Date: 9/28/15
Members Present: Walter Brown (chair), Frank O'Donnell
Members Absent: Josephine Charnock
Others Present: Steve Skrocki, Brian Pawling, Curt Dietrich, Jenny Schmidt
Meeting called to order at: 6:51 p.m.
Prior meeting minutes: 8/31/2015
INFORMATIONAL ITEMS
Revenue and Expense
No discussion.
Projections
Mr. Skrocki noted that the year-to-date current real estate tax collection amounts were
General Fund Financial strong. Collections through August during the discount period were higher as a
Reports percentage to budget than the previous year.
Salary Schedule No discussion.
EIT, Transfer and Delinquent
Property Tax
No discussion.
Community Education Fund
No discussion.
Statements
Extended Care Fund
Statements
No discussion.
Nutrition Services Fund
No discussion.
Statements
Investment Reports -
Monthly & YTD
No discussion.
Short Term Capital Projects
No discussion.
Cash Forecast
Hatfield Construction
No discussion.
Project Costs
Budgetary Reserve Report No report.
Special Education Report No report.
Budget Transfers No report.
Affordable Care Act
Ms. Jenny Schmidt presented information regarding the District's complianace with the
Affordable Care Act. Ms. Schmidt discussed the employer shared responsibility, minimum
Compliance Update requirements, measurement periods for reporting, and the 2018 "Cadillac" tax.
Mr. Skrocki presented the preliminary audit results which were very positve for the district.
2014-15 Preliminary Audit
The district had no audit findings, actual revenues exceeded budget, and actual
Results expenditures were under budget. Mr. Ed Furman from Maillie LLP will attend the October finance committee meeting to discuss results.
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Mr Skrocki recommended a 2014-15 general fund transfer to the capital reserve fund of
Capital Reserve Fund the unspent funds from the 2014-15 expenditure budget. The motion to recommend
Transfer transfer of the final amount was made by Mr. Brown and seconded by Mr. O'Donnell.
Mr. Skrocki discussed the Moody's downgrading of the enhanced rating of some PA school district bond issues because of the state budget impasse. Due to the impasse, there are no state revenues to make defaulted bond payments through the intercept
Moody's Intercept Program program from subsidy money. The only North Penn SD bond issue affected was 2015
Downgrade issue. The underlying Aa2 bond rating did not change, only the enhanced rating. A disclosure report was filed via EMMA to report this downgrade to the SEC by Mr. Skrocki.
This downgrade should not have impact on any future borrowing.
Investment Option
Mr. Skrocki reviewed a CD investment program through Great Eastern Management, Inc.
This is another investment option for the district to utilize if the yield is higher than others options net of fees. These investments would be covered under FDIC insurance since each individual CD would be under the $250k insurance limit.
Mr. Skrocki presented that the ACT 1 index is 2.4% for the 2016-17 fiscal year. An
2016-17 Act 1 Index additional $3.9 million in revenue would be generated at this percentage.
2016-17 Act 1 Budget Mr. Skrocki discussed that the budget timeline was being developed and would be
Timeline discussed at the October meeting.
Summary of Items Moved to
Worksession and/or Action
Meeting
Action - motion to transfer unspent portion of the expenditure budget from the general fund to the capital reserve in 2014-15.
Action - approval of resolution with Great Eastern Management, Inc.
Public Comments:
Meeting Adjourned at:
None
8:08 PM
The next meeting will be on Monday, October 26th, 2015 at 6:30 p.m. at ESC
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