Finance Committee Meeting
Date: 10/26/15
MINUTES
Members Present: Walter Brown (chair), Josephine Charnock, Frank O'Donnell
Members Absent: none
Others Present:
Steve Skrocki, Brian Pawling, Ed Furman, Carmen Italia, Tim Kerr, Caroline Murphy, Tina
Stoll
Meeting called to order at: 6:39 p.m.
Prior meeting minutes: 9/28/2015
NEW BUSINESS
COMMENTS
Mr. Skrocki reported that there were no audit findings and that revenues exceeded budget
and expenditures were under budget. Mr. Ed Furman from Maillie, LLC, reviewed audit
documentation and reported that there were no audit findings. Mr. Furman discussed Other
2014-15 Preliminary Audit
Post Employment Benefits (OPEB) accounting changes for 2017 reporting and discussed the
Presentation - Ed Furman, audit methods used during testing including the Benford Law method. The financial
Maillie, LLC statements and the pension liability reporting were also presented. Mr. Furman was hopeful
to have the full audit report available in November.
LERTA Proposal - Carmen
Italia
Montgomery Elementary
School Project Financing
Mr. Carmen Italia spoke as a representative of Turn 14 which is a distributor of automotive
parts. Turn 14 is requesting a Local Economic Revitalization Tax Assistance (LERTA) from
the county, township, and the school district. A LERTA enables taxing authorities to ease tax
burden by phasing in taxing of new assessed values (any current values stay the same) over
a 10 year period. The site has been vacant for 20+ years. Mr. Italia discussed a review of
Turn 14 financial documents with board and would ask the owners of Turn 14 if they were
willing to disclose that information. Mr. Italia indicated a "clawback" provison would be
agreeable if Turn 14 vacated the property before the 10 year period ended. This means the
district would receive back the taxes that were waived. Mr. Kerr had concerns over providing
a tax benefit to a business rather than to a residential homeowner. The Committee agreed to
move this to the November worksession for discussion.
Mr. Skrocki discussed the funding of the upcoming Montgomery Elementary renovation
project. The advantages and disadvantages of funding the project all at once or split between
two years was discussed. There would be a bank qualified rate advantage for splitting it
between two years of about 25 basis points. The timeline of the project and the borrowing
were discussed. PFM will discuss the borrowing at the December action meeting with an
auction occurring in January.
Mr. Skrocki presented the budget timeline for the 2016-17 school year. The budget timeline
and process would be discussed further at the November committee meeting.
2016-17 Budget
Timeline/Process
INFORMATIONAL ITEMS
COMMENTS
Revenues/Expenses & No discussion.
Balance Sheet
General Fund Financial No discussion.
Reports
No discussion.
Salary Schedule
EIT, Transfer and No discussion.
Delinquent Property Tax
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Community Education Fund No discussion.
Statements
Extended Care Fund No discussion.
Statements
Nutrition Services Fund No discussion.
Statements
Investment Reports - No discussion.
Monthly & YTD
Short Term Capital Projects No discussion.
Cash Forecast
Hatfield Construction No discussion.
Project Costs
No discussion.
Budgetary Reserve Report
Special Education Report
No discussion.
Items for Worksession/Action meeting
December action meeting - Audit Report
Summary of Items Moved to
Worksession and/or Action November Worksession - LERTA Proposal
Meeting
December action meeting - Montgomery borrowing
Public Comments:
None
Meeting Adjourned at:
8:10 p.m.
The next meeting will be on Monday, November 30, 2015 at 6:30 p.m. at ESC
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