Finance Committee Meeting
Date: 8/31/15
MINUTES
Members Present: Walter Brown (chair), Josephine Charnock
Members Absent: Frank O'Donnell
Others Present: Steve Skrocki, Brian Pawling, Marjie Scott, Pam Gallagher, Carolyn Murphy, Curt Dietrich
Meeting called to order at: 6:35 p.m.
Prior meeting minutes: 5/26/2015
COMMENTS
INFORMATIONAL ITEMS
Mr. Skrocki noted a decrease in current real estate tax collection from prior year of $3mm.
The business office will be monitoring collections for the end of August for the discount
Revenues/Expenses & period. Mr. Skrocki also discussed the minimal impact of not having a state budget and
Balance Sheet the loss on interest earnings for those funds that are normally received. The District's
cash flow will not be an issue for the immediate future and NPSD should have enough
funds on-hand to cover expenses until at least March if a state budget is not passed.
General Fund Financial
No discussion.
Reports
Salary Schedule No discussion.
Mr. Skrocki noted that July Earned Income Tax (EIT) collections were lower in July but
EIT, Transfer and
August collections were strong. He also noted that the preliminary final figures for the
Delinquent Property Tax
2014-15 fiscal year show $16.4mm in EIT revenue was collected.
Community Education Fund
No report.
Statements
Extended Care Fund
No report.
Statements
Nutrition Services Fund
No report.
Statements
Investment Reports - Mr. Skrocki highlighted an increase in interest earnings from the 2013-14 to 2014-15 fiscal
Monthly & YTD year of $71k.
Mr. Skrocki stated that $1.5mm is available for future capital projects. Mr. Tom Schneider
Short Term Capital Projects will present the high school turf field project plan in the near future that will exhaust a
Cash Forecast portion of that balance. Mr. Skrocki also discussed moving a portion of 2014-15 fiscal year
general fund balance as a transfer to the capital reserve fund.
Hatfield Construction
No discussion.
Project Costs
Budgetary Reserve Report No report.
Special Education Report No report.
ITEMS FOR WORKSESSION / ACTION MEETING
Budget Transfers Recommended for 9/17/15 Board Action meeting.
OTHER BUSINESS
Ms. Marjie Scott presented information on the Extended School Care program which is
located in all 13 NPSD elementary schools. Enrollment in the program was high this year
and there was a healthy fund balance from last year. The committee asked about
Extended School Care
subsidized programs of which we do accept funds but the participant numbers are small
Presentation
(25 out of 800). Mr. Brown commended the program and the increase in revenue. Mr.
Skrocki noted that net profits increased even with rising fixed costs for health care and
retirement contributions.
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Ms. Pam Gallagher discussed the PA Department of Education requirement that the
School Nutrition Services - District no longer carry outstanding student debt on the school nutrition fund financial
Review of Bad Debt statements. The committee asked how parents are notified of outstanding balances and if
Regulations a student reaches their charged limit maximum and Ms. Gallagher explained that phone
calls are made to those with low or outstanding balances.
Mr. Skrocki presented the eConnect Direct investment program. This program features
the ability to view CD and other investments on an online portal. The District can enter
Investment Program into investments through this program at no cost as fees are built in to the rate. The
administration is recommending approval to utilize this program for the September 18th
action meeting.
Mr. Skrocki discussed the 457(b) tax deferred investment program which only available to
public school employees. The District does not have a signed document to administer the
457(b) Plan Document
457(b) plan so it is recommended to approve an agreement at the September 18th action
meeting.
May & June Budget Transfers - Action Meeting, September 18th
Summary of Items Moved to
Worksession and/or Action Investment Program Approval - Action Meeting, September 18th
Meeting
457(B) Plan Document Approval - Action Meeting, September 18th
Public Comments:
None
Meeting Adjourned at:
7:28 PM
The next meeting will be on Monday, September 28th, 2015 at 6:30 p.m. at ESC
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