North Penn SD Finance Committee Meeting MINUTES PRESENTATIONS Comments

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North Penn SD Finance Committee Meeting
MINUTES
Date: 11/24/14
Members Present: Cory Brown, Josephine Charnock, Frank O'Donnell
Members Absent:
Others Present: Steve Skrocki, Brian Pawling, Curtis Dietrich
Meeting called to order at: 6:40 PM
Prior meeting minutes: 10/27/2014
PRESENTATIONS
Comments
None
INFORMATIONAL ITEMS
Comments
Revenues/Expenses & No comment
Balance Sheet
Mr. Skrocki noted that the percentage of expenditures through the month of October
were higher than last year to date due to there being three payroll payments in October.
General Fund Financial The three payroll payments occurred in November during the 13-14 fiscal year and the
Reports percentage of expenditures should even out through November of this year.
Salary Schedule No comment
Mr. Skrocki noted that Earned Income Tax (EIT) revenue continues to trend upwards and
EIT, Transfer and Delinquent
we are expecting to exceed budget projections by the end of the year.
Property Tax
Mr. Skrocki addressed questions regarding vendor payments from last month's meeting.
Community Education Fund It was also noted that the Water Polo year to date net income was showing a loss of
Statements $1,029.04. This balance will be monitored by the business office.
Extended Care Fund No comment
Statements
Nutrition Services Fund No comment
Statements
Mr. Skrocki noted the new CDARS investments with Valley Green Bank. These
investments are currently capped at $5 million but there is future potential for a larger
investment. Mr. O'Donnell asked about length of term and Ms. Charnock asked about
Investment Reports the timing of adding more to the investment. The length of term for the current CDARS
Monthly & YTD
investments is 12 months and there is the potential in the next few months for investing
more. Mr. Skrocki also discussed another possible investment program of collateralized
CDs over $250,000 that the business office was reviewing.
Short Term Capital Projects No comment
Cash Forecast
Mr. Skrocki noted a $1.21 million escrow fund check released to Hatfield Township. A
letter of credit (LOC) was requested 7 weeks ago from a local financial institution but this
Hatfield Construction Project
LOC was not completed when final plans needed to be recorded. A check was released
Costs
until the letter of credit is issued and the check will be returned upon issuance of the
LOC.
Budgetary Reserve Report
No comment
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Special Ed Report
No comment
The committee discussed differences between budget transfers and budgetary reserve.
Mr. Skrocki explained that budget transfers are processed to reclassify expenses while
Budget Transfers
transfers to and from the budgetary reserve are done for unanticipated expenses or
revenues.
OTHER BUSINESS
Mr. Skrocki explained that North Penn is one of five members of joint operating
committee for the North Montco Technical Career Center. A bond issue issued by the
member districts of the committee for the technical school for $8.5 million in principal can
be refinanced. North Penn paid a prorated share of the bond when the issue was first
established. Only 4 of the 5 members will realize savings (Perkiomen Valley paid their
portion in full in cash up-front). The total savings net of issuance costs would be about
North Montco Technical $359,000. North Penn's share of savings would be about $165,699 with the savings
Career Center Bond being realized during the 14-15 school year. Each member district must pass a
Refinancing parameters resolution and all the districts must approve for the refinancing to proceed.
Mr. O'Donnell recommended that North Penn vote yes to the resolution despite not
agreeing with the bond fees. Mr. Skrocki also explained the state Plancon rental subsidy
reimbursement process and how North Penn's reimbursement will be lowered because
payments are lowered but that reduction is factored into the $166k savings.
Mr. Skrocki explained the per pupil allocation (PPA) budget process and how that is
calculated using 2015-16 projected enrollment figures, fixed amounts per student, and
supplemental allocations. The budget allocations were distributed and meetings with
building principals will occur the week of Dec. 8th. The committee discussed actual
2015-16 Budget Update expenditures amounts from the 13-14 school year for specific buildings. Departmental
budget meetings will occur the week of Dec. 15th. The business office is also currently
working on personnel budgeting and projected self-insurance costs for the upcoming
year are expected to increase by 7%.
Mr. Skrocki stated the business office would like to increase transparency and review the
current policies and procedures. Changes to the current practices will be applied in
phased approach. The first step is the submission of monthly statements to the board as
part of treasurer's report with a sample provided to the committee. The second step is to
Procurement Cards examine current users and potentially curtail the number of users while having a central
office card for certain emergency or large purchases to collect rebate revenue. The third
phase is the development of a formal policy which can be used as a vehicle to educate
users on proper use of the card.
Mr. Skrocki noted two new grants being investigated: a staff wellness initiative grant and
funding for student engagement program for energy curtailment. Mr. Skrocki will email a
Grant Update
full list of potential grant projects to the committee members.
Mr. Skrocki noted that the district is attempting to get on a regular transportation fleet
replacement schedule. A proposed list of transportation vehicles the district is looking to
Purchase of School Buses purchase for the 2015-16 school year was noted at an approximate cost of $760,000.
The committee requested a fleet list and replacement schedule.
Summary of Items Moved to Parameters resolution for North Montco Bond Refinancing - January board
Work Session and/or Action Budget transfers - December
Meeting
Public Comments: None
Meeting Adjourned at: 8:10
The next meeting will be on Monday, January 26, 2015 at 6:30 p.m. at ESC
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