Jim Thorpe Area School District’s board of directors approved the 2022-23 single audit report Wednesday night, which, according to administrators, included no major findings.

The Pottsville-based Jones & Co. public accounting firm completed the report.

“The only real items of note were the bonding of our treasurer and the reconciliation of real estate taxes and both of those have been completed,” Business Manager Brian Off said regarding the audit.

According to the audit, Jim Thorpe finished the 2022-23 fiscal year having taken in $48.85 million in revenue and spending $47.4 million.

“The fund balance as of June 30, 2023 saw a $1.44 million increase from the previous year,” the audit states. “The surplus was a result of increase in interest income, sale of a building and cost reductions.”

The audit also features a section on “economic factors and next year’s budget.”

“The district has a $15,146,143 fund balance at the end of the 2022-23 school year,” the audit states. “Two very concerning areas in the budget are health insurance and rising tuition costs for cyber charter schools. While costs are on the rise statewide, the district will see an increase of 10-12%. The district saw an increase in their state basic education funding in the 2023-24 school year and anticipates an increase again in 2024-2025. This as well as steady property tax increases over time will allow the revenues to approach spending levels. The district has not increased the real estate tax rate since 2013 and its tax rate is the lowest in Carbon County.”

The full audit is available at bit.ly/3TI1TDF.