The Department of Financial Affairs for the Cheltenham School District is responsible for the administration, management and compliance of District financial services. These responsibilities include the preparation, presentation, monitoring and reporting of the annual District budget; preparation of annual financial statements; payroll administration; benefit administration; accounts receivable and payable; purchasing and receiving; management of debt service and investments and monitoring of capital assets; and financial oversight of federal and state programs. The Department also provides oversight of the Food Services and Transportation Department.
The Financial Affairs committee met Tuesday, Jan. 7 with school board director Joel Fishbein presiding. Superintendent Dr. Wagner Marseille opened the meeting with a presentation about proposed cost reductions in climate and culture, student services and transportation for the 2020-21 budget.
Business manager Cara Michaels followed with the presentation of two agenda items: 2019-20 budget status and 2020-21 preliminary budget. CSD has collected $96,941,487 or 79.27 percent of its revenue and has spent/encumbered $54,795,618 or 44.81 percent of its expenditures.
The 2020-21 preliminary budget is being presented for approval at the Tuesday, Jan. 14 Legislative Board meeting with revenues at $121,417,116 and expenditures at $124,648,091, leaving a gap of $3,230,975. The preliminary budget process enables CSD to apply for referendum exceptions, which can be used to raise taxes above the Act 1 Index. The final budget will be adopted in June.
The next Financial Affairs meeting is Tuesday, Feb. 4.