FINANCE COMMITTEE REPORT
Thursday, April 16, 2015
Update from meeting of March 30, 2015
I.
Informational Items
The financial reports were reviewed with additional discussion on the reports noted.
A. Revenues/Expenses & Balance Sheet – The end of year projected balances were
reviewed. A decrease in projected revenues was noted due to new taxpayer real
estate tax assessment appeals necessitating increased escrow of $750,000. 2014-15
revenues are still projected to exceed budgeted revenues by approximately $1.2
million. The committee recommended modifying this report in the future to remove
balance sheet data.
B. General Fund Financial Reports – Year-to-date revenue and expenditure amounts
vs. budgeted figures are on target with projections. The committee discussed how
charter school tuition rates are calculated.
C. EIT Report – Earned income tax collections were very high in February and made up
for low collections the previous month. EIT collections should exceed budget and the
business office has budgeted $15 million for the 2015-16 year which is $1.1 million
higher than the current year budget.
D. Enterprise Fund Statements Report – The aquatics, swim team and water polo programs are
all now in a surplus situation for the year as was projected in previous months. The extended
care program and school nutrition services program are both showing strong financial
performances for the year.
E. Short Term Capital Projects Cash Forecast Report – With the projects in the
pipeline there remains a balance of $722,000 for future projects.
F. Budgetary Reserve Report – The business office transferred $2.1 million to the
budgetary reserve from the charter school line item since no new charter schools will
be opening during the current fiscal year.
G. Private School Transportation Contract – The updated proposal received from First
Student was reviewed. The committee suggested a 5-year contract with the current
fuel share arrangement.
H. 2015-2016 State Budget Update – Mr. Skrocki provided an update on the proposed
budget figures in Governor’s Wolf’s budget. North Penn would receive an increase of
$828,000 in the basic education and special education subsidy under the proposal.
Also, the district would realize approximately $783,000 in cyber charter savings based
on a new proposed tuition rate of $5,590 per student. The business office has
budgeted no increase to the state funding numbers mentioned.
I.
II.
PA School Performance Profiles – Financial Data – Mr. Skrocki presented the
available financial data that can be found on the PA Department of Education’s School
Performance Profile website.
Items Recommended for Work Session/Action Meeting
A. Budget Transfers – On tonight’s agenda for approval.
B. Private School Transportation Contract – Will appear on the May action meeting agenda.
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Next Meeting Information
The next Finance Committee meeting will be Monday, April 27, 2015 at 6:30 p.m.
END OF REPORT
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