FINANCE COMMITTEE REPORT
Thursday, April 10, 2014
I.
Informational Items
Mr. Skrocki reviewed all informational items. Highlights are as follows:
A. Revenues/Expenses & Balance Sheet – There is a new format which shows the
projected ending fund balance for 13-14. At this point is appears revenues will come
in over budget by roughly $3M and expenditures will come in under budget by about
$2.8M. The projected increase to the fund balance is $3,165,601.
B. General Fund Financial Reports – YTD revenues vs. budget are trending higher
than last fiscal year while YTD expenditures vs. budget are trending lower. Both are
positive financial indicators.
C. EIT / Transfer Tax – it was noted that February was an unusually high collection
month for EIT. Also noted was the fact that realty transfer tax is trending higher than
budget and final revenue should exceed the $2M that was budgeted.
D. Enterprise Fund Statements
Nutrition Services – it was noted the financial pressure that the SNS and extended
school care funds are under
E. Capital Project Report – Capital Project Cash Flow Forecast was reviewed with the
committee. The report highlights pending capital and construction projects as
compared to funds available via the bond funds and capital reserve fund.
II.
Items Recommended for Work Session/Action Meeting
A. Monthly Budget Transfers
B. Access HR Contract
C. USDA Farm to School Grant Application
III.
Other Business
A. Capital Projects Planning – list for 2014-15 was distributed and reviewed with the committee.
B. Debt Service – Options for the Hatfield Elementary School renovations bond issue were
reviewed with the committee. The committee supported the recommendation to issue bankqualified bonds (under $10M) in calendar years 2014 and 2015 for the project. Further, due to
interest rate risk, the process for the 2014 borrowing will commence now with Public Financial
Market as opposed to waiting later in the calendar year .
C. Access HR – software only contract for 2014-15 for online employee enrollments. An RFP will
be issued in late fall for alternate options.
D. Grant Writing – Bob Schoch (by telephone) and Pam Gallagher reviewed the USDA Farm to
School Proposed Grant application. Hatfield Elementary which has the biggest need in the
district (52% Free/Reduced) would serve as the pilot school followed by Oak Park (50% F/R)
and then York Avenue Elementary (44% F/R), dependent on budget/program elements and
partners participation. The initial $45,000 is for a Planning Grant can be followed up in 2016 with
an Implementation Grant for $100,000 which could expand the program to additional schools
with the hopes of rolling out the Farm to School initiative to all 18 North Penn Schools.
IV.
Summary of Items Moved to Work Session/Action Meeting
A. Monthly Budget Transfers
Action Meeting – April 10, 2014
B. Access HR Software Contract through Elite Consulting - Action Meeting – April 10, 2014
C. USDA Farm to School Grant application - Action Meeting – April 10, 2014
Next Meeting Information
The next Finance Committee meeting will be Monday, April 28th, 2014 at 6:30 p.m..
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