525	1,601,641	76,884	
Salaries of Secretarial and Clerical Assistants	297,069				297,069	269,661	27,408	
Other Salaries	90,936		7,127		98,063	98,063		
Purchased Professional-Educational Services								
Purchased Professional and Technical Svcs.	19,000		(11,407)		7,593	6,732	861	
Other Purchased Services	30,500		(11,720)		18,780	18,778	2	
Supplies and Materials	18,750		47,229		65,979	13,604	52,375	
Total Other Support Services-Students-Guidance	2,096,117		69,892		2,166,009	2,008,479	157,530	
Other Support Services - Students - Child Study Team								
Salaries of Other Professional Staff	2,598,376		(109,540)		2,488,836	2,458,870	29,966	
Salaries of Secretarial and Clerical Assistants	133,488		1,188		134,676	134,676		
Salaries of ABA in Home Therapy			24,720		24,720	24,720		
Purchased Professional-Educational Services	605,877		213,635		819,512	697,330	122,182	
Other Purchased Prof. and Tech. Services	750		23,508		24,258	24,183	75	
Other Purchased Services	25,358		(19,828)		5,530	3,373	2,157	
Supplies and Materials	52,020		2,581		54,601	14,065	40,536	
Other Objects	600				600		600	
Total Other Support Services - Students - Child Study Team	3,416,469	  	136,264	 		3,552,733 		3,357,217  	195,516	
Improvement of Instructional Services								
Salaries of Supervisors of Instruction	1,035,863				1,035,863	844,256	191,607	
Salaries of Other Professional Staff	120,000		9,100		129,100	125,500	3,600	
Salaries of Secretarial and Clerical Assistants	413,384				413,384	282,593	130,791	
Other Salaries	114,788		25,700		140,488	106,869	33,619	
Purchased Professional-Educational Services	269,457		(67,658)		201,799	89,298	112,501	
Other Purchased Services	7,750		(436)		7,314	7,155	159	
Supplies and Materials Other Objects	13,500		(7,007)		6,493	2,428	4,065	
Total Improvement of Instruction Services	1,974,742		{40,301)		1,934,441	1,458,099	476,342	
Educational Media Services/School Library								
Salaries	506,994				506,994	488,546	18,448	
Salaries of Technology Coordinators	623,135		(57,000)		566,135	275,197	290,938	
Purchased Professional and Technical Services	34,000		(13,618)		20,382	3,023	17,359	
Supplies and Materials	65,030		00,538)		54,492	37,248	17,244	
Total Educational Media Services/School Library	1,229,159		{81,156)		1,148,003	804,014	343,989	
Instructional Staff Training Services								
Salaries of Other Professional Staff	30,000		(10,000)		20,000	1,429	18,571	
Other Salaries			10,000		10,000	6,900	3,100	
Purchased Professional-Educational Services	8,500		616		9,116	5,298	3,818	
Other Purchased Services	5,000		1,989		6,989	4,508	2,481	
Supplies and Materials	500				500	241	259	
Other Objects	7,500				7,500	1,000	6,500	
Total Instructional Staff Training Services	51,500		2,605		54,105	19,376	34,729	

Support Services General Administration		
Salaries	$	370,517	$	97,650	$	468,167	$	454,556	$	13,611	
Legal Services	475,000	264,230	739,230	729,961	9,269	
Audit Fees	50,000	11,250	61,250	61,246	4	
Architectural/Engineering Services	15,000	1,365	16,365	1,365	15,000	
Purchased Technical Services	17,000	40,015	57,015	53,231	3,784	
Communicationsffelephone	151,000	37,243	188,243	180,433	7,810	
BOE Other Purchased Services	9,000	4,800	13,800	13,202	598	
Miscellaneous Purchased Services	55,349	121,148	176,497	165,978	10,519	
General Supplies	9,902	2,190	12,092	10,995	1,097	
BOE In-House Training/Meeting Supplies	4,500	3,953	8,453	6,635	1,818	
Miscellaneous Expenditures	19,395	(913)	18,482	17,087	1,395	
BOE Membership Dues and Fees	32,500	{5,305)	27,195	27,195		
Total Support Services General Administration	1,209,163	577,626	1,786,789	1,721,884	64,905	

Support Services School Administration						
Salaries of Principals/Asst. Principals/Prog Dir	2,204,739		2,204,739	2,127,827	76,912	
Salaries of Other Professional Staff	352,039		352,039	115,073	236,966	
Salaries of Secretarial and Clerical Assistants	1,116,487		1,116,487	1,115,782	705	
Other Purchased Services	43,754	3,200	46,954	39,946	7,008	
Supplies and Materials	62,900	1,503	64,403	48,732	15,671	
Other Objects	4,500	{916)	3,584	1,294	2,290	
Total Support Services School Administration	3,784,419	3,787	3,788,206	3,448,654	339,552	

Central Services						
Salaries		1,004,855	2,042	1,006,897	1,006,897		
Purchased Professional Services		72,830	21,451	94,281	94,281		
Purchased Technical Services		60,694	76,076	136,770	135,736	1,034	
Misc. Purchased Services		44,450	(27,401)	17,049	16,473	576	
Supplies and Materials		27,500	(3,678)	23,822	20,072	3,750	
Miscellaneous Expenditures		8,500	{2,572)	5,928	5,927	1	
Total Central Services		1,218,829	65,918	1,284,747	1,279,386	5,361	

Admin. Info. Tech							
Salaries		32,500	6,747	39,247	39,247		
Purchased Professional Services		12,500	18,755	31,255	31,254		
Purchased Technical Services		25,000	7,239	32,239	27,620	4,619	
Other Purchased Services		11,600	(9,286)	2,314	2,314		
Supplies and Materials		45,000	42,862	87,862	74,688	13,174	
Other Objects		1,540	{279)	1,261	1,260	1	
Total Admin. Info. Tech.		128,140	66,038	194,178	176,383	17,795	

Required Maintenance for School Facilities							
Salaries	996,964		996,964	895,934	101,030	
Cleaning, Repair & Maintenance Services	735,682	(28,961)	706,721	571,019	135,702	
General Supplies	347,000	1,844	348,844	269,344	79,500	

Total Required Maintenance for School Facilities	
2,079,646	
{27,117)	
2,052,529	
1,736,297	
316,232	

Custodial Services		
Salaries	$	776,543		$	776,543	$	713,091	$	63,452	
Unused Vacation Payment to Terminated/ Retired Staff						
Purchased Professional and Technical Services	20,100		20,100	12,700	7,400	
Cleaning, Repair & Maintenance Services	1,847,018	$	(223,538)	1,623,480	1,600,643	22,837	
Lease Purchase Pymts-Energy Savings Impr Prog	334,863		334,863	334,862	1	
Other Purchased Property Services	95,000	1,726	96,726	94,203	2,523	
Insurance	926,280	(97,856)	828,424	782,525	45,899	
Miscellaneous Purchased Services	333,000	(36,958)	296,042	274,965	21,077	
General Supplies	370,500	(2,558)	367,942	240,376	127,566	
Energy (Natural Gas)	325,000	134,458	459,458	321,515	137,943	
Energy (Gasoline)		80,000	80,000	46,012	33,988	
Energy (Heat Electricity)	370,000	98,848	468,848	416,208	52,640	
Other Objects	15,000		15,000	7,341	7,659	
Interest - Energy Savings Impr Prog Bonds	204,923		204,923	204,923		
Principal-Energy Savings Impr. Prog. Bonds	1,007,661		1,007,661	1,007,661		
Total Custodial Services	6,625,888	{45,878)	6,580,010	6,057,025	522,985	

Care and Upkeep of Grounds						
Salaries	417,655		417,655	390,856	26,799	
Cleaning, Repair & Maintenance Services	8,000		8,000	6,739	1,261	
General Supplies	93,000	{1,045)	91,955	36,306	55,649	
Total Care and Upkeep of Grounds		518,655		0,045)		517,610	433,901	83,709	

Security							
Salaries	586,793	36,000	622,793	536,505	86,288	
Purchased Professional and Technical Services	25,500	35,178	60,678	55,598	5,080	
General Supplies Other Objects	17,400	93,037	110,437	109,980	457	
Total Security	629,693	164,215	793,908	702,083	91,825	

Student Transportation Services								
Salaries for Pupil Transportation						
(Between Home and School) - Regular	200,174	85,532	285,706	281,350	4,356	
(Other than Between Home and School) - Regular	208,470	(77,150)	131,320	131,320		
Other Purchased Prof. and Technical Serv.	40,667	30,070	70,737	70,736		
Cleaning, Repair & Maintenance Services	12,000	(2,592)	9,408	4,883	4,525	
Contracted Services -Aid in Lieu of Payments -						
Non-Public Schools	434,350	27,088	461,438	458,526	2,912	
Contracted Services (Between Home						
and School) - Vendors	1,980,735	636,369	2,617,104	2,594,800	22,304	
Contracted Services (Other Than Between Home						
and School) - Vendors	255,902	5,650	261,552	220,741	40,811	
Contracted Services (Spec Ed) - Vendors	1,527,522	(180,343)	1,347,179	1,287,712	59,467	
Contracted Services (Reg. Students) - ESCs & CTSAs		26,188	26,188	25,289	899	
Contracted Services (Sp!. Ed. Students)-ESCs & CTSAs	2,999,012	58,834	3,057,846	3,008,761	49,085	
Miscellaneous Purchased Services - Transportation		4,000	4,000	1,911	2,089	
General Supplies	5,000	(1,677)	3,323	2,549	774	
Transportation Supplies	8,000	30,818	38,818	38,818		
Other Objects	
	400	400	275	125	
Total Student Transportation Services		7,671,832  	643,187	8,315,019	8,127,671	187,348

	Budget	Adjustments	Budget	Actual	Actual	
CURRENT EXPENDITURES (Continued)						
Undistributed Expenditures (Continued)						
Unallocated Benefits						
Group Insurance	$	230,000	$	34,435	$	264,435	$	264,435		
Social Security Contributions	739,530	85,108	824,638	680,846	$	143,792	
TPAF Contributions ERIP	19,000		19,000		19,000	
Other Retirement Contributions - PERS	990,000	329,235	1,319,235	1,291,086	28,149	
Other Retirement Contributions - DCRP		11,477	11,477	11,477		
Unemployment Compensation	160,000	173,767	333,767	294,268	39,499	
Workmen's Compensation	225,780	(16,667)	209,113	188,411	20,702	
Health Benefits	11,522,383	(791,076)	10,731,307	9,777,371	953,936	
Tuition Reimbursement	50,868	20,285	71,153	55,868	15,285	
Other Employee Benefits	487,000	25,972	512,972	467,074	45,898	

Total Unallocated Benefits	14,424,561	{127,464)	14,297,097	13,030,836	1,266,261	
On-Behalf TPAF Contributions Non-Budgeted						
Pensions						
Normal Pension				14,365,084	(14,365,084)	
NCGI Premium				163,826	(163,826)	
Post Retirement Medical				3,954,238	(3,954,238)	
Long Term Disability				5,246	(5,246)	
TPAF Social Security				3,020,607	{3,020,607)	
Total On-BehalfTPAF Contributions				21,509,001	{21,509,00 I)	
Total Undistributed Expenditures	68,237,226	{19,800)	68,217,426	82,794,936	(14,577,510)	
Interest Deposit to Maintenance Reserve	2,400		2,400		2,400	
Total Current Expenditures	105,869,475	2,664,722	108,534,197	121,424,370	{12,890,173)	
CAPITAL OUTLAY EXPENDITURES
Equipment						
Kindergarten	2,000			2,000	$	1,477		523	
Grades 1-5								
Grades 6 - 8	95,000		1,986	96,986			96,986	
Grades 9-12			7,213	7,213	7,213			
Equipment								
Undistributed Expenditures Multiple Disabilities			
5,763	5,763	5,763			
Child Study Teams	8,624			8,624			8,624	
Central Services			36,000	36,000	32,586		3,414	
Admin Info Tech			21,047	21,047	16,932		4,115	
Required Maint. For School Facilities	40,700		50,345	91,045	91,045			
Security			26,157	26,157	26,157			
Assets Under Capital Financing Agreements (Nonbudgeted)					974,883		{974,883)	
Total Equipment	146,324		148,511	294,835	1,156,056		{861,221)	
Facilities Acquisition and Construction Serv.								
Architectural/Engineering Services	2,066		46,109	48,175	13,689		34,486	
Other Purchased Professional & Technical Services			77,591	77,591			77,591	
Construction Services	407,934		3,252,499	3,660,433	1,951,091		1,709,342	
Assessment for Debt Service on SDA Funding	128,662			128,662	128 662			
Total Facilities Acquisition and Construction Serv.	538,662		3,376,199	3,914,861	2,093,442		1,821,419	
Interest Deposit to Capital Reserve	4,000			4,000			4,000	
Total Capital Outlay	688,986		3,524,710	4,213,696	3,249,498		964,198	
Transfer of Funds to Charter Schools	8,039,558		{73,364)	7,966,194	7,966,194			
Total Expenditures	114,598,019		6,116,068	120,714,087	132,640,062		{11,925,975)	

Budget	Adjustments	Budget		Actual	 	Actual	

Excess (Deficiency) of Revenues Over
(Under) Expenditures	$  (4,648,478)	
$	(6,116,068)	
$	(10,764,546)	
$		729,350  $  (11,493,896)	

Other Financing Sources (Uses)						
Capital Financing Agreements				974,883	(974,883)	
Transfer Out- Special Revenue Fund	(666,585)	107,520	(559,065)	(666,585)	107,520	
Transfer Out - Capital Projects Fund				(249,600)	249,600	
Total Other Financing Sources (Uses)	(666,585)	107,520	(559,065)	58,698	(617,763)	

Excess (Deficiency) of Revenues and Other						
Financing Sources Over/(Under) Expenditures and						
Other Financing Uses	(5,315,063)	(6,008,548)	(11,323,611)	788,048	(12,111,659)	
Fund Balances, Beginning of Year		20,084,462	 			20,084,462 		20,084,462 	 		
Fund Balances, End of Year	$	14,769,399	$	(6,008,548)	$	8,760,851	$	20,872,510	$  (12,111,659)	
Recapitulation						
Restricted						
Capital Reserve				$	3,882,284		
Capital Reserve, Designated for Subsequent Year's Budget				912,300		
Maintenance Reserve				2,089,715		
Maintenance Reserve, Designated for Subsequent Year's Budget				1,079,056		
Tuition Reserve				150,000		
Tuition Reserve, Designated for Subsequent Year's Budget				135,162		
Excess Surplus				3,399,556		
Excess Surplus - Designated for Subsequent Year's Budget				1,315,650		
Committed						
Encumbrances				1,451,237		
Assigned						
Encumbrances				291,242		
Designated for Subsequent Year's Budget				3,042,098		
Unassigned Fund Balance					3,124,210 		
				20,872,510		
Reconciliation to Governmental Funds Statements (GAAP)						
State Aid Payments Not Recognized on GAAP Basis				(2,263,736)		
				$	18,608,774		
Fund Balance Per Governmental Funds (GAAP)						

TEANECK BOARD OF EDUCATION SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Variance
	Original
Budget	
Adjustments	Final
Budget	
Actual	Final to
Actual	
REVENUES						
Intergovernmental						
State	$	5,785,746	$	1,408,084	$	7,193,830	$	5,561,745	$	1,632,085	
Federal	1,697,957	6,304,841	8,002,798	4,967,483	3,035,315	
Other		508,613	508,613	389,909	118,704	

Total Revenues	
7,483,703	
8,221,538	
15,705,241	
10,919,137	
4,786,104	

EXPENDITURES						
Instruction						
Salaries of Teachers	1,271,550	1,644,068	2,915,618	2,566,583	349,035	
Purchased Prof and Educ Svcs	911,217	385,532	1,296,749	644,276	652,473	
Purchased Prof and Tech Svcs		19,000	19,000	11,195	7,805	
Tuition	959,436	(134,228)	825,208	974,854	(149,646)	
General Supplies	46,000	1,219,037	1,265,037	489,825	775,212	
Textbooks	494,188	(412,445)	81,743	72,667	9,076	
Miscellaneous		12,193	12,193	10,750	1,443	
Co-Curricular Student Activities		340,727	340,727	271,287	69,440	

Total Instruction	
3,682,391	
3,073,884	
6,756,275	
5,041,437	
1,714,838	

Support Services						
Salaries of Supervisors of Instruction	143,948	465	144,413	144,413		
Salaries of Program Directors	158,301		158,301	158,301		
Salaries of Other Professional Staff	771,890	(368,238)	403,652	284,707	118,945	
Salaries of Secretaries and Clerical Assistants	200,125		200,125	110,997	89,128	
Other Salaries	148,415	1,065,190	1,213,605	1,149,344	64,261	
Salaries of Community Parent Involvement	91,841		91,841	91,841		
Salaries of Master Teachers	94,500	79,800	174,300	94,500	79,800	
Personnel Services - Employee Benefits	612,168	878,892	1,491,060	1,117,009	374,051	
Purchased Education Services - Contracted Pre-K	1,348,569	(899,046)	449,523	449,523		
Other Purchased Professional -Ed. Services	697,304	3,152,499	3,849,803	2,039,743	1,810,060	
Other Purchased Professional Services	5,000		5,000	3,224	1,776	
Cleaning, Repairs and Maintenance	78,836	244,745	323,581	214,442	109,139	
Rentals	60,000		60,000	54,000	6,000	
Contracted Svcs. -Transportation		47,712	47,712	24,642	23,070	
Travel		39,193	39,193	16,431	22,762	
Miscellaneous Purchased Services	50,000	355,776	405,776	351,173	54,603	
Supplies and Materials	5,000	252,861	257,861	84,303	173,558	
Other Objects	2,000	25,177	27,177	26,316	861	
Miscellaneous Expenditures - Scholarships		50,000	50,000	5,579	44,421	
Total Support Services	4,467,897	4,925,026	9,392,923	6,420,488	2,972,435	

Facilities Acquisition						
Instructional Equipment		115,108	115,108	50,410	64,698	
Total Facilities Acquisition		115,108	115,108	50,410	64,698	
Total Expenditures	8,150,288	8,114,018	16,264,306	11,512,335	4,751,971	

Excess (Deficiency) of Revenues						
Over/(Under) Expenditures	(666,585)	107,520	(559,065)	(593,198)	(34,133)	
Other Financing Sources (Uses)						
Transfer from General Fund	666,585	(107,520)	559,065	666,585	107,520	

Excess (Deficiency) of Revenues and Other						
Financing Sources Over/(Under) Expenditures				73,387	73,387	
Fund Balance, Beginning of Year	283,523		283,523	283,523		
Fund Balance, End of Year	$	283m	i	283 523  $	356,910   $	23381 

EXHIBIT C-3

TEANECK BOARD OF EDUCATION GENERAL AND SPECIAL REVENUE FUNDS
NOTES TO BUDGETARY COMPARISON SCHEDULE BUDGET (NON-GAAP) AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and accounting principles generally accepted in the United States of America, with the exception of the legally mandated revenue recognition of certain state aid payments for budgetary purposes only and the treatment of encumbrances in the special revenue fund as described below. Encumbrance accounting is also employed as an extension of formal budgetary integration of the governmental fund types. Unencumbered appropriations lapse at fiscal year end.
The accounting records of the Special Revenue Fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports.

The following presents a reconciliation of the General and Special Revenue Funds from the budgetary basis of accounting as presented in the Budgetary Comparison Schedule - General Fund and Special Revenue Fund to the GAAP basis of accounting as presented in the Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds.

Sources/inflows of resources

General Fund

Special Revenue Fund

Actual Revenues (Budgetary Basis) Difference - budget to GAAP:
Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.
Encumbrances, June 30, 2024
Encumbrances, June 30, 2023 (net of cancellations)

$	133,369,412 $	10,919,137

(631,598)
1,752,841

State Aid payments recognized for GAAP purposes not recognized for Budgetary statements (2022/2023 State Aid)
State Aid payments recognized for budgetary purposes not recognized

2,293,575

67,796

for GAAP statements (2023/2024 State Aid)

Total revenues as reported on the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds.

(2,263,736) 	

$	133,399,251  =$===12===,l=0.8..,.=17 6

Uses/outflows of resources		
Actual Expenditures (Budgetary Basis) Differences - budget to GAAP
Encumbrances for supplies and equipment ordered but
not received are reported in the year the order is placed for budgetary purposes, but in the year the supplies are received	$	132,640,062	$	11,512,335	
for financial reporting purposes.			
Encumbrances, June 30, 2024		(631,598)	
Encumbrances, June 30, 2023 (net of cancellations)	 			1,752,841	

Total expenditures as reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds	

$	

132,640,062	

=$ ==1=2,;,.,.6,=33 ,5=7=8	

REQUIRED SUPPLEMENTARY INFORMATION - PART III

PENSION INFORMATION
AND
OTHER POST-EMPLOYMENT BENEFITS INFORMATION

 2023			2022	 	2021			2020			2019			2018			2017			2016			2015	2014	

District's Proportion of the Net Position		
Liability (Asset)	0.09401	%	0.08402	%	0.07884	%	0.07100	%	0.06396	%	0.07253	%	0.08628	%	0.11099	%	0.13414 '¾	
District's Proportionate Share of the Net Pension Liability (Asset)	
$ 13,616,161		
$ 12,679,325		
$ 9,340,225		
$ 11,580,462		
$ 12,546,755		
$14,281,544		
$ 20,085,960		
$ 32,874,611	
$30,111,866	

District's Covered-Employee Payroll	
$ 6,785,849		
$  6,545,350		
$ 5,980,536		
$ 5,636,495		
$  4,865,371		
$ 5,382,195		
$ 5,608,033		
$ 8,183,038		
$ 9,132,014	
District's Proportionate Share of the Net																		
Pension Liability (Asset) as a Percentage of its Covered-Employee Payroll	
200.66	
%	
193.72	
%	
156.18	
%	
205.46	
%	
257.88	
%	
265.35	
%	
358.16	
%	
401.74	
%	
329.74 '¾	
Plan Fiduciary Net Position as a																		
Percentage of the Total Pension																		

0.14204 %

$26,594,811

$ 9,766,548

272.31 %

Liability	65.23 %	62.91 %	70.33 %	73.38 %	78.30 %	83.06 %	48.10 %	40.14 %	47.93 '¾	52.09 %

The amounts presented for each fiscal year were determined as of the previous fiscal year-end.

	2024	2023	2022		 2021	2020			2019		 2018	2017	2016		 2015	

Contractually Required Contribution	$ 1,256,415	$ 1,059,495	$	923,352	$	776,853	$  677,321	$	721,477	$	799,346	$	986,096	$  1,153,249	$1,171,003	
Contributions in Relation to the Contractually Required Contribution	
1,256,415	
1,059,495	
923,252	
776,853	
677,321	
721,477	
799 346	
986,096	
1,153,249	
1,171,003	
Contribution Deficiency (Excess)	$	$	$		
$ 		
$ 			 $		
$ 		
$ 		
$ 		
$ 		
District's Covered-Employee Payroll	$ 6,943,337	$ 6,785,849	$ 6,545,350	$ 5,980,536	$ 5,636,495		$ 4,865,371	$ 5,382,195	$ 5,608,033	$  8,183,038	$9,132,014	
Contributions as a Percentage of										
Covered-Employee Payroll	18.10 %	15.61 %	14.11 %	12.99 %	12.02 %	14.83 %	14.85 %	17.58 %	14.09	%	12.82 %	

	2023	 	2022	 	2021	 	2020		2019	2018	2017	2016	2015	2014

District's Proportion of the Net Position Liability (Asset)

0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %	0.00 %

District's Proportionate Share of the Net
Pension Liability (Asset)	
$	
$	
$	
$	
$	
$	
$	
$	
$	
$	

State's Proportionate Share of the Net Pension Liability (Asset) Associated with the District	

178 423 890	

175 759 750	

$162,331,749	

$  225,638,466	

$  205,330,282	

$  220,624,838	

$ 234,707,436	

$ 257,150,800	

$ 219,371,309	

$ 192,933,307	
Total	$ 178,423,890 		 $ 175,759,750 		 $162,331,749 		 $  225,638,466 		 $  205,330,282 		 $  220,624,838 		 $ 234,707,436 		 $ 257,150,800 		 $219,371,309 		 $ 192,933,307 	

District's Covered-Employee Payroll	
$  40,612,935	$	
39,466,416	$	
39,061,057		
$	37,228,832		
$	36,643,126		
$	34,841,100		
$  35,395,251		
$  35,294,602		
$ 33,506,107		
$ 34,862,168	
District's Proportionate Share of the Net																		
Pension Liability (Asset) as a Percentage																		
of its Covered-Employee Payroll	0.00 %	0.00 %	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00 %	
State's Proportionate Share of the Net																		
Pension Liability Associated with the																		
District as a percentage of the District's																		
Covered-Employee Payroll	439.33% %	445.34% %	415.58	%	606.09	%	560.35	%	633.23	%	663.10	%	728.58	%	654.72	%	553.42 %	
Plan Fiduciary Net Position as a																		
Percentage of the Total Pension																		
Liability	34.68 %	32.29 %	35.52 %	24.60 %	26.95 %	26.49 %	25.41 %	22.33 %	28.71 %	33.64 %	

*  The amounts presented for each fiscal year were determined as of the previous fiscal year-end.

EXHIBIT L-4

TEANECK BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF DISTRICT'S PROPORTIONATE SHARE OF NET PENSION LIABILITY AND SCHEDULE OF DISTRICT CONTRIBUTIONS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Change of Benefit Terms: Change of Assumptions:

None.

Assumptions used in calculating the net pension liability and statutorily required employer contribution are presented in Note 5D.

93

EXHIBITM-1

TEANECK BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE DISTRICT'S PROPORTIONATE SHARE OF
TOTAL OPEB LIABILITY

Postemployment Health Benefit Plan Last Seven Fiscal Years*

2023	2022	2021	2020	2019	2018	2017

Service Cost	$	5,612,948	$	7,202,143	$	8,243,330	$	4,539,247	$	4,256,837	$	4,824,717	$	5,742,154	
Interest on Total OPEB Liability	5,231,702	3,753,501	4,388,706	4,291,734	5,322,134	5,636,868	4,906,873	
Changes of Benefits Terms			(180,071)					
Differences Between Expected and Actual Experience	(286,934)	3,093,764	(29,737,950)	29,704,277	(23,161,345)	(10,806,089)		
Changes of Assumptions	299,413	(37,995,033)	166,909	34,641,424	1,784,270	(15,495,526)	(20,392,834)	
Gross Benefit Payments	(4,078,197)	(3,717,954)	(3,457,071)	(3,301,544)	(3,673,472)	(3,610,691)	(2,989,225)	
Member Contributions	134,070	119,274	112,198	100,070	108 892	124 791	110,071	
Net Change in Total OPEB Liability	6,913,002	(27,544,305)	(20,463,949)	69,975,208	(15,362,684)	(19,325,930)	(12,622,961)	
Total OPEB Liability - Beginning	I 4I,635,648	169,179,953	189,643,902	I 19,668,694	135,031,378	154,357,308	166,980,269	
Total OPEB Liability - Ending	 $ 148,548,650	$  141,635,648	  $ 169,179,953		$  189,643,902	$ 	119,668,694	  $  135,031,378	$ 154,357,308	

District's Proportionate Share of OPEB Liability	

$	

$	

$	

$	

$	

$	

$	
State's Proportionate Share ofOPEB Liability	1481548,650	141,635,648	169,1791953	18916431902	119,668 694	135,031,378	154,357,308	
Total OPEB Liability- Ending	 $  148,548,650	$  141,635,648	$ I 69,179,953		$  189,643,902	$ 	119,668,694	  $  135,031,378	$ 154,357,308 	

District's Covered-Employee Payroll	 $	47,398,784	$	46,011,766	$  45,981,766	 $  45,041,593	$	42,865,327	$	41,508,497	$	40,223,295 

District's Proportionate Share of the
Total OPEB Liability as a Percentage of its
Covered-Employee Payroll	0%	0%	0%	0%	0%	0%	0%

Note: No assets are accumulated in a trust that meets the criteria in paragraph 4 ofGASB 75.

*The amounts presented for each fiscal year were determined as of the previous fiscal year end.

This schedule is presented to illustrate the requirement to show information for 10 years in accordance with GASB Statement No. 75. However, until a full I 0-year trend is compiled, the District will only present information for those years for which information is available.

94

EXHIBITM-2

TEANECK BOARD OF EDUCATION REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE DISTRICT'S PROPORTIONATE SHARE OF THE OPEB LIABILITY
AND SCHEDULE OF DISTRICT PROPORTIONATE SHARE OF THE OPEB LIABILITY NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Changes in Benefit Terms:	None.

Changes of Assumptions		Assumptions used in calculating the OPEB liability are presented in Note SE.

95

SCHOOL LEVEL SCHEDULES GENERAL FUND
NOT APPLICABLE

SPECIAL REVENUE FUND

TEANECK BOARD OF EDUCATION SPECIAL REVENUE FUND
COMBINING SCHEDULE OF REVENUES AND EXPENDITURES BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

EXHIBIT E-1

REVENUES
Intergovernmental

Total		Total		Total		Total		Total Exhibit	Exhibit	Exhibit	Exhibit	Exhibit
E-la	E-lb	E-lc	E-ld	E-le	Totals

State	385,609	354,55 I	1,069,454	3,752,131	5,561,745	
Federal	2,230,551	1,208,032	1,528,900			4,967,483	
Other		
		389 909	389 909	

Total Revenues	2,230,551	
1,593 641	
1,883 45 I	
1,069,454	
4,142,040	
10 919 137	

EXPENDITURES							
Instruction							
Salaries of Teachers	356,303	185,930	566,995		1,457,355	2,566,583	
Purchased Prof and Educ Svcs	22,068	6,800			615,408	644,276	
Purchased Prof and Tech Svcs					11,195	11,195	
Tuition	974,854					974,854	
General Supplies	279,997	79,429	1,020	56,917	72,462	489,825	
Textbooks			72,667			72,667	
Miscellaneous		2,403			8,347	10,750	
Co-Curricular Student Activities	 		 		271 287	271 287	

Total Instruction	
	1 633 222	274 562	640 682	56 917		
2,436 054	
 		
5 041,437	

Support Services							
Salaries of Supervisors of Instruction					144,413	144,413	
Salaries of Program Directors					158,301	158,301	
Salaries of Other Professional Staff					284,707	284,707	
Salaries of Secretaries and Clerical Assistants					110,997	110,997	
Other Salaries	12,625	689,321	344,037		103,361	I,149,344	
Salaries of Community Parent Involvement					91,841	91,841	
Salaries of Master Teachers					94,500	94,500	
Personnel Services - Employee Benefits	22,002	1,530	470,998		622,479	1,117,009	
Purchased Education Services - Contracted Pre-K					449,523	449,523	
Other Purchased Professional -Ed. Services	213,850	586,265	276,122	958,698	4,808	2,039,743	
Other Purchased Professional Services					3,224	3,224	
Cleaning, Repairs and Maintenance			90,422		124,020	214,442	
Rentals					54,000	54,000	
Contracted Svcs. -Transportation			8,000	15,267	1,375	24,642	
Travel	12,482	3,375			574	16,431	
Miscellaneous Purchased Services	282,531		27,260		41,382	351,173	
Supplies and Materials	10,083	38,588	14,352	17,834	3,446	84,303	
Other Objects	10,624		11,578	3,460	654	26,316	
Miscellaneous Expenditures - Scholarships			
		5,579	5,579	
Total Support Services	564,197	1 319 079	1,242 769	995 259	2,299,184	6 420 488	

Facilities Acquisition								
Instructional Equipment	33 132		
	17,278			50410	
Total Facilities Acquisition	33,132		
	17 278			50 410	
Total Expenditures	2,230,551	1,593,641	1,883 451	1,069 454	4,735,238	 		11,512,335	

Excess (Deficiency) of Revenues									
Over/(Under) Expenditures							(593,198)	(593,198)	
Other Financing Sources (Uses) Transfer from General Fund	

666 585	

666,585	

Excess (Deficiency) of Revenues and Other									
Financing Sources Over/(Under) Expenditures							73,387	73,387	
Fund Balance, Beginning of Year							283 523	283 523	
Fund Balance, End of Year	 			 			 			356,910	$	356,910	
	96								

	Total	
	IDEA	IDEA		ESEA		ESEA		ESEA	ESEA		Exhibit	
	Basic	Preschool	ACSERS	Title I		Title III		Title HA	Title IV		E-Ja	
REVENUES												
Intergovernmental												
Federal	1,367,850	33,755	210,787		435,171		26,053	123,672		33,263	2,230,551	
Other												

Total Revenues	
	1,367,850 	
33,755	
210,787		
435,171		
26,053	
123,672		
33,263	
2,230,551	

EXPENDITURES												
Instruction												
Salaries of Teachers			61,141		276,812		18,350				356,303	
Purchased Prof and Educ Svcs							6,063			16,005	22,068	
Tuition	825,208		149,646								974,854	
General Supplies		185.458 	1,094	76,187	17,258	279,997 	

Total Instruction	
1,010,666	
1,094	
210,787	
352,999	
24,413	
33,263	
1,633,222	

Support Services							
Other Salaries			12,625			12,625	
Personnel Services - Employee Benefits			20,918	1,084		22,002	
Purchased Education Services - Contracted Pre-K							
Other Purchased Professional -Ed. Services	64,029	32,661	5,580		111,580	213,850	
Rentals							
Contracted Svcs. -Transportation (Field Trips)							
Travel				390	12,092	12,482	
Miscellaneous Purchased Services	282,531					282,531	
Supplies and Materials			9,917	166		10,083	

Other Objects

Instructional Equipment	 		33,132	33,132	

Total Facilities Acquisition		
33,132	
33,132	

Total Support Services Facilities Acquisition

	10,624 	10,624 

	357,184	32,661	49,040	1,640	123,672	564,197

Total Expenditures		1,367,850	33,755	210,787	435,171	26,053	123,672  	33,263 	2,230,551 

Excess (Deficiency) of Revenues Over/(Under) Expenditures

Other Financing Sources (Uses)
Transfer from General Fund		 	 	 	 	 	 	

Excess (Deficiency) of Revenues and Other Financing Sources Over/(Under) Expenditures

Fund Balance, Beginning of Year		 	 	 	 	 	 	 	 Fund Balance, End of Year		  	 	 	 	 	 	 	

School	School Based
Climate	Youth
Transformation		Services	
ARP
Stabilization	High Impact Tutoring	NonPublic STEM	CRRSA ESSER II	CR Learning Acceleration	Total
Exhibit E-lb	
REVENUES											
Intergovernmental											
State		351,012					34,597			385,609	
Federal	532,631		417,046		88,320			142,860	27,175	1,208,032	
Other											

Total Revenues	
532,631	
351,012	
417,046		
88,320		
34,597	
142,860	
27,175	
1.593,641	

EXPENDITURES											
Instruction											
Salaries of Teachers	5,559	1,000	114.353				34,597	6,496	23,925	185,930	
Purchased Prof and Educ Svcs		6,800								6,800	
Other Purchased Services											
General Supplies			31,463					47,966		79,429	
Miscellaneous		2,403								2,403	

Total Instruction	

5,559	

10,203	
145,816				
34,597	

54,462	

23,925	

274,562	

Support Services											
Other Salaries	17,ll9	340,809	271,230					56,913	3,250	689,321	
Personnel Services - Employee Benefits	1,530									1,530	
Other Purchased Professional -Ed. Services	470,585				88..320			27,360		586,265	
Rentals											
Contracted Svcs. -Transportation											
Travel	3,375									3,375	
Miscellaneous Purchased Services Supplies and Materials	
34,463							
4,125		
38,588	

Total Support Services		527,072  	340,809 	271,230  	88..320 	 	88..398 	3,250 	1..319,079 

Facilities Acquisition
Instructional Equipment				 		 		 		 		  		 		 		 Total Facilities Acquisition				 		 		 		 		 		 		 		 Total Expenditures			532,631  		351,012 		417,046  		88,320 	34,597 	142.860 	27,175 	1.593,641 
Excess (Deficiency) of Revenues Over/(Under) Expenditures

Other Financing Sources (Uses)
Transfer from General Fund		 	 	 	 	 	 	 	

Excess (Deficiency) of Revenues and Other Financing Sources Over/(Under) Expenditures

Fund Balance, Beginning of Year		 	 	 	 	 	 	 	

	
ARP	Accelerated
Learning	Summer
Learning and	Beyond
the School		SDA
Emergent and	
Non Public	
Non Public	Total
Exhibit	
	ESSER	Coach	Enrichment	:!m	Homeless	Capital Needs	Textbooks	Nursino	E-lc	
REVENUES										
Intergovernmental										
State					90,422	72,667	191,462	354,551	
Federal	1,146,389
Other	312,248	29,236	25,642	$	15.385				1,528,900	

Total Revenues	1,146,389	
312,248	
29,236	
25,642	
15.385	
90,422	
72,667	
191,462	
1,883,451	
	
EXPENDITURES										
	Instruction										
	Salaries of Teachers	396,021	119,824	27,250	23,900					566,995	
	General Supplies	825				195				1,020	
"'	Textbooks							72,667		72,667	

Total Instruction	
	396,846	
119,824	
27,250	
23,900	
195	
72,667	
640,682	

Support Services									
Salaries of Other Professional Staff									
Other Salaries	264,154	79,883						344,037	
Personnel Services - Employee Benefits	358,729	108,541	1,986	1,742				470,998	
Other Purchased Professional -Ed. Services	99,400						176,722	276,122	
Cleaning, Repairs and Maintenance						90,422		90,422	
Rentals									
Contracted Svcs. -Transportation					8,000			8,000	
Travel									
Miscellaneous Purchased Services	27,260							27,260	
Supplies and Materials		4,000			7,190		3,162	14,352	
Other Objects	
						11,578	11,578	

Total Support Services	
	749,543  	192,424	
	1,986  	1,742 	
	15,190  	90,422 		
	191,462  	1,242,769 	

Facilities Acquisition
Instructional Equipment				 		 		 		 		 		 		 		 		 Total Facilities Acquisition				 		  		 		 		 		 		 		 		 Total Expenditures			1,146,389  	312,248  	29,236  	25,642 	15,385 	90,422 	72,667  	191,462  	1,883,451 
Excess (Deficiency) of Revenues Over/(Under) Expenditures

Other Financing Sources (Uses)
Transfer from General Fund		 	 	 	 	 	 	 	 	

Excess (Deficiency) of Revenues and Other Financing Sources Over/(Under) Expenditures

Fund Balance, Beginning of Year		 	 	 	 	 	 	 	 	

Non Public Auxiliarv Services (Cha(!. 192}	Non Public Handica(!(!ed Services (Cha(! 193}	Total

REVENUES	Non Public Security			Non Public Technology	Compensatory Education	
ESL		
Trans(!ortation		Examination and Classification		Corrective Sf!ecch	Supplementary Instruction	Exhibit E-ld	
Intergovernmental															
State	318.820		$	60;377	167.773		23.256	15.267	$	244.720	$	89.652	149.589	1.069.454	
Federal Other															

Total Revenues	
318.820			
60.377	
167.773		
23.256	
15.267		
244.720		
89.652	
149.589	
1.069.454	

EXPENDITURES															
Instruction General Supplies				
56.917										
56.917	

Total Instruction				
56.917										
56.917	

Support Services															
Other Purchased Professional -Ed. Services	283.708				167.773		23,256			244.720		89,652	149.589	958.698	
Contracted Svcs. -Transportation								15.267						15.267	
Supplies and Materials	17.834													17.834	
Other Objects				3.460										3.460	

Total Support Services	
	301.542			
3.460	
167.773		
23.256	
15.267		
244.720		
89.652	
149.589	
995.259	

Facilities Acquisition Instructional Equipment

Total Facilities Acquisition Total Expenditures

17.278	17.278

	17.278	17.278

318.820 	60.377 	167.773  	23.256 	15.267 	244.720  	89.652 	149.589 	1.069.454

Excess (Deficiency) of Revenues Over/(Under) Expenditures

Other Financing Sources (Uses) Transfer from General Fund

Excess (Deficiency) of Revenues and Other Financing Sources Over/(Under) Expenditures

Fund Balance. Beginning of Year Fund Balance. End ofY ear

	Non Public
Home Instruction	
Juvenile Justice (2024}	Student Activity
Funds	
Scholarship Funds	Preschool Education
Aid	Other Local
Grants	Total
Exhibit E-le	
REVENUES								
Intergovernmental								
State	$	5,245	$	49,956			$	3,696,930		$	3,752,131	
Federal							
Other		$	298,139	$	52,114		$	39,656	389,909	

Total Revenues	5,245	
49,956	
298,139	
52,114	
3,696,930	
39,656	
4,142,040	
	
EXPENDITURES								
	Instruction								
	Salaries of Teachers		32,050			1,413,805	11,500	1,457,355	
	Purchased Prof and Educ Svcs					615,408		615,408	
	Purchased Prof and Tech Svcs	5,245	5,000				950	11,195	
	General Supplies		8,636			54,085	9,741	72,462	
	Miscellaneous		2,945				5,402	8,347	
	Co-Curricular Student Activities			271,287				271,287	
	
Total Instruction	
5,245	
48,631	
271,287		
2,083,298	
27,593	
2,436,054	

0									
	Support Services								
	Salaries of Supervisors oflnstruction					144,413		144,413	
	Salaries of Program Directors					158,301		158,301	
	Salaries of Other Professional Staff					284,707		284,707	
	Salaries of Secretaries and Clerical Assistants					110,997		110,997	
	Other Salaries					91,348	12,013	103,361	
	Salaries of Community Parent Involvement					91,841		91,841	
	Salaries of Master Teachers					94,500		94,500	
	Personnel Services - Employee Benefits					622,479		622,479	
	Purchased Education Services - Contracted Pre-K					449,523		449,523	
	Other Purchased Professional -Ed. Services					4,808		4,808	
	Other Purchased Professional Services					3,224		3,224	
	Cleaning, Repairs and Maintenance					124,020		124,020	
	Rentals					54,000		54,000	
	Contracted Svcs. -Transportation		1,325				50	1,375	
	Travel					574		574	
	Miscellaneous Purchased Services					41,382		41,382	
	Supplies and Materials					3,446		3,446	
	Other Objects					654		654	
	Miscellaneous Expenditures - Scholarships				5,579			5,579	
	Total Support Services		1,325		5,579	2,280,217	12,063	2,299,184	

Total Expenditures	

5,245	

49,956	

271,287	

5,579	

4,363,515	

39,656	

4,735,238	

Excess (Deficiency) of Revenues								
	Over/(Under) Expenditures			26 852	46 535	(666 585}		(593 198}	

Non Public		Student		Preschool	Other	Total	
Home	Juvenile	Activity	Scholarship	Education	Local	Exhibit	
Instruction	Justice (2024)	Funds	Funds	Aid	Grants	E-le	
Other Financing Sources (Uses)							

Transfer from General Fund		 	 ------- _$	6_66 ,5_8_5

------- _$	6_66 ,5_8_5

Excess (Deficiency) ofRevenues and Other
0	Financing Sources Over/(Under) Expenditures
tv

-  $	26,852  $

46,535

73,387

Fund Balance, Beginning of Year

	189 191

	94 332 	 	

	283 523

Fund Balance, End of Year

216043 a$ 	-.14_0-8 6=-7 	

EXHIBIT E-2
TEANECK BOARD OF EDUCATION SPECIAL REVENUE FUND
PRESCHOOL EDUCATION AID SCHEDULE OF EXPENDITURES PRESCHOOL - ALL PROGRAMS
BUDGETARY BASIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

EXPENDITURES	
Budget	Budget Adjustments	Final Budget	
Actual	Variance Final to Actual	
Instruction						
Salaries of Teachers	$	1,271,550	$	260,000	$	1,531,550	$	1,413,805	$	117,745	
Purchased Professional-Educational Services		1,203,158	1,203,158	615,408	587,750	
General Supplies	46,000	9,000	55,000	54,085	915	
Total Instruction	1,317,550	1,472,158	2,789,708	2,083,298	706,410	
Support Services						
Salaries of Supervisors oflnstruction	143,948	465	144,413	144,413		
Salaries of Program Directors	158,301		158,301	158,301		
Salaries of Other Professional Staff	324,317	79,335	403,652	284,707	118,945	
Salaries of Secretaries and Clerical Assistants	200,125		200,125	110,997	89,128	
Other Salaries	148,415		148,415	91,348	57,067	
Salaries of Community Parent Involvement	91,841		91,841	91,841		
Salaries of Master Teachers	94,500	79,800	174,300	94,500	79,800	
Personnel Services - Employee Benefits	612,168	223,368	835,536	622,479	213,057	
Purchased Education Services - Contracted Pre-K	2,198,569	(1,749,046)	449,523	449,523		
Other Purchased Professional -Ed. Services	20,000		20,000	4,808	15,192	
Other Purchased Professional Services	5,000		5,000	3,224	1,776	
Cleaning, Repairs and Maintenance	78,836	64,654	143,490	124,020	19,470	
Rentals	60,000		60,000	54,000	6,000	
Travel		580	580	574		
Miscellaneous Purchased Services	50,000	880	50,880	41,382	9,498	
Supplies and Materials	5,000	(100)	4,900	3,446	1,454	
Other Objects	2,000  	(485)		1,515 	654	861	

Total Support Services	
4,193,020  	
(1,300,549)		
2,892,471 		2,280,217 		
612,248	

Total Expenditures	$ 	5,510,570  $	171,609  $	5,682,179  $	4,363,515  $	1,318,658

Calculation of Budget Carryover

Total 2023-2024 Preschool Education Aid Allocation

Add: Budgeted Transfer from General Fund		666,585	
Total Preschool Education Aid Funds Available for 2023-2024 Budget	5,790,508	
Less: 2023-2024 Budgeted Preschool Education Aid (Including prior year budgeted carryover)		5 682 179	
Available and Unbudgeted Preschool Education Aid Funds as of June 30, 2024	108,329	
Add: June 30, 2024 Unexpended Preschool Education Aid		1,318,658	
2023-2024 Carryover - Preschool Education Aid /Preschool Programs	$	1,426,987	
2023-2024 Preschool Education Aid Canyover Budgeted in 2024-2025	$		

Add Actual Preschool Education Canyover (June 30, 2023) Add: Prior Year Encumbrances/Payables Cancelled

$	4,755,434
14,451
354,038

CAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF PROJECT EXPENDITURES FOR THE FISCAL YEAR ENDED JUNE 30, 2024

	Modified	Expenditures to Date	Balance	
Project Title/Description	Appropriations	 Prior Years	Current Year 	June 30, 2024	

Energy Savings Improvement Program	$	8,009,416	$	7,978,629		$	30,787	
Bryant Elementary - Interior Alterations	416,000		$	23,835	392,165	

$	8,425,416	$	7,978,629	$	23,835	$	422,952

Project Appropriation Balances Less: Unrealized Grant
Fund Balance, GAAP Basis

$	422,952
(156,866)
$	266,086

Recapitulation of Fund Balance (Budgetary Basis):		
Year-End Encumbrances	$	314,865	
Restricted for Capital Projects		108,087	
	$	422,952	

SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Revenues and Other Financing Sources

Transfer from Capital Reserve	$	249,600	
Schools Development Authority "SDA" Grant		166,400	
Total Revenues and Other Financing Sources		416,000	

Expenditures		
Purchased Professional and Technical Services			23,835	
Total Expenditures			23,835	
Excess of Revenues and Other Financing Sources Over	Expenditures	392,165	
Fund Balance, Beginning of Year			30,787	
Fund Balance, End of Year		 $	422,952	

TEANECK BOARD OF EDUCATION
CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCES AND PROJECT STATUS -
ENERGY SAVINGS IMPROVEMENT PROGRAM
FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2024

EXHIBIT F-2a

Revenues and Other Financing Sources

Capital Financing Agreement Total Revenues

Revised
Prior	Current	Authorized
Periods	Year	Totals	Cost

$	8,009,416	- $	8,009,416  $	8,009,416

	8,009,416 	 	8,009,416 	8,009,416

Expenditures and Other Financing Uses

Purchased Professional and Technical Services	851,646	851,646	1,793,316	
Construction Services	7,021,868	7,021,868	6,216,100	
Transfer to General Fund - Cancelled Lease Balance		105,115	105,115		
Total Expenditures and Other Financing Uses		7,978,629	7,978,629  $	8,009,416	
Excess (Deficiency) of Revenues Over (Under) Expenditures	$	30,787  $	 $	30,787	

Additional Project Information:		
Project Number	NIA	
Capital Financing Agreement	$	8,009,416	
Original Authorized Cost	8,009,416	
Additional Authorized Cost		
Revised Authorized Cost	$	8,009,416	

TEANECK BOARD OF EDUCATION CAPITAL PROJECTS FUND
SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCES AND PROJECT STATUS -
BRYANT ELEMENTARY SCHOOL- INTERIOR ALTERATIONS FROM INCEPTION AND FOR THE FISCAL YEAR ENDED JUNE 30, 2024

EXHIBIT F-2b

Revenues and Other Financing Sources

Transfer from Capital Reserve

Revised
Prior	Current	Authorized
Periods	Year	Totals	Cost

-  $	249,600  $	249,600  $	249,600

Schools Development Authority "SDA" Grant		 	166,400	166,400	166,400

Total Revenues		 	416,000		416,000 	416,000	
Expenditures and Other Financing Uses			
Purchased Professional and Technical Services	-  $	23,835	23,835	50,600	
Construction Services	 	    			 	365,400	
Total Expenditures and Other Financing Uses		 	23,835	
23,835 =$===41=6==-,0=0=0	
Excess (Deficiency) of Revenues Over (Under) Expenditures	$	 $	392,165	=$===3=92=='=16=5	

Additional Project Information:			
Project Number	5150-080-23-PK02		
Original Authorized Cost	$	416,000		
Additional Authorized Cost			
Revised Authorized Cost	$	416,000		

PROPRIETARY FUNDS

EXHIBIT G-1

TEANECK BOARD OF EDUCATION PROPRIETARY FUND
COMBINING STATEMENT OF NET POSITION AS OF JUNE 30, 2024

FINANCIAL STATEMENTS ARE PRESENTED ON EXHIBIT B-4

EXHIBIT G-2

COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

FINANCIAL STATEMENTS ARE PRESENTED ON EXHIBIT B-5

EXHIBIT G-3

COMBINING STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

FINANCIAL STATEMENTS ARE PRESENTED ON EXHIBIT B-6

108

FIDUCIARY FUNDS

NOT APPLICABLE

LONG-TERM DEBT

EXHIBIT 1-1

TEANECK BOARD OF EDUCATION SCHEDULE OF BONDS PAYABLE
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Date of	Amount of	 Annual Maturities	Interest		Balance,				Balance, Issue	Issue		Issue	Date	Amount		Rate	July 12 2023	Issued	Paid	June 302 2024

School Energy Savings Obligation Refunding Bonds	1/6/2022	$	3,595,000	4/1/2025	$	720,000	1.096	%		
			4/1/2026	750,000	1.096			
			4/1/2027	785,000	1.096		$	2,935,000	$	680,000  $	2,255,000	

School Refunding Bonds	
4/27/2016	
7,615,000	
7/15/2024	
525,000	
4.000	
%				
			7/15/2025	515,000	4.000					
			7/15/2026	510,000	4.000					
			7/15/2027	500,000	4.000					
			7/15/2028	490,000	3.750					
			7/15/2029	480,000	3.500					
7/15/2030	465,000	3.500		4,010,000	525,000	3,485,000 

0	 $	6,945,000  $	$  1,205,000  $	5,740,000 
'°

EXHIBIT 1-2

SCHEDULE OF OBLIGATIONS UNDER CAPITAL FINANCING AGREEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Date of	Amount of	Interest	Balance,		Balance,	
Description	Issue	Issue	Rate	July 12 2023	Issued	Paid	June 302 2024	
Capital Financing Agreements							
HVAC Improvements	3/27/2020	1,600,000	1.55%	$	654,469	$	324,718	$	329,751	
Equipment Energy Savings Improvements	6/24/2020	5,738,822	2.42%	4,994,842	260,209	4,734,633	
Energy Savings Improvements	8/4/2020	2,270,594	2.42%	2,143,816	67,452	2,076,364	
Network Switches	9/12/2023	592,281	4.92%		$	592,281	109,256	483,025	

Access Points	
5/8/2023	
382,602	
5.08%	
	382,602	69,131	313,471 	

$	7,793,127   $	974,883  $	830,766   $	7,937,244

EXHIBIT 1-3

TEANECK BOARD OF EDUCATION DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE - BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED JUNE 30, 2024

REVENUES

Variance
Original			Final		Final Budget Budget	Adjustments	Budget	Actual		to Actual

Local Sources		
Property Taxes	$	639,053	$	639,053	$	639,053	$	

Total Revenues	
639,053	
639,053	
639,053		

EXPENDITURES					
Regular Debt Service					
Principal	525,000	525,000	525,000	
Interest	138,700	138,700	138,700	

Total Expenditures	
663,700	
663,700	
663,700	

Excess (Deficiency) of Revenues						
Over (Under) Expenditures	(24,647)	(24,647)	(24,647)		
Fund Balance, Beginning of Year	24,649	24,649	24,649		

Fund Balance, End of Year	
$	2	
$	 $	2	
$	2	
$		

Recapitulation of Fund Balance:
Restricted for Debt Service:
Designated for Subsequent Year's Budget	$	2 Total	 $		2

110

STATISTICAL SECTION

This part of the Teaneck Board of Education's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the district's overall financial health.

Contents	Exhibits

Financial Trends

These schedules contain trend information to help the reader understand how the district's financial performance and well-being have changed over time.

Revenue Capacity

These schedules contain information to help the reader assess the district's most significant local revenue source, the property tax.

Debt Capacity

These schedules present information to help the reader assess the afforda­ bility of the district's current levels of outstanding debt and the
district's ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environment within which the district's financial activities take place.

Operating Information

These schedules contain service and infrastructure data to help the reader understand how the information in the district's financial report
relates to the services the district provides and the activities it performs.

J-1 to J-5

J-6 to J-9

J-10 to J-13

J-14 and J-15

J-16 to J-20

Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.

:::

(accntal basis of accounting)

	As Of June 30	
	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	

Governmental Activities											
Net Investment in Capital Assets	$	31,030,357	$	31,076,698	$ 31,428,231	$  30,555,010	$  28,805,759	$  30,461,364	$  35,670,213	$  40,162,070	$ 42,254,626	$	45,051,720	
Restricted	324,625	833,187	1,788,028	5,380,642	15,372,914	18,226,640	18,465,908	16,226,403	5,220,876	8,840,728	
Unrestricted	{33,550,6642	{30,514,9962	{28,346,1212	{25,696,6942	{25,922,7132	{23,805,7552	{19,248,819}	{12,959,235}	{3,200,688}	{4,758,032}	
Total Governmental Activities Net Position	$	{2,195,6822	$	I 394 889	$  4 870 138	$  10,238 958	$  18,255,960	$  24,882,249	$  34 887 302	$  43,429,238	$ 44 274 814	$	49 134 416	

Business-Type Activities											
Investment in Capital Assets	$	45,373	$	35,613	$	27,769	$	44,083	$	36,683	$	225,827	$	197,857	$	247,981	$	215,937	$	250,979	
Unrestricted	201 619	325 827	617 185	859 418	886 890	696 194	I 374 476	3164539	4 367 752	4,839 795	
Total Business-Type Activities Net Position	246 992	$	361 440	$	644 954	903 501	$	923 573	$	922,021	$	I 572 333	$	3 412 520	$  4,583 689	$	5 090 774	

District-wide											
Net Investment in Capital Assets	$	31,075,730	$	31,112,311	$ 31,456,000	$  30,599,093	$  28,842,442	$  30,687,191	35,868,070	$  40,410,051	$  42,470,563	$	45,302,699	
Restricted	324,625	833,187	1,788,028	5,380,642	15,372,914	18,226,640	18,465,908	16,226,403	5,220,876	8,840,728	
Unrestricted	{33,349,0452	{30,189,1692	{27,728,9362	{24,837,2762	{25,035,8232	{23,109,561}	0 7,874,3432	{9,794,6972	I 167 064	81 763	
Total District Net Position	0,948,6902    $	I 756 329	$   5,515,092 	$  11 142 459	$  19179 533	$  25 804 270	$  36 459 635	$  46 841 757	$  48,858,503  $   54,225,190

Note 2 - Net Position at June 30, 20I4 is restated to reflect the implementation of GASB Statement No. 68, "Accounting and Financial Reporting for Pensions".

Source: District Records

(accmal basis of accounting)

Fiscal Year Ended June 30

2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Expenses
Governmental Activities Instruction
Regular	45,216,191	43,078,084	47,544,166	49,686,728	29,704,504	29,805,460	29,655,781	39,911,924	49,047,284	49,720,572	
Special Education	22,910,881	22,521,039	25,413,050	25,491,773	11,726,104	10,791,784	11,276,918	26,040,162	28,696,295	28,489,950	
Other Instruction and School Sponsored Act.	5,104,799	4,899,904	5,257,184	5,580,493	10,460,247	10,244,596	10,175,677	13,301,271	4,619,662	3,180,167	
Support Services:											
Tuition					8,693,821	9,097,893	9,961,134				
Student and Instruction Related Services	15,985,738	17,767,423	17,174,153	16,090,033	14,551,481	16,049,950	18,666,489	22,204,995	20,039,847	21,055,577	
General Administration	1,346,018	1,238,269	1,377,257	1,566,309	1,511,085	1,881,224	1,973,806	2,211,852	1,695,372	1,909,724	
School Administrative Services	4,797,201	5,504,071	6,205,382	5,574,062	3,902,038	3,859,803	3,943,934	4,628,230	4,931,751	4,945,361	
Business and Other Support Services	2,162,372	2,550,972	2,533,001	1,992,964	2,050,178	2,081,947	2,130,330	368,997	1,568,316	1,959,019	
Plant Operations and Maintenance	8,742,070	7,863,553	7,926,277	9,722,253	7,808,758	8,073,700	8,309,077	6,585,697	10,288,527	10,264,881	
Transportation	5,090,466	5,261,919	5,276,477	5,232,574	5,546,318	5,009,748	4,538,845	5,487,425	7,726,396	8,320,004	
Interest and Other Charges on Long-Term Debt	682,245	556,367	503,691	445,359	270,032	185,259	326,548	(46,128)	447,596	470,465	
Capital Outlay					1,735,427	2,520,371	293,912				
Unallocated Amortization					122,963	(43,760)	(48,578)				
Allocated Benefits					5,413,152	5,753,774	5,670,386				
Unallocated Benefits					11,489,829	12,001,638	18,639,583				
Unallocated Depreciation					I 971 687	I 946 416	1 879 090	1 639 357			

Total Governmental Activities Expenses	

112 037 981	

111 241 601	

119210638	

121 382 548	

116 957 624	

119 259 803	

127 392,932	

122 333 782	

129 061 046	

130315720	

Business-Type Activities:											
Food Service	1,420,191	1,466,292	1,335,533	1,371,517	1,404,842	1,206,430	10,503,253	7,600,422	5,993,450	2,088,003	
Community School	498 653	526 953	644 259	629 545	624 657	550 805	165 963	593 013	472 667	I 007 276	
Total Business-Type Activities	I 918 844	I 993,245	I 979 792	2 001 062	2 029 499	I 757 235	IO 669 216	8 193 435	6 466 117	3 095 279	
Total District Expenses		113 956 825		I 13,234,846		121190430	123383610	I 18 987123	121017038		138,062,148	130,527,217	135,527,163		133 410 999 	

Proeram Revenues
Governmental Activities:
Charges for Services	8,034	I 13,759	176,152	139,948			100,435	289,684	311,778	389,307	
Operating Grants and Contributions	25,289,979	28,102,362	34,763,640	37,121,970	4,111,079	5,861,003	8,494,484	27,269,633	30,149,456	31,728,530	
Capital Grants and Contributions	186 499	675 233	64 475	27229					602 749	763 677	
Total Governmental Activities Program Revenues	25484512	28 891 354	35 004 267	37 289147	4111 079	5 861 003	8 594 919	27 559 317	31 063 983	32 881 514	

Business-Type Activities: Charges for Services
Food Service	

642,602	

648,851	

649,016	

698,064	

680,607	

509,998	

12,733	

137,617	

662,532	

836,519	
Other	594,605	675,314	856,987	843,936	760,015	659,060	105,361	793,479	1,142,217	1,616,006	
Operating Grants and Contributions	732 801	783 528	757 303	794 663	810 413	655 484	11 195 241	9102 526	5 731 396	1 149 839	
Total Business Type Activities Program Revenues	1 970 008	2 107 693	2 263 306	2 336 663	2 251 035	1824542	11313335	10,033 622	7 536 145	3 602 364	
Total District Program Revenues	27 454 520	30 999 047	37 267 573	39 625 810	6 362 114	7 685 545	19 908 254	37,592,939	38 600 128	36 483 878	

(accn,a/ basis of accounting)

Fiscal Year Ended June 30,
	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	

Net (Expense)/Revenue											
Governmental Activities	(86,553,469)	(82,350,247)	(84,206,371)	(84,093,401)	(112,846,545)	(113,398,800)	(118,798,013)	(94,774,465)	(97,997,063)	(97,434,206)	
Business-Type Activities	51 164	114448	283 514	335 601	221 536	67307	644 119	I 840 187	I 070 028	507 085	

Total District-Wide Net Expense	
(86,502,305}	
(82,235,799}	
(83,922,857}	
(83,757,800}	
(112,625,009}	
(I 13 331,493)	
(118,153,894)	
(92,934,278)	
(96,927,035)	
(96,927,121)	
General Revenues and Other Changes in Net Position											
Governmental Activities:											
Property Taxes Levied for General Purposes	80,505,489	83,928,341	85,606,908	87,319,046	89,541,831	91,332,668	93,159,321	95,022,507	96,922,957	100,341,919	
Property Taxes Levied for Debt Service	1,845,977	1,489,284	1,461,209	1,336,939	1,313,882	1,303,675	1,274,463	716,950	694,400	639,053	
Grants and Contributions					28,991,474	26,569,503	33,057,189	6,340,984			
Miscellaneous Income	332,687	523,193	613,503	317,682	865,778	762,058	1,034,035	1,235,961	1,101,582	1,312,836	
Transfers				100,000							
Special Items					150 582	150 580	(19,070)				
Total Governmental Activities	82 684 153	85 940,818	87 681 620	89 073 667	120 863 547	120 118 484	128 505 938	103 316 402	98 718 939	102,293,808	

Business-Type Activities:											
Miscellaneous Income							6,193				
Other Financing Sources/(Uses)				(100,000}	(201,464}	(200,000)					
Total Business-Type Activities				(100,000)	(201,464)	(200 000)	6 193				
Total District-Wide	82 684,153	85940818	87 681 620	88 973 667	120,662,083	119 918 484	128,512,131	I 03,316,402	98 718 939	I 02,293,808	

Change in Net Position											
Governmental Activities	(3,869,316)	3,590,571	3,475,249	4,980,266	8,017,002	6,719,684	9,707,925	8,541,937	721,876	4,859,602	
Business-Type Activities	51 164	114448	283 514	235 601	20072	(132 693}	650 312	I 840 187	I 070 028	507 085	
Total District	(3,818,152)	3 705 019	3 758 763	5 215 867	8 037 074	6 586,991	10 358 237	10 382 124	I 791 904	5 366 687	

Source: District Records

FUND BALANCES-GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS
(Unaudited)
(modified accrual basis of accounting)

	As of June 30,	
	2015	2016	2017		2018	2019	2020	2021	2022	2023	2024

General Fund		
Restricted	$	324,592	$	1,922,495	$	4,456,718	$	8,902,842	$ 12,384,622	$  7,797,104	$  10,592,267	$	14,450,598	$	6,745,537	$	12,963,723	
Committed										1,451,237	
Assigned	1,420,357	1,569,653	2,596,779	2,451,442	2,925,041	5,037,340	4,407,575	1,433,650	9,896,827	3,333,340	
Unassigned	{435,844}	499,672	679,845	721,040	1,581,699	1,728,201	3,965,734	4,816,088	1,148,523	860,474	
Total General Fund		$	1,309,105	$	3,991,820	$	7,733,342 	$	12,075,324	$	16,891,362	$	14,562,645	$	18,965,576	$	20,700,336	$	17,790,887	$	18,608,774	

All Other Governmental Funds																		
Restricted	$	1,647,932	$	502,159	$	67,653	$	67,091	$	63,251	$  5,302,196	$	3,466,066	$	366,803	$	338,959	$	622,998	
Unassigned								{447,845)	{67,796)		
Total All Other Governmental Funds	$	1,647,932	$	502,159	$	67,653	$	67,091	$	63,251	$	5,302,196	$	3,466,066	$	{81,042)	$	271,163	$	622,998	

Source: District Records

(modified accrual basis of accounting)

	Fiscal Year Ended June 30,	
  2015	2016	2017		  2018	2019	2020	2021	2022	2023	2024	

Revenues
Property Taxes	$  82,351,466	$  85,417,625	$  87,068,117	$  88,655,985	$  90,855,713	$	92,636,343	$  94,433,784	$  95,739,457	$  97,617,357	$  100,980,972	
Tuition Charges	8,034	113,759	176,152	139,948	88,373	74,311	25,922		15,529	23,167	
Transportation					45,832	4,571	46,895		14,340	15,887	
Rentals	24,813				71,749	96,399	1,778		25,418	8,743	
Interest Earnings	24,538	17,195	24,426	73,568	6,510	137,976	6,000	31,420	460,518	1,095,716	
Miscellaneous	606,879	872,144	933,306	292,776	642,914	7,718,204	3,234,015	1,196,727	967,205	598,286	
State Sources	14,883,649	15,871,490	17,083,759	18,884,298	22,493,203	25,007,042	29,449,031	34,763,280	34,814,737	37,290,052	
Federal Sources	1,764,121	1,762,558	1,994,360	2,055,129	2,005,665	2,260,483	3,027,262	4,190,499	6,121,816	6,143,191	
Total Revenues	 99,663,500	104,054,771	107,280,120	 110,101,704	116,209,959	127,935,329	130,224,687	135,921,383	140,036,920	146,156,014 

Expenditures
Instruction
Regular Instruction	39,789,210	36,630,907	38,013,929	40,233,331	24,933,948	26,239,139	26,246,371	30,494,017	54,383,577	55,788,946	
Special Education Instruction	21,234,038	20,203,902	21,979,369	22,126,629	9,342,211	9,001,231	9,380,059	13,336,269	30,739,616	30,804,654	
Other Instruction/School Sponsored Act.	4,350,846	3,998,073	4,004,204	4,314,200	3,393,339	3,078,566	2,908,466	10,116,748	5,207,869	3,617,224	
Support Services:											
Tuition					8,693,821	9,097,893	9,961,134	12,341,483			
Student & Inst. Related Services	15,491,161	16,922,739	16,013,238	15,492,291	12,768,667	14,594,177	17,073,860	18,757,793	21,892,286	22,467,690	
General Administration	1,388,638	1,264,599	1,355,640	1,439,293	1,398,528	1,759,629	1,845,663	2,502,366	1,824,551	2,000,183	
School Administrative Services	4,340,892	4,799,231	5,181,268	4,921,124	3,103,690	3,220,126	3,303,261	3,314,765	5,716,354	5,685,478	
Business and Other Support Services	2,075,126	2,448,307	2,362,775	1,978,763	1,790,626	1,811,549	1,844,892	1,714,997	1,653,238	2,021,506	
Plant Operations and Maintenance	7,334,229	6,337,644	6,306,791	6,643,839	7,852,275	8,157,447	8,702,795	9,706,169	9,022,852	8,662,282	
Pupil Transportation	5,086,630	5,243,572	5,255,958	5,196,030	5,521,065	4,975,660	4,489,077	5,736,648	7,772,993	8,334,153	
Allocated Benefits					5,413,152	5,753,774	5,670,386				
Unallocated Employee Benefits					6,186,884	5,203,348	5,764,535	24,622,910			
On-Behalf Contributions					12,325,604	13,161,615	15,959,216				
Capital Outlay	992,268	1,839,461	2,966,297	511,933	2,174,076	10,498,567	9,156,893	4,267,499	2,074,427	4,014,722	
Debt Service:											
Principal	2,210,634	2,162,849	2,708,873	2,408,414	1,065,000	1,080,000	1,085,000	555,000	1,791,875	2,035,766	
Interest and Other Charges	822,229	786,133	544,756	594,437	252,722	223,675	189,462	161,950	514,527	528,571	
Cost oflssuance		117,364									
Charter Schools					6,234,035	6,588,230	6,715,468				
Total Expenditures	105,115,901	102,754,781	106,693,098	105,860,284	112,449,643	124,444,626	130,296,538	137,628,614	142,594,165	145,961,175	

Excess (Deficiency) of Revenues											
Over (Under) Expenditures	(5,452,401)	1,299,990	587,022	4,241,420	3,760,316	3,490,703	(71,851)	(1,707,231)	(2,557,245)	194,839	

(modified accnial basis of accounting)

	Fiscal Year Ended June 30,	
	2015	2016	2017		  2018	2019	2020	2021	2022	2023	 	2024		
Other Financing Sources (Uses)								
Lease-Purchase/Capital Leases (non-budgeted)
Capital Financing Agreements	$	1,550,990	$	112,235	$  2,719,994	$	901,300	$	7,338,822	$	2,270,594	
$	974,883	
Proceeds from Sale of Bonds		7,615,000									
Premium on Sale of Bonds		642,071						(105,115)			
Payment to Refunded Bond Escrow Agent		(8,132,354)									
Transfers In	718,431	1,001,453	440,000	100,000	200,000	6,670,427	2,173	36,025	194,216	916,185	
Transfers Out	{718,431)	{1,001,453)	{440,000)		{49,418)	{6,519,847)	{21,243)	{36,025)	{194,216)	{916,185)	
Total Other Financing Sources (Uses)	1,550,990	236,952	2,719,994	100,000	1,051,882	7,489,402	2,251,524	{105,115)			974,883 	
Net Change in Fund Balances	  $  {3,901,411)  $	1536942	$  3 307 016	$  4 341 420	$	4 812 198	$	10 980 105	$	2 179 673	$  {1,812,346)	$  {2,557,245)   $	1 169 722 

Debt Service as a Percentage of
Noncapital Expenditures	2.91%	2.92%	3.14%	2.85%	1.19%	1.14%	1.05%	0.54%	1.64%	1.81%

Noncapital expenditures are total expenditures less capital outlay.

Source: District Records

	EXHIBIT J-5	
		TEANECK BOARD OF EDUCATION GENERAL FUND OTHER LOCAL REVENUE BY SOURCE
LAST TEN YEARS
(Unaudited)			
Fiscal Year Ended June 30,	

 Tuition		Energy
Interest	Prior Year	Performance
 Earned	 Transportation  Refunds/Reimb 	Rebates	

Rentals	Miscellaneous 	

Total	

2015	
$	8,034	
$	24,444	
$	12,900	
$	79,909		
$	24,813	
$	190,527	
$	340,627	
2016	113,759	17,119	5,280	122,866	$	278,268	16,907	82,677	636,876	
2017	176,152	22,773	66,295	110,870	295,402	23,470	93,040	788,002	
2018	139,948	66,744	3,840	177,050	1,953	18,448	42,823	450,806	
2019	88,373	133,220	45,832	357,830	20,520	71,749	91,338	808,862	
2020	74,311	137,111	4,571	77,441	20,630	96,399	219,246	629,709	
2021	25,922	41,574	46,895	62,711	123,170	1,778	593,741	895,791	
2022		31,420	4,154	396,208		11,609	410,378	853,769	
2023	15,529	460,518	14,340	134,440		25,418	481,206	1,131,451	
2024	23,167	1,095,716	15,887			8,743	208,377	1,351,890	

>--'
>--'
-..J

Source: District Records

TEANECK BOARD OF EDUCATION
ASSESSED VALUATION AND ACTUAL VALUATION OFT AXABLE PROPERTY LAST TEN YEARS
(Unaudited)

EXHIBIT J-6

Fiscal Year Ended June 30,	

Vacant Land	

Residential	

Commercial	

Industrial	

Aeartment	

Total Assessed Valuation	

Public Utilities	

Net Valuation Table	

Estimated (County Equalized) Value	Total Direct School Tax Rate3	
2015	$  24,888,700	$	4,197,404,500	$	523,577,300	$	36,765,600	$	233,785,900	$ 5,016,422,000	$ 4,691,390	$ 5,021,113,390	$ 5,082,712,384	$  1.701	
2016	28,296,600	4,199,996,400	516,527,300	36,765,600	231,869,900	5,013,455,800	4,418,973	5,017,874,773	5,298,002,372	1.735	
2017	30,694,700	4,217,971,300	502,513,400	34,805,600	231,198,700	5,017,183,700	4,301,902	5,021,485,602	5,498,094,904	1.766	
2018	28,885,600	4,241,567,100	501,407,900	34,805,600	229,331,700	5,035,997,900	4,471,088	5,040,468,988	5,600,641,438	1.803	
2019	23,693,300	4,259,287,200	557,122,000	34,805,600	227,837,700	5,102,745,800		5,102,745,800	5,924,981,003	1.816	
2020	28,814,200	4,277,118,800	531,918,300	35,730,600	278,958,300	5,152,540,200		5,152,540,200	6,275,118,244	1.833	
2021	18,140,900	4,290,898,000	510,457,800	35,730,600	333,745,100	5,188,972,400		5,188,972,400	6,388,049,392	1.846	
2022	21,775,100	4,310,716,600	519,149,200	33,574,300	345,452,400	5,230,667,600		5,230,667,600	6,560,153,453	1.848	
2023	34,513,300	4,323,724,100	517,084,200	30,026,300	346,458,100	5,251,806,000		5,251,806,000	7,204,312,111	1.833	
2024	58,846,900	6,944,429,700	799,246,300	57,413,800	576,957,700	8,436,894,400		8,436,894,400	8,184,071,804	1.211	

;;;

Source: County Abstract ofRatables

a Tax rates are per $100

(I) The Township of Teaneck undertook a revaluation ofreal property values effective for the calendar year 2024.

EXHIBIT J-7

TEANECK BOARD OF EDUCATION
DIRECT AND OVERLAPPING PROPERTY TAX RATES LAST TEN YEARS
(Unaudited)
(rate per $100 of assessed value)

	Overlapping Rates	

Calendar Year	School District	

Municipality	County of Bergen	Total Direct and Overlapping Tax
Rate	

2015	
$	1.701	
$	1.095	
$	0.251	
$	3.047	
2016	1.735	1.092	0.269	3.096	
2017	1.766	1.092	0.285	3.143	
2018	1.803	1.089	0.281	3.173	
2019	1.816	1.100	0.281	3.197	
2020	1.833	1.098	0.303	3.234	
2021	1.846	1.103	0.307	3.256	
2022	1.848	1.103	0.286	3.237	
2023	1.833	1.141	0.328	3.302	
2024	1.211	0.747	0.226	2.184	

Source: County Abstract of Ratables

(1) The Township of Teaneck undertook a revaluation of real property values effective for calendar year 2024.

TEANECK BOARD OF EDUCATION PRINCIPAL PROPERTY TAXPAYERS, CURRENT YEAR AND NINE YEARS AGO
(Unaudited)

2024	2015

Taxable	%ofTotal	Taxable	% of Total
Assessed	District Net	Assessed	District Net
	Taxpayer			Value	Assessed Value	Value	Assessed Value	

A. Sanzari Enterprises	$	229,114,700	2.72 %		
Avalonbay Communities	72,802,000	0.86		
1500 Teaneck Rd Realest LLC	55,583,500	0.66		
Glenpointe Associates		0.00	$	56,210,100	1.12 %	
Glenpointe Associates III			43,186,000	0.86	
Glenpointe Associates II			40,714,500	0.81	
SNH Teaneck Properties, LLC	56,850,100	0.67	38,000,000	0.76	
Glenpointe Associates IV	54,447,400	0.65			
Heritage Point of Teaneck			35,000,000	0.70	
Glenpointe Associates			31,324,200	0.62	
SHP V Teaneck	45,339,500	0.54			
1480 Realty, LP	37,071,100	0.44			
Teaneck Garden Owners Corp.	29,835,000	0.35	16,500,000	0.33	
Glenpointe Associates II			13,469,200	0.27	
Care One at Teaneck, LLC			12,000,000	0.24	
Teaneck Urban Renewal LLC	19,125,000	0.23			
411 Alfred LLC		18,827,400	10,750,000	0.21		

$	618,995,700  $	
7.11 %	
$	297,154,000  $	
5.92 %	

Source: Municipal Tax Assessor

TEANECK BOARD OF EDUCATION PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS
(Unaudited)

Fiscal Year Ended
June 30,	

Taxes Levied for the Fiscal Year	Collected within the Fiscal Year of
	the Levy	
Percentage
Amount	of Levy	
Collections in Subsequent
Years	

2015	
$	82,351,466	
$	82,351,466	
100%	NIA	
2016	85,417,625	85,417,625	100%	NIA	
2017	87,068,117	87,068,117	100%	NIA	
2018	88,655,985	88,655,985	100%	NIA	
2019	90,855,713	90,855,713	100%	NIA	
2020	92,636,343	92,636,343	100%	NIA	
2021	94,433,784	94,433,784	100%	NIA	
2022	95,739,457	95,739,457	100%	NIA	
2023	97,617,357	97,617,357	100%	NIA	
2024	100,980,972	100,980,972	100%	NIA	

NIA - Not Applicable Source: District records

RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
(Unaudited)

	Governmental Activities	

Fiscal Year Ended
June 30,	
General Obligation
Bonds	
Leases and Financing
Agreements	Total District	Population	Per Capita	

2015	
$ 19,075,000	
$  2,165,970	
$	21,240,970	
40,421	
$	525	
2016	17,300,000	1,545,356	18,845,356	40,538	465	
2017	15,645,000	3,211,477	18,856,477	40,620	464	
2018	14,115,000	2,333,063	16,448,063	40,545	406	
2019	12,550,000	2,154,419	14,704,419	40,290	365	
2020	10,925,000	8,492,935	19,417,935	40,446	480	
2021	9,240,000	9,730,961	18,970,961	41,678	455	
2022	8,135,000	8,395,002	16,530,002	41,631	397	
2023	6,945,000	7,793,127	14,738,127	41,697	353	
2024	5,740,000	7,937,244	13,677,244	41,697	*	328	

Source: District records

* Estimated

RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS
(Unaudited)

	General Bonded Debt Outstanding	

Fiscal Year Ended
June 30,	
General Obligation Bonds	

Deductions	

Net General Bonded Debt Outstanding	Percentage of Actual Taxable Value of
Property	Per Capita	

2015	
$	19,075,000	
$	19,075,000	
0.38%	
$	472	
2016	17,300,000	17,300,000	0.34%	427	
2017	15,645,000	15,645,000	0.31%	385	
2018	14,115,000	14,115,000	0.28%	348	
2019	12,550,000	12,550,000	0.25%	311	
2020	10,925,000	10,925,000	0.21%	270	
2021	9,240,000	9,240,000	0.18%	222	
2022	8,135,000	8,135,000	0.16%	195	
2023	6,945,000	6,945,000	0.13%	167	
2024	5,740,000	5,740,000	0.07%	138	

Source: District records

TEANECK BOARD OF EDUCATION
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES BOND DEBT AS OF DECEMBER 31, 2023
(Unaudited)

Total Debt

Direct Debt:		
Teaneck Board of Education (as of June 30, 2024)	$	5,740,000	
Township of Teaneck (1)		71,238,037	
		76,978,037	
Overlapping Debt Apportioned to the Municipality:		
Bergen County: County of Bergen (A)	
54,500,162	
Bergen County Utilities Authority - Water Pollution (B)		12,613,156	
		67,113,318	
Total Direct and Overlapping Debt	$	144,091,355	

Source:
Township of Teaneck's 2023 Annual Debt Statement

The debt for this entity was apportioned to the Township of Teaneck by dividing the municipality's 2023 equalized value by the total 2023 equalized value for Bergen County.
The debt was computed based upon usage

EXHIBIT J-13
TEANECK BOARD OF EDUCATION LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS
(Unaudited)

	Fiscal Year Ended June 30	

2015

2017

2018

2019

2020

2021

2023

2024

Debt Limit

$  211,547,745	$  208,277,979

212,020,125

217,488,318

$  218,623,183

234,478,208

240,403,441

245,451,534

266,334,581

286,934,483

Total Net Debt Applicable to Limit

	19 075 000  	17300000 

	15 645 000 

	14 115 000  	12 550 000  	10 925 000  	9 240 000 

	8 135 000 

	6 945 000 

	5 740 000 

Legal Debt Margin

$  192,472745	$ 190977979 	196375125 

$  203 373 318	206,073,183 	223 553 208  	231163441  	237316534 

$	259 389 581		281 194 483 

Total Net Debt Applicable to the Limit as a Percentage of Debt Limit

9.02%	8.31%	7.38%	6.49%	5.74%	4.66%	3.84%	3.31%	2.61%	2.00%

Source: Annual Debt Statements
Legal Debt Margin Calculation June 30 2024

Equalized Valuation Basis

	2023	7,870,232,279	
	2022	7,160,393,703	
	2021		6,489 460 230 	
		21,520,086,212	
Average Equalized Valuation of Taxable Property		7,173,362,071	
Debt Limit (4 % of average equalization value)		286,934,483	
Less: Total Net Debt Applicable to Limit			5 740 000 	
Legal Debt Margin			281 194 483 	

DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS
(Unaudited)

Fiscal Year Ended June
30,	
Population	County Per Capita
Personal Income	
Unemployment Rate	

2015	
40,421	
$	77,323	
4.40%	
2016	40,538	78,836	4.20%	
2017	40,620	81,024	3.90%	
2018	40,545	85,191	3.40%	
2019	40,290	88,241	3.00%	
2020	40,446	91,972	8.70%	
2021	41,678	97,343	5.80%	
2022	41,631	97,138	3.40%	
2023	41,697	NIA	4.10%	
2024	41,697	*	NIA	NIA	

Source: New Jersey State Department of Education

NIA - Information was not available.
* - Estimate

PRINCIPAL EMPLOYERS, CURRENT YEAR AND NINE YEARS AGO
(Unaudited)

Information Not Available

TEANECK BOARD OF EDUCATION
FULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS
(Unaudited)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	
Function/Program											
Instruction											
Regular	246	236	225	228	231	233	283	246	239	242	
Special Education	136	108	104	112	113	118	117	109	104	99	
Other Instruction	3	3	3	3	3	3	5	4	3	4	

Support Services:											
Student & Instruction Related Services	79	77	74	73	67	81	93	83	79	81	
General Administration	4	4	4	4	4	6	3	4	5	5	
School Administrative Services	32	30	33	30	28	31	35	32	33	23	
Plant Operations and Maintenance	60	27	23	22	23	27	28	29	27	24	
Security						1	2	6	15	13	
Pupil Transportation			1		2	4	5	7	5	5	
Business and Other Support Services	15	12	8	8	12	16	19	9	14	13	
Community School	2	1		2	2	2		2	3	3	

Total	
578	
499	
476	
483	
485	
522	
590	
531	
527	
512	

Source: District Personnel Records											

128

TEANECK BOARD OF EDUCATION
OPERATING STATISTICS LAST TEN FISCAL YEARS
(Unaudited)

	Teacher/Pu il Ratio		

Operating	
Cost Per	
Percentage	
Teaching			
Senior High	
Average Daily	Average Daily Attendance	% Change in Average Daily	
Student Attendance	
 Fiscal Year	Enrollment•	Expenditures b	Pupilc	Chan e	Staff	Elementary	Middle School	School	Enrollment (ADE)	(ADA)	Enrollment	Percentage	
2015	4,071	101,090,770	24,832	4.67%	448.0	8.1	7.1	9.1	3,604	3,500	-3.77%	97.11%	
2016	4,018	97,848,974	24,353	-1.93%	460.0	9.1	8.1	10.1	3,604	3,500	0.00%	97.11%	
2017	3,953	100,473,172	25,417	4.37%	408.0	10.1	9.1	11.1	3,498	3,397	-2.94%	97.11%	
2018	3,575	102,345,500	28,628	12.63%	405.0	9.1	8.1	9.1	3,554	3,461	1.60%	97.38%	
2019	3,900	108,957,845	27,938	-2.41%	399.0	9.1	9.1	9.1	3,534	3,352	-0.56%	94.85%	
2020	3,900	112,642,384	28,883	3.38%	408.0	10.1	8.1	9.1	3,616	3,590	2.32%	99.28%	
2021	3,367	119,865,183	35,600	23.26%	350.0	10.1	12.1	9.1	3,593	3,443	-0.64%	95.83%	
2022	3,590	123,553,901	34,416	-3.33%	351.0	11.1	13.1	9.1	3,269	3,241	-9.02%	99.14%	
2023	3,677	138,213,336	37,589	9.22%	366.0	9.1	10.1	11.1	3,608	3,583	10.37%	99.31%	
2024	3,907	139,382,116	35,675	-5.09%	345.0	10.1	8.1	7.1	3,408	3,383	-5.54%	99.27%	

Sources: District records

Note:	a Resident student enrollment based on annual October district count.
Operating expenditures equal total expenditures less debt service and capital outlay.
Cost per pupil represents operating expenditures divided by enrollment.

EXHIBIT J-18
TEANECK BOARD OF EDUCATION SCHOOL BUILDING INFORMATION LAST TEN FISCAL YEARS

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	
District Building
Elementary											
Bryant
Square Feet	
47,338	
47,338	
47,338	
47,338	
47,338	
47,438	
47,438	
47,438	
47,438	
47,438	
Capacity (students)	314	314	314	314	314	314	314	314	314	314	
Enrollment	299	289	273	296	287	292	238	268	265	265	
Whittier
Square Feet	
55,118	
55,118	
55,118	
55,118	
55,118	
55,118	
55,118	
55,118	
55,118	
55,118	
Capacity (students)	375	375	375	375	375	375	375	375	375	375	
Enrollment	376	364	352	329	340	357	330	309	373	373	
Hawthorne
Square Feet	
49,373	
49,373	
49,373	
49,373	
49,373	
49,373	
49,373	
49,373	
49,373	
49,373	
Capacity (students)	322	322	322	322	322	322	322	322	322	322	
Enrollment	356	331	304	300	314	344	301	268	324	324	
Lowell
Square Feet	
47,106	
47,106	
47,106	
47,106	
47,106	
47,106	
47,106	
47,106	
47,106	
47,106	
Capacity (students)	321	321	321	321	321	321	321	321	321	321	
Enrollment	317	303	317	343	338	336	333	315	305	305	
Thordora Smiley Lacey Square Feet	
24,877	
24,877	
24,877	
24,877	
24,877	
24,877	
24,877	
24,877	
24,877	
24,877	
Capacity (students)	25	25	25	25	25	471	471	471	471	471	
Enrollment						25	128	130	134	134	
Middle School Thomas Jefferson
Square Feet	

105,216	

105,216	

105,216	

105,216	

105,216	

105,216	

105,216	

105,216	

105,216	

105,216	
Capacity (students)	676	676	676	676	676	676	676	676	676	676	
Enrollment	582	541	548	547	526	524	510	524	526	526	
Ben Franklin
Square Feet	
100,202	
100,202	
100,202	
100,202	
100,202	
100,202	
100,202	
100,202	
100,202	
100,202	
Capacity (students)	641	641	641	641	641	641	641	641	641	641	
Enrollment	513	503	510	542	538	552	552	511	487	487	

Teaneck High School (1926)
Square Feet	215,808	215,808	215,808	215,808	215,808	215,808	215,808	215,808	215,808	215,808	
Capacity (students)	1,203	1,203	1,203	1,203	1,203	1,203	1,203	1,203	1,203	1,203	
Enrollment	1,280	1,304	1,250	1,218	1,165	1,188	1,204	1,265	1,263	1,260	

Administration Building
Square Feet	9,800	9,800	9,800	9,800	
Capacity (Administration)	98	98	98	98	

Number of Schools at June 30, 2024: Elementary = 5
Middle School = 2 High School = 1 Other= 1

Source: District Records

EXHIBIT J-19

TEANECK BOARD OF EDUCATION GENERAL FUND
SCHEDULE OF REQUIRED MAINTENANCE FOR SCHOOL FACILITIES LAST TEN YEARS
(Unaudited)

School Facilities	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	

Teaneck Sr. High (#050)	
$	373,186	
$	425,165	
$	409,111	
$	541,534	
$	389,665	
$	514,499	
$	736,819	
$	660,391	
$	698,961	
$	572,213	
Benjamin Franklin Middle School (#060)	164,120	197,409	188,668	255,142	180,925	238,888	342,113	306,627	228,050	265,685	
Thomas Jefferson Middle School (#070)	189,742	207,287	197,709	267,909	189,979	250,841	359,232	321,970	339,951	278,979	
Bryant (#080)	87,910	93,261	88,352	120,535	85,474	112,857	161,623	144,858	117,624	125,516	
Hawthorne (#110)	113,518	97,270	92,022	125,717	89,148	117,708	168,571	151,086	106,468	130,912	
Lowell (#130)	75,399	92,804	87,934	119,945	85,055	112,303	160,831	144,148	107,895	124,901	
Whittier (#150)	88,223	108,588	103,380	140,345	99,521	131,405	188,186	168,666	165,304	146,145	
Theodora Smiley Lacey	54,466	49,253	45,970	63,657	45,140	59,601	84,936	76,126	53,536	65,961	
Administration Building	 							31,125	27,896	19,893		25,985 	

District-Wide Total	
$  1,146,564	
$  1,271,037	
$ 1,213,146	
$  1,634,784	
$  1,164,907	
$  1,538,102	
$  2,233,436	
$ 2,001,768	
$ 1,837,682	
$ 1,736,297	

Source: District Records

EXHIBIT J-20

TEANECK BOARD OF EDUCATION INSURANCE SCHEDULE
JUNE 30, 2024
(Unaudited)

Coverage	Deductible

School Package Policy - National Union Fire Property-Blanket Building/Contents Comprehensive General Liability Comprehensive Crime Coverage
Boiler & Machinery Environmental - Markel

$200,284,025
$1,000,000
$500,000 Per Loss Incl in Property Limit
$2,000,000/$4,000,000
$20,000,000 Fund Aggregate

$5,000
$2,500
$5,000

$25,000
$50,000 Mold

Commercial Umbrella Liability - National Union Fire Excess Umbrella - (unshared) - Starstone/Market Excess Liability Umbrella - (Fireman's Fund)
Cyber Liability - XL

Excess Worker's Compensation - Safety National Surety Bond Coverage - Selective Ins. Co.
Treasurer of School Monies
School Business Administrator/Board Secretary Student Accident Policy/All Students - Bollinger
Student Accident Insurance - Athletes - Mutual of Omaha Athletic Disability

Storage Tank Liability - Mid-Continent Excess & Surplus

$9,000,000	$10,000

$30,000,000

$25,000,000	Group aggregate for 1/2 Fund

$1,000,000	$100,000
$2,000,000	Third Party
$6,000,000	Group Aggregate

$1,000,000

$450,000
$450,000
$1,000,000
$5,000,000
$550,000

$1,000,000/$2,000,000

SINGLE AUDIT SECTION

B

bI	LERCH, VINCI & BLISS, LLP
CERTIFIED PUBLIC ACCOUNT ANTS REGISTERED MUNICIPAL ACCOUNT ANTS

EXHIBITK-1

DIETER P. LERCH, CPA, RMA, PSA GARY J. VINCI, CPA, RMA, PSA JEFFREY C. BLISS, CPA, RMA, PSA PAULJ. LERCH, CPA, RMA, PSA JULIUS B. CONSONI, CPA, PSA
ANDREW D. PARENTE, CPA, RMA, PSA ELIZABETH A. SHICK, CPA, RMA, PSA ROBERTW. HAAG, CPA, RMA, PSA

DEBRA GOLLE, CPA MARK SACO, CPA ROBERT LERCH, CPA, PSA
CHRISTOPHER M. VINCI, CPA, PSA CHRISTINA CUIFFO, CPA, PSA JOH.N CUIFFO, CPA, PSA

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

INDEPENDENT AUDITOR'S REPORT

Honorable President and Members of the Board of Education Teaneck Board of Education
651 Teaneck Road
Teaneck, New Jersey 07666

We have audited, in accordance with the auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental activities, the business-type activities and each major fund of the Teaneck Board of Education as of and for the fiscal year ended June 30, 2024 and the related notes to the financial statements, which collectively comprise the Teaneck Board of Education's basic financial statements and have issued our report thereon dated January 7, 2025.

Report on Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Teaneck Board of Education's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the Teaneck Board of Education's internal control. Accordingly, we do not express an opinion on the effectiveness of the Teaneck Board of Education's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a defici_ency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
17-17 ROUTE 208 FAIR LAWN, NJ 07410 • TELEPHONE (201) 791-7100 • FACIMILE (201) 791-3035 WWW.LVBCPA.COM

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Teaneck Board of Education's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance or other matter that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey and which are described in the accompanying schedule of findings and questioned costs as items 2024-001, 2024-002 and 2024-003.
We also noted certain matters that are not required to be reported under Government Auditing Standards that we reported to management of the Teaneck Board of Education in a separate report entitled, "Auditor's Management Report on Administrative Findings - Financial, Compliance and Performance" dated January 7, 2025.
Teaneck Board of Education's Responses to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the Teaneck Board of Education's responses to the findings identified in our audit and described in the accompanying schedule of findings and questioned costs. The Teaneck Board of Education's responses were not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the responses.
Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Teaneck Board of Education's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Teaneck Board of Education's internal control and complia ce. Accordingly, this communication is not
suitable for any other purpose.	k:J • (/ .	.,	't.£.J1'

{ 1i INCI & BLISS, LLP
Certified Public Accountants Public School Accountants
{j:ttiJ)tµ -
Public School Accountant PSA Number CS00829
Fair Lawn, New Jersey January 7, 2025

b I	LERCH, VINCI & BLISS, LLP
/B		CERTIFIED PUBLIC ACCOUNT ANTS REGISTERED MUNICIPAL ACCOUNT ANTS

EXHIBITK-2

DIETER P. LERCH, CPA, RMA, PSA GARY J. VINCI, CPA, RMA, PSA JEFFREY C. BLISS, CPA, RMA, PSA PAULJ. LERCH, CPA, RMA, PSA JULIUS B. CONSONI, CPA, PSA
ANDREW D. PARENTE, CPA, RMA, PSA ELIZABETH A. SHICK, CPA, RMA, PSA ROBERTW. HAAG, CPA, RMA,PSA

DEBRA GOLLE, CPA MARK SACO, CPA ROBERT LERCH, CPA, PSA
CHRISTOPHER M. VINCI, CPA, PSA CHRISTINA CUIFFO, CPA, PSA JOH.N CUIFFO, CPA, PSA

REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL AND STATE PROGRAM; REPORT ON INTERNAL CONTROL OVER COMPLIANCE; AND REPORT
ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE
U.S. UNIFORM GUIDANCE AND SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE AS REQillRED BY NEW JERSEY 0MB CIRCULAR 15-08
INDEPENDENT AUDITOR'S REPORT
Honorable President and Members of the Board of Education Teaneck Board of Education
651 Teaneck Road
Teaneck, New Jersey 07666
Report on Compliance for Each Major Federal and State Program
Opinion on Each Major Federal and State Program
We have audited the Teaneck Board of Education's compliance with the types of compliance requirements identified as subject to audit in the U.S. Office of Management and Budget {0MB) Compliance Supplement and the New Jersey 0MB Circular 15-08 State Aid/Grant Compliance Supplement that could have a direct and material effect on each of the Teaneck Board of Education's major federal and state programs for the fiscal year ended June 30, 2024. The Teaneck Board of Education's major federal and state programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.
In our opinion, the Teaneck Board of Education complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the fiscal year ended June 30, 2024.
Basis for Opinion on Each Major Federal and State Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and audit requirements of New Jersey 0MB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Our responsibilities under those standards, U.S. Uniform Guidance and New Jersey 0MB Circular are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Teaneck Board of Education and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal and state program. Our audit does not provide a legal determination of the Teaneck Board of Education's compliance with the compliance requirements referred to above.

17-17 ROUTE 208 FAIR LAWN, NJ 07410 • TELEPHONE (201) 791-7100 • FACIMILE (201) 791-3035 WWW.LVBCPA.COM

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulation, rules, and provisions of contracts or grant agreements applicable to the Teaneck Board of Education's federal and state programs.
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Teaneck Board of Education's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, U.S. Uniform Guidance and New Jersey 0MB Circular 15-08 will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omission, misrepresentation, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material ifthere is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Teaneck Board of Education's compliance with the requirements of each major federal and state program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey, U.S. Uniform Guidance, and New Jersey 0MB Circular 15-08, we:
Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the Teaneck Board of Education's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
Obtain an understanding of the Teaneck Board of Education's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the U.S. Uniform Guidance and New Jersey 0MB Circular 15-08, but not for the purpose of expressing an opinion on the effectiveness of the Teaneck Board of Education's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.
Other Mafters
The results of our auditing procedures disclosed instances of noncompliance, which are required to be reported in accordance with U.S. Uniform Guidance and New Jersey 0MB Circular 15-08 which are described in the accompanying schedule of findings and questioned costs as items 2024-004, 2024-005 and 2024-006. Our opinion on each major federal and state program is not modified with respect to these matters.
Government Auditing Standards requires the auditor to perform limited procedures on the Teaneck Board of Education's responses to the noncompliance findings identified in our compliance audit described in the accompanying schedule of findings and questioned costs. The Teaneck Board of Education's responses were not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the responses.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of U.S. Uniform Guidance and New Jersey 0MB Circular 15-08. Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Expenditures of Federal Awards Required by U.S. Uniform Guidance and Schedule of Expenditures of State Financial Assistance Required by New Jersey 0MB Circular 15-08

Lt-/

We have audited the financial statements of the governmental activities, the business-type activities and each major fund of the Teaneck Board of Education, as of and for the fiscal year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the Board of Education's basic financial statements. We have issued our report thereon dated January 7, 2025, which contained unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements. The accompanying schedule of expenditures of federal awards as required by the U.S. Uniform Guidance and schedule of expenditures of state financial assistance as required by New Jersey 0MB Circular 15-08 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards and schedule of expenditures of state financial

a ,

assistance are fairly stated in all material respects in relation to the basic finan( e	h '

VINCI & BLISS, LLP

4,t t t

Certified Public Accountants Public School Accountants

PSA Number CS00829
Fair Lawn, New Jersey January 7, 2025

EXHIBITK-3
TEANECK BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

	Balance July I, 2023	
Federal						Unearned			Carryover					Refund of				Balance, June 301 2024				 MEMO	Cumulative Federal/Gr.intor/Pan-Through Grantor/		AL		 Grant	Award	Rcvenuc/(Acct.		Due to	 Deferred		Cash	Budgetary	PriorYe2r  Prior Year			(Accounts		Unearned		Due to		GAAP		Total Program Tille	Number	FAIN	Period			Receivable}	Grantor		Revenue	Received  Expcnditun.-, Adjustments Adiustmcnts  Balance,		Receivable)			Rt.."VCDUC	Grantor        Expenditures

U.S. Department of Agriculture
Passcd through New Jcnt.-y Department of Agriculture Child Nutrition Cluster:
NSLP -Non-Cash Assistance	10.555	241NJ304N I099	7/1/23-6/30/24	154,400	154,400 $	133,374	21,026	133,374
NSLP -Non-Cash Assistance	10.555	231NJ304N1199	7/1/22-6/30/23	165,380 $	19,448	19,448	19,448
NSLP -Cash Assistance	10.555	241NJ304Nl099	7/1/23-6/30/24	705,104	682,070	705,104	(23,034)	$	(23,034)	705,104
NSLP -Cash Assistance	10.555	231NJ304Nl 199	7/1/22-6/30/23	755,154	(125,785)	125,785
School Breakfast Program	10.553	241NJ304NI099	7/1/23-6/30/24	97,649	92,124	97,649	(5,525)	(5,525)	97,649
School Breakfast Program	10.553	231NJ304Nl l99	7/1/22-6/30/23	97,064	(19,737)	19,737
Covid Supply Chain	10.555	241NJ304Nl 199	7/1/23-6/30/24	88,319	88,319	88,319					88,319 Covid Pandemic EBT Administrative	10.649	 2022225900941	7/1/23-6/30/24		3,256 ---- ----			---	---	---	---- ---- ----
	
Total Child Nutrition	-----	1,047,150 ---	---	(28,559)	----	1,047,150

Total Enterprise Fund	-----	---	---	(28,559)	1,047,150
	
General Fund:
U.S. Department of Health and Human Servict..-s Passed-through State Department of Health
Medical Assistance Program (SEMI)	93.778	2005NJ5MAP	7/1/22-6/30/23	48,773	(6,394)	6,394
Medical Assistance Program (SEMI)	93.778	2005NJ5MAP	7/1/23-6/30/24	24,683 ---- ----	---	---	---	---- ----  ----
Total General Fund	-----	_lLQZZ.	---	---	---	---- ----  ----
	
00	Special Rt..-venuc Fund:
U.S. Department of Education
Passed-through State Department of Education

I.D.E.A. Part B, Basic	84.027	H027A210100	7/1/21-9/30/22	1,500,201	51,082	51,082
I.D.E.A. Part B. Basic	84,027	H027A220100	7/1/22-9/30/23	1,199.295 $  (475,044)	(297,983)	307,953	297,983	167,091
I.D.E.A. Part B. Basic	84.027	H027A230I00	7/1/23-9/30/24	1,352,280	297,983	834,833	1,367,850	(297,983)	(815,430)	282,413	(526,859)	1,367,850
I.D.E.A. Part B. Preschool	84.173	H173A200114	7/1/20-9/30/21	29,895	22	22
I.D.E.A. Part B, Preschool	84.173	H173A210114	7/1/21-9/30/22	30,338	767	767
I.D.E.A. Part B. Preschool	84.173	Hl73A220114	7/1/22-9/30/23	35,584	(35,584)	(1,022)	35,584	1,022
I.D.E.A. Part B. Preschool	84.173	Hl73A220114	7/1/23-9/30/24	36,705	1,022	33,755	(1,022)	(37,727)	3,972	(33,755)	33,755
ARP IDEA Basic	84.027X	H027X210100	7/1/21-9/30/22	246,889		 -_	---- ------ ---	---- ----  ---- ----

Total IDEA Special Education Cluster	---	(853,157)	2_2

Titlel.PartA	84.0I0A	S0I0A200030	7/1/20-9/30/21	653,732	549	549
Title!. Part A	84.0IOA	S0I0A210030	7/1/21-9/30/22	909,806	10,836	210	10,836	210

1,401,605

Title!. Part A	 84.0IOA	 SOIOA220030	 7/1/22-9/30/23	 515,629	5.244	(101,456)	71,133	2,475	101,456					73,902	2,475 Title!. Part A	84.0lOA	S0IOA230030	7/1/23-9/30/24	705,785 ----		101.456					 -_ ---	(503,793)	----

TotalTitlel	---	21_0

Title II, Purt A	84.367	S367A200029	7/1/20-9/30/21	141,998	12,007	12,007
Titlell,PartA	84,367	S367A210029	7/1/21-9/30/22	217,026	6,989	6,989

(503,793)

Titlell,PartA	84.367	S367A220029	7/1/22-9/30/23	134,670	(1,399)	(93,426)	10,656	93,426	1,441	10,698
Titlell,PartA	84.367	S367A230029	7/1/23-9/30/24	127,700 ----	93.426	---	(113,846)	----
	
Total Title I!	_..1Ll22)	---	(113,846)
Title Ill	84.365	S365A200030	7/1/20-9/30/21	24.589	6.000	6,000
Titlelll	84.365	S365A210030	7/1/21-9/30/22	90,372	1,101	I.IOI
Title Ill	84.365	S365A220030	7/l /22-9/30/23	25,281	(10,352)	(20,120)	10.351	20,120	I
Title Ill	84.365	S365A220030	7/1/23-9/30/24	27,018 ---- ----	20,120	----- ---	(31,288)	----

Total Title 111

_il.Q.,ill)	7._10_1

---	1

_.2:!Q!_	(31,288)	----

TitlelV	84.424	S424A20003 I	7/1/20-9/30/21	48,129	3.663	3,663
Title IV	84.424	S424A21003 l	7/1/21-9/30/22	81,220	4,232	4,232
Title IV	84.424	S424A220031	7/1/22-9/30/23	51,241	(1,976)	(51,241)	2,741	51,241	765
Title IV	84.424	S424A230031	7/1/23-9/30/24	51,097 ---- ----	51,241		 -_ ---	(79,473)	----
	
Total Title IV	---	(79,473)	76_5
Schools Climate Trunsfonnation Grunt	84.184G	S184G230l 15	7/1/22-6/30/23	669,515	(175,850)				278		(512,477)	336,905		(175,572) Schools Climate Transformation Grant	84.184G	Sl84G240115	7/1/23-6/30/24	 669,515 ---- ----	----	---	---		---	(669,515)		----

Total Schools Climate Transformation Grant	-----	----	---	27_8 ---	(l.181,992)	----

EXHIBITK-3
TEANECK BOARD OF EDUCATION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

	Balance Julr 11 2023	
Federal	Unearned	Carryover	Refund of	Balance June 30 2024	MEMO	Cumulative
FederaUGrantor/Pan-Through Grantor/
Program Title	AL	.EAll:i	Grant
Period	Award
Amount	Rcvenuc/(Acct.
Receivable)	Due to
Grantor	Deferred
Revenue	Ca,h
Received	Budgetary
Exncnditurc5	
Adjustment,	Prior Year
Adju,tmcnh	Prior Year
Balancc5	(Accounts
Receivable)	Unearned
Revenue	Due to
Grantor	GAAP
Receivable	Total
Expenditures	

Educntionnl Stabilization Fund													
CARES Emergency Relief Grant (ESSER I)	84.4250	S425D200027	3/13/20-9/30/22	$  708,686	$	(1,266)				(1,266)		$	(1,266)		
CRRSA • ESSER II	84.425D	S425D210027	3/13/20-9/30/23	2,142,715	(85,213)	287,873	$	142,860	5,738		65,538		142,860	
Learning Acceleration	84.425D	S425D210027	3/13/20-9/30/23	137,509	(8,599)	35,774	27,175					27,175	
Mental Health	84.425D	S425D210027	3/13/20-9/30/23	45,000	(12,000)	12,000							
ARP ESSER	84.425U	S425U210027	3/13/20-9/30/24	4,815,615	(1,287,272)		1,146,389		(2,721,084)	287.423	{1,970,850)	1,146,389	
Accelerated Leaming Conch and Educator	84.425U	S425U2 l0027	3/13/20-9/30/24	338,865		199,642	312,248		(116,723)	4,117	(112,606)	312,248	
Evidence Based Summer Leaming	84.425U	S425U210027	3/13/20-9/30/24	40,000	(7,704)	34,954	29,236		(5,046)	3,060	(1,986)	29,236	
Beyond the School Day	84.425U	S425U210027	3/13/20-9/30/24	40,000		23,900	25,642		(16,100)	14,358	(1,742)	25,642	
Mental Health Support Staffing	84.425U	S425U210027	3/13/20-9/30/24	88,501	(88,501)	88,501							
ARP-Homeless	84.425W	S425W210031	4/23/21-9/30/23	37,567	(5,619)	18,640	15,385		(13,420)	11,056	(2,364)	15,385	
High Impact Tutoring Grant	84.425V	S425V21003 l	10/11/23-8/31/24	153,600			88,320		(153,600)	65,280	(88,320)	88,320	
CARES - Digital Divide	84.425	57,725		 ---- ---- --- ---		---- ----		 ----

Total Educntion Stabilization Fund	87_0

1,787,255 ---	87_0

(3,027,239)	----	(2,179,134)	1,787,255

	Department of Health and Human Services Paned-through State Department of Education American Rescue Pinn
Child Care Stabili,,ntion	

93.575	

2101NJCSC6		

870,000	

601,532			

417,046		

184,486		

417,046	
	U.S. Department of Judice													
	Pa,.cd-through State Department of Education													
	COPS Technology Grant	16.710		07/0 l /21--06/30/22	500,000	(294,960)		294,960						
"'	U.S. Department ofTrca,ury
Pa55ed-lhroueft Slate Department of Education													
	Additional Compensation for Special Educ.													
	and Related Services for Students with													
	Disabilities -ACSERS	21.027	SLFRFDOE!SES	7/1/23--6/30/24	273,350			104,570	210,787	(106,217)		(106,217)	210,787	
Coronnvirus Relief Fund: COVID RclicfFund

Total Special Fund	
21.019	
S425D200027	
3/13/20-12/31/21	
269,978			----		---- ---- --- ------
2,842,548	4,967,483 ---	

(5,897,005)	

2,227,629	.		

(3,706,084)	-- --
4,967,483	
Total Expenditures of Federal Awards					$	(1,766,093)		 $		$ 6,039,316 _$  	.	$  98,096  $ 	(5,925,564) $	2,248,655		$	(3,734,643)		

----

The Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance arc an Integral Part of the Statement

Balance at Jul:i:: l 2023	Repayment	Balance, June 301 2024	Cumulative

tate Grantor/Pro ram Title	Grant or State Project Number	Grant Period	Award Amount	(Accounts Receivable}	Unearned Revenue	Due to
Grantor	Carryover
Amount	Cash
Received	Budgetary
Expenditures	Interfund
Transfer	
Adjustment	of Prior Years'
Balances	(Accounts
Receivable}	Unearned
Revenue	Due to Grantor	GAAP
Receivable	Total Expenditures	
State Department of Education																		
General Fund·
Special Education Aid	
24-495-034-5120-089	
7/1/23-6/30/24	
$ 4,293,171					
3,982,661	
4,293,171				
(310,510)				
4,293,171	
Special Education Aid	23-495-034-5120-089	7/1/22-6/30/23	3,422,556	(251,735)				251,735										
Security Aid	24-495-034-5120-084	7/1/23-6/30/24	982,324					911,276	982,324				(71,048)				982,324	

Security Aid	23-495-034-5120-084	7/1/22-6/30/23	945,902	(69 573) ---- ---	
Total State Aid Public Cluster				(321,308) ----	

---	69,573	---- ----	----
5215 245	5,275 495	(381,558)	---	5,275 495
Extraordinary Aid	23-495-034-5120-044	7/1/22-6/30/23	1,799,494	(1,799,494)	1,799,494		
Extraordinary Aid	24-495-034-5120-044	7/1/23-6/30/24	1,709,868			1,709,868		(1,709,868)		1,709,868	
Nonpublic Transportation Aid	23-495-034-5120-014	7/1/22-6/30/23	423,298	(423,298)	423,298						
Nonpublic Transportation Aid	24-495-034-5120-014	7/1/23-6/30/24	617,895			617,895		(617,895)	$ (617,895)	617,895	
Transportation Aid	23-495-034-5120-014	7/1/22-6/30/23	2,348,999	(172,773)	172,773						
Transportation Aid	24-495-034-5120-014	7/1/23-6/30/24	2,382,382		2,210,072	2,382,382		(172,310)		2,382,382	
Homeless Reimbursement		7/1/23-6/30/24	156,279			156,279		(156,279)	(156,279)	156,279	
Homeless Reimbursement		7/1/22-6/30/23	173,835	(164,194)	164,194						
On BchalfTPAF Pension											
Normal Cost	24-495-034-5094-005	7/1/23-6/30/24	14,365,084		14,365,084	14,365,084				14,365,084	
NCGI Premium	24-495-034-5094-006	7/1/23-6/30/24	163,826		163,826	163,826				163,826	
Post Retirement Medical Contributions	24-495-034-5094-001	7/1/23-6/30/24	3,954,238		3,954,238	3,954,238				3,954,238	
Long Term Liability	24-495-034-5094-004	7/1/23-6/30/24	5,246		5,246	5,246				5,246	

Reimbursed TPAF Social Security	23-495-034-5094-003	7/1/22-6/30/23	2,957,820	(146,150)	
Reimbursed TPAF Social Security	24-495-034-5094-003	7/1/23-6/30/24	3,020,607		
Total General Fund				(3,027,217)	

146,150

Special Revenue Fund·		
Preschool Education Aid	24-495-034-5120-086	7/1/23-6/30/24	4,755,434		$ 88,551	4,279,891	4,363,515	666,585		(475,543)	1,147,055		4,363,515	
Preschool Education Aid	23-495-034-5120-086	7/1/22-6/30/23	4,354,050	(420,954)	(88,551)	435,405			354,038		279,938			
Nonpublic Teachers STEM	22-100-034-5068-051	7/1/21-6/30/22	61,641	(2,491)						(2,491)		(2,491)		
Nonpublic Teachers STEM	23-100-034-5068-051	7/1/22-6/30/23	38,279	(16,345)			19,090						2,745			
Nonpublic Teachers STEM	24-100-034-5068-051	7/1/23-6/30/24					16,582	34,597				(18,015)		(17,135)	34,597	
SDA Emergent Needs	22-100-034-5120-5 I9	7/1/20-6/30/21	166,963	23,107									23,107			
SDA Emergent Needs	23-100-034-5120-519	7/1/22-6/30/23	89,685	16									16			

---- ------	3,009 031	3,020,607	----	(11 576) ---- ---	3 020 607
31,628,651	31 650,920	----	(3,049,486) ---- --- (785,750)	31,650,920

:;;:
0

SDA Emergent Needs	24-100-034-5120-519	7/1/23-6/30/24	90,422			90,422	90,422				90,422	
New Jer \;Y NQnpul:!lic Aig												
Textbook Aid	23-100-034-5120-064	7/1/22-6/30/23	86,922		2,916			2,916				
Textbook Aid	24- I 00-034-5120-064	7/1/23-6/30/24	81,743			81,743	72,667			9,076	72,667	
Nursing Services	23-100-034-5120-070	7/1/22-6/30/23	168,000		6,610			6,610				
Nursing Services	24- I 00-034-5 I20-070	7/1/23-6/30/24	192,960			192,960	191,462			1,498	191,462	
Nonpublic Technology	24-100-034-5120-373	7/1/23-6/30/24	69.286			69,286	60,377			8,909	60,377	
Nonpublic Technology	23-100-034-5120-373	7/1/22-6/30/23	55,314		11,223			11,223				
Nonpublic Security	23-100-034-5120-509	7/1/22-6/30/23	307,500		31,363			31,363				
Nonpublic Security	24-100-034-5120-509	7/1/23-6/30/24	329,640			329,640	318,820			10,820	318,820	
Auxiliary Services (Chapter 192)												
Compensatory Education	23-100-034-5120-067	7/1/22-6/30/23	181,355		14,233			14,233				
Compensatory Education	24-100-034-5120-067	7/1/23-6/30/24	184,581			184,581	167,773			16,808	167,773	
English as a Second Language	23-100-034-5120-067	7/1/22-6/30/23	26,660		6,213			6,213				
English as a Second Language	24-100-034-5120-067	7/1/23-6/30/24	29,574			29,574	23,256			6,318	23,256	
Transportation	24-100-034-5120-067	7/1/23-6/30/24	15,267			15,267	15,267				15,267	
Home Instruction	23-100-034-5120-067	7/1/22-6/30/23	43	(43)		43						
Home Instruction	24-100-034-5120-067	7/1/23-6/30/24	5,245	---- ---		5245		(5,245) ---- ---	5 245	

Total Auxiliary Svcs	(43) ----	20,446	229,465	211 541	20 446	(5,245) ----	211541

24-100-034-5120-066	7/1/23-6/30/24	109,089			109 089	89,652	
				100 664	696 669	483,961	

Handicapped Services (Chapter 193):
Supplementary Instruction	24-100-034-5120-066	7/1/23-6/30/24	167,926		167,926	149,589		18,337	149,589	
Examination and Classification	23-100-034-5120-066	7/1/22-6/30/23	283,837	100,664			100,664			
Examination and Classification	24-100-034-5120-066	7/1/23-6/30/24	419,654		419,654	244,720		174,934	244,720	

Corrective Speech Total Handicap Svcs

----	89 652
----	100 664	212 708  ---	483 961

	

24ALPB	7/1/23-6/30/24	351,432			
23ALPB	7/1/22-6/30/23	328,056	(6,294)		
22ALPB	7/1/21-6/30/22	363,324			8,835	
20ALPB	7/1/19-6/30/20	307,892			476	
19ALPB	7/1/18-6/30/19	307,892			1,604	
18ALPB	7/1/17-6/30/18	315,839			832	
14ALBP	7/1/13-6/30/14	307,616	 		  	3_1_5	
			(6,294)			

Balance at July l 2023	Repayment	Balance, June 30, 2024	Cumulative
	Grant or State	Grant	Award	(Accounts	Unearned	Due to	Carryover	Cash	Budgetary	Interfund		or Prior Years'	(Accounts	Unearned	Due to	GAAP	Total	
State Grantor/Program Title

Department or Children and Families	Project Number	Period	Amount	Receivable)	Revenue	Grantor	Amount	Received	Expenditures	Transfer	Adjustment	Balances	Receivable)	Revenue	Grantor	Receivable	Expenditures	

School Based Youth Services School Based Youth Services School Based Youth Services
School Based Youth Services School Based Youth Services School Based Youth Services

351,432	351,012	420	351,012
(6,294)	(6,294)
8,835
476
1,604
832

School Based Youth Services

---	 			3_1_5

---		

Total School Based Youth Svcs

---	351 432	351,012	(6,294)		!bQg	351012

Bergen County Department or Human Svcs		
Juvenile Justice Partnership Grant	TPS-S24	1/1/24-12/31/24	62,376			36,836	49,956		(13,120)		(12,745)	49,956	
Juvenile Justice Partnership Grant	TPS-S23	1/1/23-12/31/23	62,376	(25,521)		25,521							
Juvenile Justice Partnership Grant	TPS-S22	1/1/22-12/31/22	52,388	3,018						3,018			
Juvenile Justice Partnership Grant	TPS-S2I	1/1/21-12/31/21	52,248	(8,229)					(8,229)		(8,229)		
Juvenile Justice Partnership Grant	TPS-S20	1/1/20-12/31/20	61,435	(4,640) ---- ---	----	(4,640)	---
Total Juvenile Justice	(35,372) ---- ------	63257 4956	(25,989)	---	49 956
			
Total Special Revenue Fund	(458 376)	185 284 ---	6 854 942	6,228,330	173,222	(533,577)	1,456,299	278 199   ili2JJ)	6,228,330

State Department or Agriculture								
State School Lunch Program	23- I 00-0 I 0-3350-023	7/1/22-6/30/23	36,552	(6,118)		6,118		
State School Lunch Program	24-100-0 I 0-3350-023	7/1/23-6/30/24	37,425			36,223	37,425		(1,202)		(1,202)	37,425	
State School Breakfast	23-100-0 I 0-3350-023	7/1/22-6/30/23	2,617	(552)		552							
State School Breakfast	24-100-010-3350-023	7/1/23-6/30/24	2,637			2,492	2,637		(145)		(145)	2,637	
NJEIE Lunch	24-100-010-3350-023	7/1/23-6/30/24	11,908			11,434	11,908		(474)		(474)	11,908	
NJEIE Breakfast	24-100-0 I 0-3350-023	7/1/23-6/30/24	1,462		----	I 356	I 462	---- ----	(106)	---	  QQ§)	I 462	
Total Enterprise Fund				(6,670)		58 175	53,432	---- ----	(1,927)	---		53 432	

Schools Development Authority "SDA'' Office of School Facilities Projects
Bryant Elementary School - Interior
Alterations to Create Classrooms	5150-080-23-PK02	NA	166,400	---	---

Total Capital Projects Fund	---	---

Sub-Total State Financial Assistance	(3,492,263)	185,284

---	9 534

---	9 534

278 199	(I 010 856)	37 942 216

			

	9 534			(166 400)	
	9 534			(166 400)	
38 541 768	37,942 216		173,222	(3,751.390)	

Less: On-Behalf TPAF Pension Contributions Not Subject to Single Audit and Major Program Determination
Normal Cost	24-485-034-5094-002	7/1/23-6/30/24	14,365,084	(14,365,084)	(14,365,084)	
NCGI Premium	24-485-034-5094-004	7/1/23-6/30/24	163,826	(163,826)	(163,826)	
Post Retirement Medical Contrib.	24-495-034-5094-00 I	7/1/23-6/30/24	3,954,238	(3,954,238)	(3,954,238)	
Long Term Liability	24-485-034-5094-004  7/1/23-6/30/24	5,246	---	---	(5,246)	(5,246)	---- ---

Total State Financial Assistance Subject to Single Audit and Major Program Determination	(3,492.263) _$ 

Lill.ill. _$ 

 $	20,053 374   19,453,822  $  666 585		173,222   (3,751,390) $ 1,613,165  $ 278,199

The Notes to the Schedules of Expenditures of Federal Awards and State Financial Assistance are an Integral Part of the Statement

NOTE 1 REPORTING ENTITY
The Teaneck Board of Education (the "Board" or the "District") received and participated in numerous Federal Award and State Financial Assistance programs in the form of cost reimbursement grants and revenue sharing entitlements. The Board is the reporting entity for these programs. The Board is defined in Note 1 (A) to the Board's Financial Statements.
NOTE 2 BASIS OF PRESENTATION
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") present the activity of all federal and state programs of the Board. All federal awards received directly from federal agencies or passed through other government agencies are included on the schedule of expenditures of federal awards. All state awards received directly from state agencies or passed through other government agencies are included in the schedule of expenditures of state financial assistance. The information in these Schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 0MB Circular Letter 15-08 Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The schedules are prepared and presented using the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These basis of accounting are described in the Notes to the Budgetary Comparison Schedules (RSI) and Note l(D) to the Board's financial statements, respectively. Therefore, some amounts presented in these schedules may differ from the amounts presented in, or used in the preparation of, the financial statements. The Board's summary of significant accounting policies are described in Note 1 to the Board's financial statements.
NOTE 4 RELATIONSHIP TO FINANCIAL STATEMENTS
The financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.
The general fund is presented in the accompanying schedules on a modified accrual basis with the exception of the revenue recognition of the delayed state aid payments in the current budget year, which is mandated pursuant to N.J.S.A. 18A:22-
44.2. For GAAP purposes, those payments are not recognized until the subsequent year due to the state deferral and recording of certain state aid payments in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenues, which may include the delayed state aid payments, whereas the GAAP basis does not. The special revenue fund also recognizes the delayed state aid payments in the current budget year, consistent with N.J.S.A. 18A:22-44.2.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is an increase of $29,839 for the general fund and an increase of $1,189,039 for the special revenue fund. See the Notes to Required Supplementary Information for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board's financial statements on a GAAP basis as presented as follows:

Federal	State	Total	
General Fund	
$	24,683	$	31,680,759	$	31,705,442	
Special Revenue Fund	6,118,508	5,599,759	11,718,267	
Capital Projects Fund		9,534	9,534	
Food Service Fund			1,047,150			53,432			1,100,582 Total Financial Assistance	$ 		 7,190,341	$	37,343,484	$	44,533,825

NOTE 5 RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS

Amounts reported in the accompanying schedules may not necessarily agree with the amounts reported in the related federal and state financial reports due to timing differences between the District's fiscal year and grant program years.

NOTE 6 OTHER INFORMATION

Revenues and expenditures reported under the Food Distribution Program as non-cash assistance represent current year value received and current year distributions, respectively. TPAF Social Security contributions in the amount of $3,020,607 represents the amount reimbursed by the State for the employer's share of social security contributions for TPAF members for the fiscal year ended June 30, 2024. The amount reported as TPAF Pension System Contributions in the amount of
$14,528,910, TPAF Post-Retirement Medical Benefits Contributions in the amount of $3,954,238 and TPAF Long-Term Disability Insurance in the amount of $5,246 represents the amount paid by the State on behalf of the District for the fiscal year ended June 30, 2024.

NOTE 7 ON-BEHALF PROGRAMS NOT SUBJECT TO STATE SINGLE AUDIT

On-behalf State Programs for TPAF Pension, Post-Retirement Medical Benefits and Long-Term Disability Insurance Contributions payments are not subject to a State single audit and, therefore, are excluded from major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the District's financial statements and the amount subject to State single audit and major program determination.

NOTE 8 DE MINIMIS INDIRECT COST RATE

The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

EXHIBITK-6
TEANECK BOARD OF EDUCATION SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Part I - Summary of Auditor's Results
Financial Statement Section
Type of auditor's report issued:		Unmodified	

Internal control over financial reporting:

Material weakness(es) identified	yes	X	no

Were significant deficiency(ies) identified that were not considered to be material
weakness(es)?	yes

Noncompliance material to basic financial
statements noted?	X	yes

X	none reported

no

Federal Awards Section		
Internal Control over compliance:		
1) Material weakness(es) identified		yes	X	no	
2) Were significant deficiency(ies) identified					
that were not considered to be material
weakness(es)?		
yes	
  X 	
none reported	

Type of auditor's report on compliance for
major programs		Unmodified	

Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200 section 516(a) of the
U.S. Uniform Guidance	X	yes	no

Identification of major federal programs:

AL Number(s)	FAIN Number(s)	Name of Federal Program or Cluster

10.553	241NJ304N1099	School Breakfast Program

10.555	241NJ304Nl 099	National School Lunch Program

10.555	 241NJ304N1099		Covid Supply Chain

84.027	 H027A230100		IDEA Basic

84.173	 Hl73A230114		IDEA Preschool
Coronavirus Response and Relief Supplemental

84.425D	S425D210027

84.425D	S425D210027

84.425U	S425U210027

84.425U	S425U210027

84.425U	S425U210027

84.425U	S425U210027

84.425W	S425W21003 l

Act (CRRSA - ESSER II)

Coronavirus Response and Relief Supplemental
Act (Leaming Acceleration)

American Rescue Plan - Elementary and Secondary Schools (ARP- ESSER) American Rescue Plan - Elementary and
Secondary Schools (Accelerated Leaming Coach ) American Rescue Plan - Elementary and Secondary Schools (Summer Learning )
American Rescue Plan - Elementary and Secondary Schools (Beyond the School Day ) American Rescue Plan - Emergency Relief Fund - Homeless Children and Youth

84.425V	S425V210031	High Impact Tutoring Grant

Dollar threshold used to distinguish between
Type A and Type B programs:	$ 	750,000	

Auditee qualified as low-risk auditee?	yes	X	no

144

EXHIBIT K-6

TEANECK BOARD OF EDUCATION
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONT'D) FOR THE FISCAL YEAR ENDED JUNE 30, 2024
Part I - Summary of Auditor's Results

State Awards Section

Dollar threshold used to distinguish between Type A and Type B programs:

Auditee qualified as low-risk auditee? Internal Control over compliance:

	$750,000	
	x	 yes		no

Material weakness( es) identified		yes		X	 no

Were significant deficiency(ies) identified that were not considered to be material
weakness( es)?		yes

Type of auditor's report on compliance for major programs

X	none reported

	Unmodified	

Any audit findings disclosed that are required to be reported in accordance with N.J. Circular Letter 15-08, as amended?

Identification of major state programs:

X	yes	no

GMIS Number(s)			Name of State Program	 24-495-034-5120-089		Special Education Aid
24-495-034-5120-084	Security Aid

24-495-034-5120-086	Preschool Education Aid

24-100-034-5120-070	NonPublic Nursing Services

Finding 2024-001

The monthly Board Secretary and Treasurer's reports and the certification of availability of funds/line item deficits were not approved in a timely manner.

Criteria or Specific Requirement

N.J.S.A. 18A:17-36 "Accounting Monthly and Annual Reports"

Condition

Monthly reports and certifications were not submitted and approved by the Board in a timely manner. October and November 2023 reports were approved in April 2024, December 2023 was approved in May 2024, January and February 2024 were approved in June 2024, March 2024 was approved in July 2024 and April thru June 2024 were approved in August through November 2024.

Context

See Finding 2024-001.

Financial statements and transactions may be misstated without proper and timely completion, review, submission and approval of the monthly reports.

Unknown.

Recommendation

The District's Board Secretary and Treasurer's reports be completed and submitted with the monthly certification of funds for approval by the Board in a timely manner.

View of Responsible Officials and Planned Corrective Action

Management has reviewed this finding and has indicated that corrective action will be taken.

Finding 2024-002
Our audit noted the following items pertaining to year end balances:
With regards to the General Fund,
The intergovernmental accounts receivable account balance was understated by $549,308.
The accounts payable report was not in agreement with the general ledger/balance sheet by $44,874.
The open purchase order (encumbrances) report was not in agreement with the general ledger/balance sheet by $215,436.
With regards to the Special Revenue Fund,
The open purchase order (encumbrances) report was not in agreement with the general ledger/balance sheet by $329,425.
Criteria or Specific Requirement
Internal controls over financial reporting.
Condition
Certain general ledger account balances were not in agreement with subsidiary ledgers and reports.
Context
See Finding 2024-002.

Incorrect balances in the general ledger accounts may cause the District's financial statements to be misstated.

Unknown.
Recommendation
The District's balance sheet accounts be reviewed and reconciled with the various subsidiary ledgers and reports.
View of Responsible Officials and Planned Corrective Action
Management has reviewed this finding and has indicated that corrective action will be taken.

Standards.

Finding 2024-003
Our audit of Special Revenue Fund grants noted the following:

At June 30, 2024, there were various overexpended budgetary accounts for the ARP Stabilization, ESSER II, ARP ESSER Accelerated Learning Coach and Non Public Handicapped Examination and Classification.

Salaries and stipends for employees charged to ESSER grants were not approved by a Board resolution.

Grant receipts and grant expenditures for the ACSERs grant were not recorded in the Special Revenue Fund.
Criteria or Specific Requirement
GAAP Technical Assistance Manual; NJAC 6A:23A-13.3
Condition

See Finding 2024-003.
Context
See Finding 2024-003.
Effect

Financial statements did not accurately reflect grant transactions and balances.	In addition, certain budgetary accounts were overexpended.

Unknown.
Recommendation
Internal controls over grant accounting and reporting be reviewed and enhanced.
View of Responsible Officials and Planned Corrective Action

Management has reviewed this finding and has indicated that corrective action will be taken.

CURRENT YEAR FEDERAL AWARDS
Finding 2024-004
Our audit of Special Revenue Fund grants noted the following:
At June 30, 2024, there were various overexpended budgetary accounts for the ESSER II and ARP ESSER Accelerated Learning Coach.
Salaries and stipends for employees charged to ESSER grants were not approved by a Board resolution.
Information on Federal Program

84.425D
84.425U
Criteria or Specific Requirement
Grant Compliance Supplements.
Condition
See Finding 2024-004.
Questioned Costs
None.

CRRSA-ESSER II ARP ESSER

Effect

Grant expenditures are not in compliance with approved grant budgets.
Salaries charged to federal programs were not approved by the Board.

Unknown.
Recommendation
Internal controls over grant accounting and reporting be reviewed and enhanced.
View of Responsible Officials and Planned Corrective Action
Management has reviewed this finding and has indicated that corrective action will be taken.

CURRENT YEAR STATE AWARDS
Finding 2024-005
The monthly Board Secretary and Treasurer's reports and the certification of availability of funds/line item deficits were not approved in a timely manner.
State Program Information

24-495-034-5120-089
24-495-034-5120-084
Criteria or Specific Requirement

Special Education Aid Security Aid

State Grant Compliance Supplement - State Aid Public
Condition
Monthly reports and certifications were not submitted and approved by the Board in a timely manner. October and November 2023 reports were approved in April 2024, December 2023 was approved in May 2024, January and February 2024 were approved in June 2024, March 2024 was approved in July 2024 and April thru June 2024 were approved in August through November 2024.
Questioned Costs
None
Context
See Finding 2024-005

Financial statements and transactions may be misstated without proper and timely completion, review, submission and approval of the monthly reports.

Unknown
Recommendation
The District's Board Secretary and Treasurer's reports be completed and submitted with the monthly certification of funds for approval by the Board in a timely manner.
View of Responsible Officials and Planned Corrective Action
Management has reviewed this finding and has indicated that corrective action will be taken.

SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONT'D) FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Part 3 -Schedule of Federal and State Award Findings and Questioned Costs
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance, including questioned costs, related to the audit of major federal and state programs, as required by U.S. Uniform Guidance and New Jersey OMB's Circular 15-08.
CURRENT YEAR STATE AWARDS
Finding 2024-006
Our audit noted that the District did not obtain approval from the Executive County Superintendent for transfers to an advertised appropriation account identified as General Administration as defined under N.J.A.C. 6A:23A- 13.3(e). The budget transfers, on a cumulative basis exceeded ten percent of the amount included in the original budget. The budget line item meeting this criteria was General Administration which had an increase totaling 47.53% of the original budget.
State Program Information

24-495-034-5120-089
24-495-034-5120-084
Criteria or Specific Requirement

Special Education Aid Security Aid

State Grant Compliance Supplement - State Aid Public
Condition
See Finding 2024-006.
Questioned Costs
None
Context
See Finding 2024-006
Effect
Transfers not approved by the County may be deemed invalid resulting in overexpended budgetary accounts.

Unknown
Recommendation
The District obtain the approval of the Executive County Superintendent for transfers to advertised appropriation accounts identified as General Administration which exceed 10 percent of the original budget account on a cumulative basis as required by N.J.A.C. 6A:23A-13.3(e).
View of Responsible Officials and Planned Corrective Action
Management has reviewed this finding and has indicated that corrective action will be taken.

STATUS OF PRIOR YEAR FINDINGS
Finding 2023-001
Our audit noted that the monthly Treasurer's reports for October 2022 through January 2023 were not submitted to the Board for their approval. In addition, the monthly Board Secretary and Treasurer's reports for March through June 2023 and the certification of availability of funds/line item deficits were not approved by the Board until August 2023.
Current Status
See Finding 2024-001
Finding 2023-002
Our audit noted the following items pertaining to year end balances:
With regards to the General Fund,
The amount of the State debit/credit memo for the Commission for the Blind was recorded as an outstanding check on the District's warrant account.
The intergovernmental accounts receivable account balance was overstated by $2,105,965.
The accounts payable report included $177,645 for the State debit/credit memo for tuition and the debt service assessment. In addition, the accounts payable report was not in agreement with the general ledger/balance sheet by $33,753.
Current Status
See Finding 2024-002
Finding 2023-003
Our audit of Special Revenue Fund grants noted the following:
Certain grant receipts and/or grant expenditures were not recorded when the transactions occurred.
At June 30, 2023, there were various overexpended budgetary accounts for the IDEA-ARP, Title III, IDEA, ESSER II, ESSER II Learning Acceleration, ESSER II Mental Health and ESSER III ARP grants.
All cash receipts for ARP-ESSER ($2,094,531) were posted on June 30, 2023. The funds were received in the months of November, February, March, April, May and June.
Salaries and stipends for employees charged to ESSER grants were not approved by a Board resolution.

Current Status
See Finding 2024-003

STATUS OF PRIOR YEAR FINDINGS (Continued)

Finding 2023-004
Our audit of Special Revenue Fund grants noted the following:
At June 30, 2023, there were various overexpended budgetary accounts for the IDEA-ARP, IDEA, ESSER II, ESSER II Leaming Acceleration, ESSER II Mental Health and ESSER III ARP grants.
All cash receipts for ARP-ESSER ($2,094,531) were posted on June 30, 2023. The funds were received in the months of November, February, March, April, May and June.
Salaries and stipends for employees charged to ESSER grants were not approved by a Board resolution.
Current Status
See Finding 2024-004

Finding 2023-005

Our audit noted that the monthly Treasurer's reports for October 2022 through January 2023 were not submitted to the Board for their approval. In addition, the monthly Board Secretary and Treasurer's reports for March through June 2023 and the certification of availability of funds/line item deficits were not approved by the Board until August 2023.
Current Status
See Finding 2024-005