FINANCE COMMITTEE MEETING
Monday, March 31, 2014
6:30 p.m.
MINUTES
Members Present: Frank O’Donnell, and Vince Sherpinsky
Members Absent: Josie Charnock
Others Present:
Bob Schoch (Dir. of Finance by Phone), Steve Skrocki (New Dir. Of Finance),
Pam Gallagher (Coordinator of Food Service), Curt Dietrich (Superintendent) and
Suzan Leonard (Board Member).
I.
The meeting was called to order at 6:47 p.m.
II.
The minutes of the February 24, 2013 were approved.
III.
Informational Items
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. Salary Schedule – No comment.
D. EIT / Transfer Tax and Delinquent Property 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.
E. Enterprise Fund Statements
1. Community Education – No comment.
2. Extended School Care – No Comment.
3. Nutrition Services – it was noted the financial pressure that the SNS and extended school
care funds are under.
F. Special Education Report – No comment.
G. Investment Report – No comment.
H. Construction Projects – No comment.
I.
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.
J. Budgetary Reserve Report – No comment.
K. Budget Update – No comment.
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IV.
Items Recommended for Work Session/Action Meeting
A. Monthly Budget Transfers – No comment.
V.
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.
VI.
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
VII. Public Comments – None
VIII. Meeting Adjourned at 8:00
The next Finance Committee meeting has been scheduled for Monday, April 28, 2014.
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