Finance Committee Meeting
Date: 2/5/2015 (Rescheduled from 1/26 and 2/2)
MINUTES
Members Present: Cory Brown (chair), Josephine Charnock, Frank O'Donnell
Members Absent:
Others Present: Steve Skrocki, Brian Pawling, Marjorie Scott, Curtis Dietrich
Meeting called to order
7:08 p.m.
at:
Prior meeting minutes: 11/24/2014
Informational Items
Comments
Mr. Skrocki discussed the projected ending revenue and expenditure figures for the 2014-15
Revenues/Expenses & school year. Current projections show a near break even of revenues to expenditures (Balance Sheet 115,430) compared to budgeted figures.
No discussion.
General Fund Financial
Reports
No discussion.
Salary Schedule
Mr. Skrocki discussed current Earned Income Tax collections and how these numbers were
EIT, Transfer and used to project EIT revenues for the 2015-16 budget. Current collections continue to be
Delinquent Property ahead of projections and future collections will be monitored.
Tax
Mr. Skrocki discussed the current net loss in the Aquatics Program. Revenue generated
Community Education from events in the spring should bring net income back to into the positive. Mr. Skrocki also
Fund Statements discussed the current net loss in the Water Polo and spring program revenue will bring that
balance back into the positive.
Extended Care Fund No discussion.
Statements
Mr. Skrocki discussed the revenue increase in the Nutrition Service program. Much of this
Nutrition Services Fund increase can be traced to a shift from ala carte sales to regular meal sales which also
Statements increases meal reimbursement subsidy revenue.
No discussion.
Investment Reports Monthly & YTD
Mr. Skrocki informed the committee that the report will be updated for next month to include
Short Term Capital revised budget and project information. Dr. Dietrich noted that capital reserve funds were
discussed to help soften the financial impact of a potential HS renovation project but
Projects Cash Forecast
significant funds may not be available.
Mr. Skrocki highlighted that the escrow fund check disbursed to Hatfield Township in
Hatfield Construction December was returned to the District and credited back to the Hatfield construction fund as
Project Costs reflected on the report. This check was returned due to the final placement of the letter of
credit for the project.
BRP G:\Business Office\_DirBusiness\FinanceCommittee\2014-2015\MINUTES\2015Minutes2-5-15.xlsx
Page 1 of 3
2/17/2015 3:21 PM
Mr. Skrocki noted that there were comparatively fewer transactions in the budgetary reserve
Budgetary Reserve to prior years because of the budgeting of settlement funds into the special education budget
Report in 2014-15.
Mr. Skrocki discussed savings from potential charter schools that will not be operational
Special Education during the 14-15 school year. Anticipated expenses of $1.8 million for these potential charter
Report schools are being included in the 15-16 budget. $2.1 M was budgeted in the 14-15 school
year and none of this amount will be spent.
No discussion.
Financial Statement
Summary Comparison
Items for Worksession/Action meeting
No discussion.
Budget Transfers
Mr. Skrocki requested that this item be moved to the beginning of the agenda and the chair
approved. Marjorie Scott, Extended Care Director, presented the recommended rates for the
Extended School Care 2015-16 Extended School Care and 2015 Summer Camp programs. The committee
Rates (2015-16 and discussed the rate increases and the impact on starting cash balances and enrollment.
Summer 2015) Comparisons to other programs and camps were presented by Ms. Scott and discussed by
the committee.
Mr. Skrocki discussed the amount of liens being presented for the 2014-15 school year and
that it is a reduction from prior years which can be an indicator of an improving economy. A
2014 Real Estate Tax full list is available on the Finance Committee website page.
Liens
Mr. Skrocki reviewed the budget approval timeline and the filing of exceptions to raise taxes
above the Act 1 index of 1.9%. Mr. Skrocki discussed the attached budget presentation and
2015-16 Preliminary the process of creating the 2015-16 budget. Mr. Skrocki also presented three options for the
future use of the PSERS stabilization fund. The use of the PSERS stabilization fund will be
Budget
further discussed at the February meeting.
Mr. Skrocki discussed that administration solicited bids for 15 new transportation vehicles in
January. After a review of the proposals, budget limitations, and need, the recommendation
Purchase of School is to lease 10 vehicles. The 5 year vehicle purchase/lease will be recommended for award in
Buses/Bid Results February but the vehicles will not be delivered until after July 1 and the first lease payment
expense will be budgeted and incurred during the 15-16 school year.
BRP G:\Business Office\_DirBusiness\FinanceCommittee\2014-2015\MINUTES\2015Minutes2-5-15.xlsx
Page 2 of 3
2/17/2015 3:21 PM
Other Business
Procurement Card
Update
No discussion.
Approval of 2015-16 Extended Care and 2015 Summer Camp Rates - Action
November and December budget transfers - Action
Summary of Items
Moved to Worksession Ratification of liened parcels for the 2014-15 school year - Action
and/or Action Meeting
Approval of the 2015-16 Preliminary Budget - Worksession
Approval to lease transportation vehicles - Action
None.
Public Comments:
Meeting Adjourned at:
9:13 p.m.
The next meeting will be on Monday, February 23, 2015 at 6:30 p.m. at ESC
BRP G:\Business Office\_DirBusiness\FinanceCommittee\2014-2015\MINUTES\2015Minutes2-5-15.xlsx
Page 3 of 3
2/17/2015 3:21 PM