With co-chair Daniel Schultz presiding, the Financial Affairs Committee met Tuesday, Aug. 4 via Zoom. Business manager Ms. Cara Michaels presented four agenda items:
- 2019-20 financial overview, including an amendment to the 2019-20 transportation contract;
- 2020-21 food services operations
- 2020-21 transportation operations
- 2020-21 budget update
Ms. Michaels provided a brief 2019-20 financial overview, reporting the business office is finalizing the 2019-20 fiscal records in preparation for an audit. Once completed she would provide a detailed overview. Included in that presentation was a recommendation for an addendum to the current pupil services contract. Ms. Michaels reported CSD administration, solicitor and Cheltenham Transportation negotiated new terms for the period of March 9 – June 30, 2020, due to the COVID-19 closure. The addendum was recommended for approval at the August 11, 2020, legislative board meeting.
Next, Ms. Michaels provided a brief overview on the anticipated operations of food service and transportation during virtual learning. She reported food distribution will occur, however, administration and Chartwells were finalizing the plans. She provided USDA guidelines that would be in effect during the 2020-21 school year, which mirrors the guidelines followed while students are attending school in-person. She also reported administration will work with Cheltenham Transportation administration regarding 2020-21 contracted services.
To close the meeting, Ms. Michaels presented an update on the 2020-21 budget, which illustrated CSD has collected or realized 3.04 percent of its revenues and has expended 3.90 percent of its expenditures. She reported it is too early in the fiscal year to begin projections for both revenue and expenditures, but will begin providing this information at the next meeting.
The next Financial Affairs Committee meeting will be held on Tuesday, Sept. 1, 2020, immediately following the Facilities Committee meeting.
With co-chair Daniel Schultz presiding, the Financial Affairs meeting was conducted in a Zoom seminar room, which allowed the public access to view the meeting and submit related questions in real-time. Business manager Cara Michaels presented two agenda items: 2019-20 budget status and 2020-21 final budget. Michaels provided an update on the 2019-20 budget, which illustrated CSD has collected or realized 86.94 percent of its revenues and has expended 82.15 percent of its expenditures. She reported an update on both the savings - $1,802,000 and unexpected costs - $214,150 created by the COVID-19 closure. She also relayed that she will work with administrators to find opportunities to purchase 2020-21 resources prior to the close of the 2019-20 budget. Through ongoing administration efforts, the expected use of fund balance was reduced from 2,733,728 to $503,893.
To close the meeting, Ms. Michaels presented a recap of the 2020-21 final budget, which will be adopted at the June 16, 2020, legislative meeting. The final budget presentation also included an overview of the 2020-21 state budget. Highlights included Governor Wolf’s signing a five-month stopgap budget including $2.6 billion in CARES Act funding. The second half of the budget will be approved after the November election. K-12 education funding was approved for 12 months. The CSD final budget was updated to reflect the state budget allocations and CARES Act funding which decreased the impact of fund balance use to $1,099,634
The next Financial Affairs Committee meeting will be held on Tuesday, August 4, 2020, immediately following the Facilities Committee meeting.
With co-chair Joel Fishbein presiding, the Financial Affairs Committee met Tuesday, May 5 in a Zoom seminar room, which allowed the public to view the meeting and submit questions in real-time. Business manager Cara Michaels presented three agenda items: 2020-21 food service management company (FSMC) renewal; 2019-20 budget status; and 2020-21 proposed final budget.
Michaels provided an update on the food service bid process, which COVID-19 closures impacted. She relayed the Pennsylvania Department of Education (PDE) approved CSD for a COVID-19 emergency waiver, which allows for a one-year extension of the current food service management contract with Chartwells. The renewal package was approved by PDE based upon the budget and $120,000 guarantee presented in the presentation. The approval of the renewal documents is slated for the May 12, 2020, legislative meeting.
Michaels provided an update on the 2019-20 budget, which illustrated CSD has collected or realized 85.44 percent of its revenues and has expended 76.34 percent of its expenditures. She reported an update on the savings ($1,802,000) and unexpected costs ($214,150) created by the COVID-19 closure. Through the administration’s ongoing efforts, the expected use of fund balance was reduced from $2,733,728 to $991,200.
To close the meeting, Michaels presented an extensive overview of the 2020-21 proposed final budget, which will be adopted at the May 12, 2020, legislative meeting. The proposed final budget includes a tax increase to the Act 1 Index or 2.6 percent, which provides an additional $2.2 million in revenue. The additional revenue is offset by decreases in overall local and state revenue due to the COVID-19 impact on the economy. Administration reduced the overall expenditures by over $2.4 million through myriad cost savings, including salary attritional savings, elimination of administrative positions and operational efficiencies. The COVID-19 negative impact on revenues requires CSD to utilize $3.2 million in fund balance. Michaels relayed that this amount will be addressed through 2019-20 savings.
The next Financial Affairs committee meeting is Tuesday, June 2, immediately following the Facilities committee meeting.
With co-chair Daniel Schultz presiding, the Financial Affairs meeting was conducted in a Zoom seminar room, which allowed the public access to view the meeting and submit questions about the presentation in real-time. Business manager Ms. Cara Michaels presented three agenda items: COVID-19 financial impact; 2019-20 budget status; and 2020-21 budget update. Michaels provided a detailed overview of COVID-19’s financial impact to CSD’s current and future budget. The biggest impact school districts will face is revenues, however, too many unknowns regarding the economy exist to have definitive details. Michaels reported she anticipates only a slight impact on current revenues, as the majority have been collected or realized. However, the 2020-21 budget stands to have a revenue reduction of greater than $1.3 million, which doesn’t include any reduction in real estate tax revenue. She also reported some savings realized in 2019-20 expenditure line items, but it was too soon to determine the exact amount. With regard to Act 13 of 2020, Michaels reported districts are required to meet certain obligations for the 2019-20 school year, the largest being salary and benefits. All part- and full-time employees are receiving their regular wages for the remainder of the year.
Ms. Michaels provided an update on the 2019-20 budget, which illustrated CSD has collected or realized 84.52 percent of its revenues and has expended 68.45 percent of its expenditures. She reported CSD will take the holiday premium, which is a one-time savings built into the 2019-20 budget. The premium enables CSD to utilize its reserve SEPAST funds to pay one month of health care costs.
To close the meeting, Michaels indicated she, the finance chairs and superintendent will review the 2020-21 budget timeline to determine if additional meetings need to be scheduled to adopt the budget.
The next Financial Affairs Committee meeting will be held on Tuesday, May 5, immediately following the Facilities Committee meeting.
The Financial Affairs committee convened Tuesday, March 3 with committee co-chair Joel Fishbein presiding, fellow co-chair Dan Schultz, board members David Cohen, Tyrone Scott, Charles Burdell-Williams and Julie Haywood, and administrators in attendance. CSD Business Manager Cara Michaels presented three items: Food Services - management contract RFP update and administrative review; 2019-20 budget status; and 2020-21 budget update.
Michaels provided a brief update on food service, the current contract for which expires June 30. Advertising for RFPs for a new contract will occur in March and April. The bid will be awarded at the May legislative board meeting. Michaels also provided a recap of the food service administrative review conducted in February. The Pennsylvania Department of Education (PDE), Division of Food and Nutrition are required by USDA to conduct administrative reviews every five years. Two corrective action measures were noted during the on-site review and will be addressed by March 21. Neither will result in fiscal action.
This fiscal year’s budget outlook shows CSD has collected $99,971,328 or 81.75 percent of its revenue and has spent/encumbered $74,404,624 or 60.84 percent of its expenditures.
Michaels closed the meeting with a brief update on the cost savings and referendum exceptions for the 2020-21 budget. CSD is preliminary approved for approximately $2.3M, but has not received final PDE approval. The final budget will be adopted in June.
The next Financial Affairs meeting is Tuesday, March 31.
The Financial Affairs Committee convened on Tuesday, Feb. 4, 2020 with Dan Schultz presiding and board members, administrators and community members in attendance. The agenda included the following: 2019-20 budget status, 2020-21 budget update and the food services management contract request for proposal (RFP) process. Business Manager Cara Michaels reported this fiscal year’s budget outlook shows CSD has collected 98,378,608 or 80.45 percent of its revenue and has spent/encumbered $64,098,374 or 52.41 percent of its expenditures. Michaels provided a recap of the 2020-21 preliminary budget, which included highlights from the Pennsylvania Governor Wolf’s state budget address from earlier that day. As proposed, CSD will realize less than $250,000 of additional state aid. Michaels also provided a more in-depth review of referendum exceptions. The final budget will be adopted this June. The meeting closed with a brief overview and timeline of the food services management contract RFP process. The district’s contract with Chartwells expires June 30, 2020. The next Financial Affairs meeting is Tuesday, March 3, 2020.
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.
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.
The Financial Affairs committee convened Wednesday Nov. 6, 2019. Business manager Cara Michaels presented a high-level overview of the cost savings recommendations Administration has explored to reduce recurring expenditures and dependency on fund balance. The savings are in the areas of overall salaries and benefits, transportation and contracted services. Michaels closed the meeting with an update on the 2019-20 budget. CSD has collected $83,091,963 or 67.95 percent of its revenue and has spent/encumbered $35,910,494 or 29.36 percent of its expenditures. The next Financial Affairs meeting is Tuesday, Dec. 3, 2019.
The Financial Affairs Committee convened on Wednesday, Oct. 2 at the Administration Building. Business manager Cara Michaels provided the board with an update to the 2020-21 budget process, relaying that the 2020-21 Act 1 Index was published at 2.6% and providing its potential impact on CSD’s revenue budget. Michaels provided the projected increase of contractual expenditures and the carryover of 2019-20 unfunded expenditures, and reviewed the cost savings recommendations previously presented in the areas of overall salaries and benefits, transportation and contracted services.
Michaels closed the meeting with an update on the 2019-20 budget. She provided a first look at projected year end revenues and expenditures, which, at this time, reflects the budgeted amount. CSD has collected $79,072,985 or 64.66% of its revenue and has spent/encumbered $21,950,542 or 17.95% of its expenditures.
The next Financial Affairs meeting is Wednesday, Nov. 6, 2019.
The Financial Affairs Committee met on Tuesday, Sept. 3, 2019. The following agenda items were presented:
Brad Remig, PFM Advisors, LLC presented a refinancing opportunity for portions of CSD’s 2013, 2014, 2016A and 2016B bonds. The refinancing should yield CSD approximately $2M in savings. Of this one-time savings, approximately $1.9M will be allocated to the 2019-20 fiscal year, reducing the anticipated use of $2.7 million of fund balance. Final numbers will be unknown until October.
Business Manager Cara Michaels gave an overview of the 2020-21 budget process. Over the past five years, the board has approved the Act 1 Opt-Out resolution, which means the Board won’t raising taxes above the Act 1 Index. For the 2020-21 budget year, CSD will follow the preliminary budget process, which allows for application of referendum exceptions (approval to raise above Act 1). Michaels also provided the board with several cost reduction recommendations around salaries and benefits and transportation.
Michaels closed the meeting with an update on the 2019-20 budget. There are some additions to this report as she will be reporting out cost savings and unanticipated expenditures throughout the year. MIchaels will begin 2019-20 budget projections in October.
The next Financial Affairs meeting is Wednesday, Oct. 2.
The CSD Financial Affairs committee met on Tuesday, August 6 at the Administration Building for presentations from CPA firm Maillie LLP partner Ed Furman, CPA, and principal Amanda Bernard, CPA, CFE, CMA. The pair provided the School Board with a review of the financial report for June 30, 2019, as well as a general overview of audit responsibilities and process, required audit communications and upcoming Government Accounting Standards Board (GASB) pronouncements.
Furman presented a historical snapshot of the Government-Wide Financial Statements – Statement of Financial Position, and highlighted recent GASB pronouncements which require districts to carry an actuarial accounting of the district’s pension liability. Furman also presented a historical snapshot of the Government-Wide Financial Statements – Statement of Activities, which illustrates revenues and change in net position. Since 2014-15, the district has experienced a decrease of $8,109,272 in net position, which is largely attributed to the requirement of carrying the pension liability. He also highlighted the general and food service fund-level statements, capital assets and general obligation bonds and general fund budget versus actual. Ms. Bernard presented a number of slides which illustrated the audit process and responsibilities emphasizing the depth of testing on the Business Office’s internal controls. (view attached presentation for details)
The June Financial Affairs Committee presentation is attached. Please view for complete details regarding the 2018-2019 budget status, 2019-2020 budget planning progress, and fund balance information.
Please see attached presentation for a status on the 2018-2019 budget as well as a status on the 2019-2020 budget planning timeline and priorities.
2018-2019 budget update, first look at 2019-2020 budget objectives, priorities and PDE budget timeline
2017-2018 budget review and fund balance update.
Agenda items included a 2017-2018 financial overview, fund balance update, breakfast pilot program update and 2018-2019 YTD budget performance.
Agenda items included ACT I index history and recommendations for 2019-2020, objectives and goals for 2019-2020 budget, 2019-2020 PDE budget timeline and 2018-2019 YTD budget performance.
There were two (2) agenda items presented at the Financial Affairs Committee meeting, an overview of the 2019-20 budget process, which included the budget timeline, a historical look at the Act 1 Index and a preliminary budget outlook.
Topics include 2013 series A bond refinancing, updates on transportation and food services pilot breakfast program. Click for PFM Financial Advisors refinancing discussion presentation.
This presentation includes the final proposed budget for 2018-2019, fund balance update, 2017-2018 food services review and an update on the 2017-2018 budget.
This presentation includes an update on the budget planning process for the 2018-2019 school year as well as an update on the current year's budget results.
The Financial Affairs Committee met on March 6 to discuss two agenda items, objectives, priorities, and assumptions for the preliminary 2018-2019 budget and a review of the 2017-2018 budget status.