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 December Facilities Committee meeting convened on Tuesday, December 3. Business manager Cara Michaels presented two agenda items: The 2019/20 budget status and 2020-21 preliminary budget. CSD has collected $90,598,175 or 74 percent of its revenue and has spent/ encumbered $47,004,698 or 38.4 percent of its expenditures. The 2020-21 preliminary budget, which is the first look at the budget for next fiscal year, has a budget gap of $3,230,975. Revenues are reported at $121,417,116, which includes a tax increase of 2.6 percent and expenditures are reported at $124,648,091. This is the first stage in reviewing and discussing the 2020-21 budget. The School Board votes on the final budget in June 2020.
The next Financial Affairs meeting is Tuesday, Jan. 7, 2020.