Beach Haven School dedicated to ‘financial excellence,’ according to annual audit

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The school's reserves will allow for the completion
of some needed facility structural projects.

Based on its available funds, Beach Haven School is in “very good” financial condition without any outstanding debt, according to its 2014-15 comprehensive annual financial report. In addition to the school’s 2 percent unassigned surplus of $250,000, it has $414,710 in maintenance reserve and $18,607 in capital reserve. The reserves will allow for the completion of some needed facility structural projects, according to Brian Falkowski, the school’s business administrator.

The financial audit, which must be provided by all school districts in the state, was submitted without requiring any corrections from the school’s auditor, Robert Hulsart of Robert A. Hulsart & Co. in Wall Township. He provided no recommendations for the board during its regular meeting on Tuesday, Jan. 26.

“You can’t get anything better than that,” said Richard Starodub, interim superintendent of Beach Haven School. “That’s the best. That’s an A+ in terms of procedures and practices, and that’s a testimony to the board and the business administrator overall.”

According to the report, the school’s future finances face difficulties as the community continues to expand and state funding is lessened. The bulk of revenues needed to operate the district are obtained from homeowners through property tax assessments and collections. The most crucial aspect affecting the budget is the unsettled situation with state aid, which is currently frozen. The tax levy will need to absorb any increase in budget obligations.

Nonetheless, Beach Haven School has been committed to “financial excellence” for many years, the report states. The school’s system for financial planning, budgeting and internal financial controls is “well regarded.”

“The School District plans to continue its sound fiscal management to meet the challenge of the future,” according to the report.

— Kelley Anne Essinger

This article was published in The SandPaper.