Financial Affairs Presentations
The Financial Affairs Committee meets on the first Tuesday of every month (except July). At the Financial Affairs Committee, two board members who have been appointed co-chairs of the committee lead the meeting. The meeting ordinarily provides information on a topic of interest which is generated in collaboration with the committee co-chairs. The presentations from these meetings for the past year are posted below.
24-25
December 2024
With co-chair Pamela Henry presiding, the Financial Affairs Committee met on December 3 in person and via videoconferencing. At the meeting, the committee reviewed interim financial statements of the district through November 30, 2024, including the statement of changes in net assets and balance sheet. Next, the committee reviewed three items for board action at the next legislative meeting: the budget for the Eastern Center for Arts and Technology; the Act 1 opt-out resolution; and a Ready-to-Learn Block Grant Tax Equity Supplement resolution. Finally, the committee looked at budget considerations for 2025-26 and beyond. The next Financial Affairs Committee meeting is Tuesday, January 7 following the Facilities Committee in person and via Zoom. Finance Committee Presentation December 2024> | Video>
November 2024
With co-chair Daniel Schultz presiding, the Financial Affairs Committee met on November 12, 2024, in person and via videoconferencing. At the meeting, the committee reviewed interim financial statements of the district through October 31, 2024, including the statement of changes in net assets and balance sheet. Next, the committee reviewed enrollment figures from the latest count submitted to the Pennsylvania Department of Education on October 1, 2024, and compared those figures to historical numbers and projected enrollment. Then the committee reviewed building-level classroom budgets based on enrollment for the 25-26 school year. Finally, the committee reviewed agenda items for approval at the November 19 Legislative Board meeting. The next Financial Affairs Committee meeting is scheduled for December 3, 2024 at 7 p.m. in person and via videoconferencing. Finance Committee Presentation November 2024> | Video>
October 2024
With co-chair Pamela Henry presiding, the Financial Affairs Committee met on October 1. At the meeting, the committee reviewed the district’s interim financial statements through August 31, 2024, including the statement of changes in net assets and balance sheet. The district also reviewed the changes in net assets from its most fiscal year end, June 30, 2024, in advance of its independent audit in late October. Next, the committee reviewed the district's historical Act 1 index, which sets the parameters for taxation. Finally the Committee reviewed an agenda item for approval at the October 8 legislative board. The next Financial Affairs Committee meeting is November 12, 2024 at 7 p.m. in-person and via video conferencing. Finance Committee presentation October 2024> | Video>
September 2024
With co-chair Daniel Shultz presiding, the Finance Committee convened for its monthly meeting in person and via video conferencing on Tuesday, September 3. First, the committee reviewed historical local tax collections over the past five fiscal years, noting fluctuations in transfer and delinquent real estate taxes. Next, the committee reviewed the district's long range capital plan including the next action items for Glenside Elementary, Cedarbrook Middle School and air conditioning at the High School. Third, the district reviewed the budget preparation timeline throughout the school year and how it relates to the Act 1 index and milestone approval dates. Finally, the committee received a follow up on the state budget and the timing of funding to be received. The next Financial Affairs Committee meeting is Tuesday, October 1. Finance Committee presentation September 2024> | Video>
August 2024
With co-chair Daniel Shultz presiding, the Finance Committee convened for its monthly meeting in person and via video conferencing on Tuesday, August 6. The committee reviewed (a) interim year-to-date financial statements through the month of May; (b) an updated report of the impact of the Commonwealth of Pennsylvania's 2024-2025 budget and its impact on the school district; (c) the final long-range capital planning report as prepared by KCBA Architects; and (d) an update on ESSER III federal spending. The next Financial Affairs Committee meeting is Tuesday, September 3. Finance Committee presentation August 2024> | Video>
23-24
June 2024
With co-chair Daniel Shultz presiding, the Finance Committee convened for its monthly meeting in person and via video conferencing on Tuesday, June 11. The committee reviewed (a) interim year-to-date financial statements through the month of May; (b) estimated financial results for the fiscal year ending June 30, 2024, presented as a statement of change in net assets; and (c) the proposed final budget for the fiscal year beginning July 1, 2024, and ending June 30, 2025. The proposed budget included a proposed 1.46% real estate tax increase to help fund projected deficits. The budget will be approved on June 25, 2024, at 7 p.m. through a special meeting held virtually and at the district administrative office. The next Financial Affairs Committee meeting is Tuesday, August 6. Finance Committee Presentation June 2024> | Video>>
May 2024
With co-chair Pamela Henry presiding, the Finance Committee convened for its monthly meeting in person and via video conferencing on Tuesday, May 7. At the meeting, the committee received a presentation from BBD, LLC regarding the district’s annual independent audit report. The review of this report noted a “clean” opinion on the status of the district’s financial statements. Next, the committee reviewed the district’s internal interim financial statements through April 30, 2024, noting increased spending in special education and instructional staff services, partially due to increased grant awards. Up next was a review of survey results around facility feasibility planning that was a follow up to April’s joint facility and finance committee meeting. The final topic discussed was a review of large purchases for the summer, including instructional panels in two elementary schools, Chromebook purchases, and classroom furniture for Elkins Park School. The next Financial Affairs Committee meeting is Tuesday, June 11. Finance Committee Presentation May 2024> | Video>>
April 2024
With Finance Committee co-chair Daniel Shultz presiding, the Finance Committee and Facilities Committees convened in person and via video conferencing for a combined monthly meeting on Tuesday, April 2. At the meeting, the committees reviewed a presentation regarding the capital planning and feasibility study conducted by architectural firm KCBA. KCBA presented several pathways for long-term capital planning and operational efficiency. Both pathways focused on addressing aging buildings, whether it be moving students to modern buildings, or upgrading existing classroom spaces. The committee then reviewed the financial implications of each pathway as presented by the district's director of business services. These presentations were followed up with time to receive public comment and feedback. The next Facilities and Financial Affairs Committee meetings are Tuesday, May 7. Finance Committee Presentation April 2024> | Video>
March 2024
With co-chair Daniel Shultz presiding, the Finance Committee convened in person and via video conferencing for its monthly meeting on Tuesday, March 5. The finance committee discussed interim financial results through February 29, 2024, noting an uptick in expenditures largely due to current month debt service payments. The committee then reviewed spending of American Rescue Plan Elementary and Secondary School Emergency Relief monies allocated to Cheltenham School District. It was noted that there was a little of $1.3M left to be spent with planned spending to occur this summer on student technology and educational materials to address student learning loss. The preliminary budget for the 2024-2025 budget was then reviewed, noting the district's largest spending increases, salaries and benefits, and potential increases in funding from state subsidies to help offset those costs. It was noted that the state budget of increased subsidies was preliminary. The last topic of the night considered by the committee was the review of several large bids for approval at the next legislative meeting. The next Financial Affairs Committee meeting is Tuesday, April 2. Finance Committee Presentation March 2024> | Video>>
February 2024
With co-chair Pamela Henry presiding, the Finance Committee convened for its monthly meeting on Tuesday, Feb. 6 in person and via video conferencing. At this meeting, the committee received a presentation regarding the district's ongoing feasibility study for capital planning from the architectural firm KCBA. The committee also reviewed the district's preliminary budget for the 2024-2025 school year, noting a balanced budget with budgeted revenues and expenditures of $132,917,489. The budget required $929,554 of fund balance to balance the budget. The next Finance Committee meeting is Tuesday, March 5. Finance Committee Presentation February 2024> | KCBA presentation> | Video>
January 2024
With co-chair Pam Henry presiding, the Finance Committee convened on Jan. 2, 2024, in person and via video conferencing. At this meeting, the committee reviewed interim financial statements through December 31, 2023, including a balance sheet, statement of revenues, expenditures, and net assets, and a review of historical local tax revenue collection. The committee then reviewed the bills passed as part of the Commonwealth of Pennsylvania’s annual budget that was fully approved in December. Continuation of mental health and security grants were noted, as well as the addition of several capital improvement grants. The next Finance Committee meeting is Tuesday, Feb. 6, 2024, at 7 p.m. Finance Committee Presentation January 2024 | Video>>
December 2023
With co-chair Daniel Schultz presiding, the Finance Committee convened Dec. 5, 2023, to review and discuss four agenda items. The first agenda item was a review of interim financial statements that noted a strong cash position, and several variances from prior years, including an increase in transportation expenses. The second item was a review of fund balances and allocations focused on fund performance and purpose through June 30, 2023. The third agenda item centered around the budget process and one of the first steps, allocating funding to buildings based on relative enrollment. Finally, the fourth item was centered on a board resolution not to increase taxes greater than the state-issued Act 1 index. There was also a discussion about current and future budgetary pressures. The next Finance Committee meeting is Tuesday, Jan. 2, 2024, at 7 p.m. in person at 2000 Ashbourne Rd. and via video conferencing. Finance Committee Presentation December 2023> | Video>
November 2023
With co-chair Pamela Henry presiding, the Cheltenham School District Finance Committee convened in person and via video conferencing on Nov. 14, 2023. The meeting began with a review of interim financial statements for the period ending Oct. 31, 2023. Included in these financial statements was a historical discussion of local revenues. The next topic discussed was the district’s budget calendar and how it is developed throughout the year until its passing in June 2024. This was juxtaposed to the Act 1 timeline which drives the budget process. The third topic discussed was charter school expenditures and recent litigation in process regarding charter school funding and regulation. This bill has a significant financial impact on the district if it is passed in its current form. The final topic of the night centered around an eminent domain acquisition of district property near Wyncote Elementary. The next Finance Committee meeting is Tuesday, Dec. 5 at 7 p.m. in person at 2000 Ashbourne Rd. and via video conferencing. Finance Committee Presentation November 2023> | Video>
October 2023
The Cheltenham School District Finance Committee convened on Oct. 3, 2023, with co-chair Daniel Shultz presiding. The focus of the meeting was on three agenda items: (1) a review of interim financial statements for the month ending September 30, 2023, which indicated a continuing strong financial position; (2) a review of draft financial statements for the fiscal year ending June 30, 2023. The highlights of this draft included an increase in financial position/surplus for the year, as well as growth in cash balances; and (3) A discussion regarding the Pennsylvania Act 1 Index to assess its impact on the organization's financial planning and potential implications for future budgets. The District's Act 1 index is 5.3%, which is the maximum taxes could be raised for the 2024-25 school year. However, it was noted that tax increases historically have been significantly less than the Act 1 Index. The next Finance Committee meeting is Tuesday, November 7 at 7 p.m. in person at 2000 Ashbourne Rd. and via video conferencing. Finance Committee Presentation October 2023 | Video>>
September 2023
The Cheltenham School District Finance Committee convened on September 5 with co-chair Daniel Shultz presiding. This meeting covered several topics. First, Whitsons Culinary Group, which manages the district's food services, presented a year-in-review, outlining their performance and initiatives to enhance the school meal program. Next, the meeting delved into the interim financial statements for the month of August 31, 2023, providing insights into the district's current financial operations. The Southeastern Pennsylvania Schools Trust, which is the entity that manages the district's health insurance, was also a focal point, with discussions centered around its performance and potential adjustments moving forward. Lastly, attendees received an update on the 2023-2024 Pennsylvania State budget, and its impact on the district's revenue allocation in the coming year. Finance Committee Presentation September 2023 | Video >>
22-23
June 2023
With co-chair Daniel Schultz presiding, the Financial Affairs committee convened in person and via video conferencing for its monthly meeting on Tuesday, June 6. First, the committee reviewed interim financial statements of the district reflecting year-to-year performance and projected financial statements through the year ending June 30, 2023. The committee then reviewed an updated budget for the 2023-2024 school year with total projected expenditures of $132,536,205, which includes American Rescue Plan spending and a tax increase of 1.1% required to balance the budget. The balance of the meeting was spent reviewing items for board action at the next legislative meeting which included tax date approvals, purchasing approvals, and food service lunch/breakfast approvals. The next Financial Affairs Committee meeting is in August. Financial Affairs Presentation June 2023> | Video>
May 2023
With co-chair Pamela Henry presiding, the Financial Affairs committee convened in person and via video conferencing for its monthly meeting on Tuesday, May 3. First, the committee reviewed interim financial statements of the district reflecting year-to-year performance from April 30, 2023 vs. 2022. It was noted that cash balances were higher than in prior years and year-over-year spending had increased ~$2.5M. Second, the committee reviewed updated projected financial statements through the fiscal year ending June 30, 2023. The projection continued to show a strong fiscal year for the district with a projected surplus of ~$4.9M. The third topic of discussion was on the proposed final budget. It was noted that budgeted revenues and expenditures increased, leaving a net deficit of $1.02M for the 2023-2024 school year to be funded through a 1.1% tax rate increase. The final topic of discussion was regarding capital needs of the district and available resources and a high-level discussion on future planning. The next Financial Affairs committee meeting is Tuesday, June 6 following the Facilities Committee meeting. Financial Affairs Presentation May 2023> | Video>
April 2023
With co-chair Pamela Henry presiding, the Financial Affairs committee convened in person and via video conferencing for its monthly meeting on Tuesday, April 11. The agenda included four items: A review of interim financial statements through March 31, 2023, versus 2022, where it was noted that expenditures had increased primarily due to the payroll calendar, and 20 payrolls to date versus 19 in the prior year; projection of financial results through the end of the fiscal school year, June 30, 2023, with the highlight being a surplus of $4.5M; a review of ESSER spending through March 31, 2023, noting $895,911 spent; and a review agenda items for approval at the next legislative school board meeting, including the approval of a fire alarm bid and several educational technology purchases. The next Financial Affairs committee meeting is Tuesday, May 2 following the Facilities Committee meeting. Financial Affairs Presentation April 2023> | Video>
March 2023
With co-chair Daniel Shultz presiding, the Financial Affairs committee convened in person and via video conferencing for its monthly meeting on Tuesday, March 7. The primary focus of the meeting was the review of the district's independent financial audit for the year ending June 30, 2022. Highlights of the report included: (1) the auditor's report that had a ‘clean’ opinion of the district's financial statements; (2) the statement of changes in fund balances for governmental funds which showed an $8M increase in fund balances; (3) a surplus in the district's food service fund; and (4) discussion of the audit of federal awards. The committee also reviewed internal financial statements through February 28, 2023, noting revenues were exceeding budgeted expectations and expenditures were in line with the prior year. Given favorable financial results, the committee discussed the classification of the district's fund balance and assignment to future capital projects. The meeting closed with the discussion of the district's feasibility study and appraiser contract for approval at the next school board legislative meeting. Financial Affairs Presentation March 2023> | Video>
January 2023
With co-chair Joel Fishbein presiding, Financial Affairs convened in person and via video conferencing on Tuesday, Jan. 3. At the meeting, year-over-year unaudited financial operating results were reviewed through the month of December. Revenues continued to remain on pace with budget and showed an increase to date of $6.8M over the prior year. Expenditures showed growth of approximately $500,000 from year-to-year, also on pace with the budget. Local revenues were viewed in a historical context to recognize trends and patterns as well as to discuss future expectations. It was noted that interest earnings were very strong for the year due to increase in interest rates. Topics of discussion for February’s finance meeting will include a look at the preliminary budget. Financial Affairs Presentation January 2023>
December 2022
With co-chair Joel Fishbein presiding, the Financial Affairs Committee convened in person and via video conferencing on Thursday, Dec. 8. The meeting included discussion of interim financial statements through November 30, highlighting year-over-year changes to cash, revenues, and expenditures. It was noted that local revenues still remained strong with a significant increase in interest earnings. A five-year history of charter school enrollment and related expenditures were also reviewed and discussed. Agenda items reviewed for the December legislative board meeting included adoption of the 2023-2024 Act 1 Index 'Opt Out' resolution, and approval of the Eastern Center for Arts & Technology 2023-2024 budget. Financial Affairs Presentation December 2022> | Video>
November 2022
With co-chair Daniel Schultz presiding, the Financial Affairs Committee convened in person and via video conferencing on Tuesday, Nov. 1. The meeting included discussion of changing the interim financial reporting to the board to include statements of net assets, as well as a statement of revenues, expenditures, and net assets. Also discussed were the remaining funds left under the Elementary and Secondary School Emergency Relief (ESSER) and American Rescue Plan. Total monies left to be spent are $4,171,138 as of June 30, 2022, the district’s last fiscal year end. The final topic was regarding Act 57 of 2022 providing taxpayer relief in special circumstances to first year property owners. Financial Affairs Presentation November 2022> | Video>
September 2022
With co-chair Joel Fishbein presiding, the Financial Affairs Committee convened in person and via video conferencing on Tuesday, Sept. 6. The agenda included discussion of the 2021-2022 financial results and updates on the 2022-2023 budget, which included an increase to the state’s basic education and special education subsidies ($498,184), as well as an additional PCCD grant for school security and student mental health ($329,278). Planned budget decision dates as set by the PA Department of Education and a timeline for the completion of the district’s audit were also discussed. The next Financial Affairs meeting is Tuesday, Oct. 4, following the Facilities Committee meeting. Financial Affairs Presentation September 2022> | Video>