MINUTES Finance Committee Meeting

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Finance Committee Meeting
Date: 3/30/15
MINUTES
Members Present: Cory Brown (chair), Josephine Charnock, Frank O'Donnell
Members Absent:
Others Present: Steve Skrocki, Brian Pawling, Curt Dietrich
Meeting called to order at: 6:15 p.m.
Prior meeting minutes: 2/23/2015
Informational Items
Comments
Mr. Skrocki noted the change to the end of year projected balance. The business office will
be purchasing the teacher material portion of the new textbook series (appx. $500k) in 201415 to help alleviate the 2015-16 budget. A decrease in revenues was noted due to the
Revenues/Expenses &
assessment appeals escrow account balance adjustment of $750k for the end of the year.
Balance Sheet
The committee recommended removing the fund balance portion of the report and the
business office will adjust the format of this report for the April meeting.
Mr. Skrocki highlighted that both revenue and expenditures amounts are on target with
General Fund Financial projections. The committee also discussed charter school tuition rates and how those
Reports amounts were calculated on the PDE-363 form.
Mr. Skrocki discussed that updated payroll estimates based on the new approved staff
contracts will be reviewed for the following month and projections will be updated if
Salary Schedule necessary. The committee also discussed the new contracts' salary schedules including step
movement and no retroactivity.
Mr. Skrocki noted that earned income tax (EIT) 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 school year. Delinquent tax
EIT, Transfer and collections should meet the budget of $2.2 million but will not exceed the $2.9 million in
Delinquent Property Tax revenue collected the previous year. The committee discussed obtaining information on the
type of property of sold (residential or commercial). The information received by the
business office is not broken down on monthly reports from the county with this detail.
Mr. Skrocki noted that all aquatic programs were showing a positive net income as projected
Community Education
in previous months.
Fund Statements
Extended Care Fund Mr. Skrocki highlighted that the extended care program was performing well and was
Statements projected to finish the year with positive net income.
Mr. Skrocki noted that the positive revenue performance was due to more meal sales and
Nutrition Services Fund federal/state meal subsidy reimbursement. The increase in meal sales has led to a reduction
Statements in ala carte sales for which the district does not receive subsidy reimbursement.
Investment Reports - No comment.
Monthly & YTD
Mr. Skrocki detailed that all project budgets and ending balances reflected the most recent
projections. It was noted that there is a balance of $722k which can be used for new
Short Term Capital Projects projects. The business office will have updated amounts next month for the secured
Cash Forecast entrance projects based on bids received in April. The committee reviewed the
transportation bus camera and GPS systems bids and noted that the district was moving
forward with both projects.
Hatfield Construction No comment.
Project Costs
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Mr. Skrocki noted that the business office transferred $2.1 million to the budgetary reserve
Budgetary Reserve Report from the proposed new charter school line item because the anticipated new charter schools
would not be opening during the 2014-15 fiscal year.
Special Education Report No comment.
Items for Worksession/Action meeting
Budget Transfers No comment.
Mr. Skrocki provided an update on the status of a renewal with First Student. The options of
pursuing a contract by request for proposal (RFP) vs. renewal were discussed. The
committee also discussed fuel charges and that the district currently pays for fuel and is
First Student Contract - reimbursed by First Student. The district currently pays for half of fuel charge over $2.50 per
Private School gallon and credits the invoice from First Student for this amount. The committee requested a
Transportation review of the fuel report received by First Student at the next meeting. Mr. Skrocki reviewed
two options for a renewal with First Student based on how fuel would be charged. The
administration recommended to renew with First Student for five years without pursuing RFP.
Other Business
Mr. Skrocki provided an update on the proposed budget figures in Governor Wolf's state
budget address. North Penn would receive an approximate increase of $828k combined in
its basic and special education subsidy allocations. The business office has budgeted no
increase to state funding in the 2015-16 budget but will adjust those numbers if a final state
2015-16 State Budget budget is passed before adoption of the 2015-16 North Penn budget. The district would also
Update realize approximately $783k in cyber charter savings based on a new proposed tuition rate of
$5,950 per regular education student in Gov. Wolf's budget . The budget does include an
increase in sales and personal income taxes as well as a partial reduction of property taxes.
Mr. Skrocki showed the total impact to North Penn residents would be a $39 million net
increase in taxes under the Governor's budget proposal.
Retirement Stabilization No discussion.
Fund Discussion
Mr. Skrocki presented the available financial data that can be found on the PA Department of
Education's School Performance Profile website. The committee requested that the business
PA School Performance office include website addresses on the agenda for topics discussed at the meeting as a
Profiles - Financial Data reference. The webstie that Mr. Skrocki presented was http://paschoolperformance.org/.
Mr. Skrocki reviewed the final 2015-16 health care premiums and new projections showing
an approximate $650k savings which will be reflected in the 2015-16 budget. The committee
2015-16 Health Care Rates also discussed health care plan options and the district's cost sharing percentage moving
forward.
Mr. Skrocki reviewed the RFP submissions and the timeline for selecting a vendor. Potential
Financial Services RFP vendors will be interviewed in April and the administration will make a recommendation to the
Update committee at April's meeting to award to the vendor selected.
Summary of Items Moved February budget transfers - Action
to Worksession and/or
First Student contract - Action
Action Meeting
None
Public Comments:
Meeting Adjourned at:
8:00 p.m.
The next meeting will be on Monday, April 27th, 2015 at 6:30 p.m. at ESC
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