Finance Committee Meeting
Date: 5/26/15
MINUTES
Members Present: Cory Brown (chair), Josephine Charnock, Frank O'Donnell
Members Absent:
Others Present: Steve Skrocki, Brian Pawling
Meeting called to order at: 6:45 p.m.
Prior meeting minutes: 5/4/2015
COMMENTS
INFORMATIONAL ITEMS
Mr. Pawling reviewed. 2014-15 revenues are still projected to exceed budgeted revenues
Revenues/Expenses &
by approximately $1.0 million and expenditures are projected to come in under budget by
Balance Sheet
approximately $1.3 million.
General Fund Financial No comment
Reports
Salary Schedule No comment
EIT, Transfer and Mr. Pawling reviewed that the EIT and transfer tax continue to show very positive results.
Delinquent Property Tax EIT collections should exceed budget by at least $1 million this fiscal.
Community Education
No comment
Fund Statements
Extended Care Fund
No comment
Statements
Nutrition Services Fund
No comment
Statements
Investment Reports - Interest earnings have doubled from the previous fiscal year due to the investment
Monthly & YTD program developed by the business office.
Short Term Capital Projects
Approximately $1.5 million is available for future projects.
Cash Forecast
Hatfield Construction
Project Costs
Budgetary Reserve Report
Special Education Report
ITEMS FOR WORKSESSION / ACTION MEETING
Pam Gallagher presented the SNS budget. Executive summary was posted online. Pam
discussed how sales have shifted from a la carte to Type A meals due to the new Federal
guidelines. This has also resulted in additional Federal and State funding. Free and
reduced totals are now at 28% district wide. Decrease in medical expenses expected next
year. Increase in professional technical services due to proposed online menu system and
digital menu board. $200,000 planned for new equipment. It was noted that equipment
2015-16 Enterprise Fund that is replaced as part of a renovation project comes from construction fund proceeds and
Budgets not from the enterprise fund. Rhonda DiLiberto presented the aquatics program budgets.
An executive summary was presented to the committee. Mr. O'Donnell requested the
budget information in summary profit/loss format. Mr. Pawling reviewed the budgets of
extended care and community education. The committee would like to recognize the
leaders of the enterprise funds for their leadership and success with the program. The
committee recommended approval of all enterprise budgets at the 6/18/15 Board Action
meeting.
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The RFP process was reviewed with the committee. National Penn is the recommended
Financial Services RFP financial institution. The comparison of the three finalists was reviewed. Mr. Brown
Recommendation requested information regarding the current annual fees being paid. Recommended for
approval at the 6/18 Board Action meeting.
Bank Depositories Recommended for the 6/18/15 Board Action meeting.
Homestead Exemptions
Recommended for 6/18/15 Board Action meeting. Approximately $198 in
homestead/farmstead exemption.
Real Estate Installment
Recommended for 6/18/15 Board Action meeting. Same terms as the 14-15 year.
Payment Plan
Business Office Recommended for 6/18 action meeting. Allows the business office to continuing
Operational Items functioning
Contract analysis was reviewed. Recommended for 6/18/15 Board Action meeting.
Copier Contract
Budget Transfers Recommended for 6/18/15 Board Action meeting.
OTHER BUSINESS
2015-16 Budget Mr. Skrocki reviewed the current status and the committee recommended approval for the
Presentation 6/18/15 Board Action meeting.
April Budget Transfers - Action June 18
2015-16 Enterprise Fund Budgets - Action June 18
2015-16 School Nutrition Services meal pricing - Action June 18
Financial Services RFP contract and bank depositories- Action June 18
Summary of Items Moved
to Worksession and/or
Real estate tax installment plan - Action June 18
Action Meeting
Business office summer operational approval - Action June 18
Copier contract - Action June 18
2015-16 Final Budget - Action June 18
2015-16 Homestead Exemption amount - Action June 18
None
Public Comments:
Meeting Adjourned at:
8:30 PM
The next meeting will be on Monday, June 29th, 2015 at 6:30 p.m. at ESC
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