Most Recent Finance Committee Meeting

  • Financial Affairs Presentation May 2022

    With co-chair Dan Schultz presiding, Financial Affairs convened via video conferencing on Tuesday, May 3. The agenda included an update on the 2021-2022 budget and the draft of the 2022-2023 Budget. Currently at $127,600,00, the 2022-2023 budget status was discussed. The preliminary proposed budget will be on the agenda for adoption at the Tuesday, May 10 legislative board meeting. The board discussed the food service contract request for proposal (RFP) and it was recommended that the board award the contract for 2022-2023 to Whitsons Culinary Group. The board also discussed the RFP for auditing services and made a recommendation of BBD, LLP, which will be presented for approval at the Tuesday, May 10 legislative meeting. The fee of $33,000 per year. There was also a discussion surrounding the possible extension of the transportation contract past 2023 and the board will make a recommendation at the June meeting. The board discussed a proposal for the demographic study, and it was recommended that the administration get a proposal from Montgomery County and bring both back for the June meeting. The items for the board legislative meeting were the appointment of the district treasurer for 2022-2023, approval of the preliminary budget for 2022-2023, approval of the new food service contractor, the approval of the new auditor, approval of the student accident insurance carrier for 2022-2023. Approval of the firm for the demographic study was deferred until June. The next Finance Committee meeting is Tuesday, June 7, following the Facilities Committee meeting. Video> 

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  • Financial Affairs Presentation April 2022

    With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on Tuesday, April 5, 2022. The agenda included an update on the 2021-2022 budget and a draft of the 2022-2023 budget. Interim business manager Chuck Linderman next discussed the 2022-2023 budget, which sits at $127,598,198. There was a discussion surrounding the possible extension of the transportation contract past 2023. The board also heard an update on the requests for proposals for food service contracting and auditing services. Linderman also discussed the meeting with benefits consultant villaNOVA and discussed the need for a long-term capital plan and a funding mechanism for that plan. The four agenda items for the board legislative meeting were the appointment of the district solicitor for 2022-2023, acceptance of a donation from the Philadelphia Lacrosse Association, Chromebook lease for students, and the approval of the 2021-2022 bus driver list. The next Financial Affairs meeting is Tuesday, May 3, 2022. Video>

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  • Financial Affairs Presentation March 2022

    With co-chair Daniel Schultz presiding, Financial Affairs convened via video conferencing on Tuesday, March 1, 2022. Following an update on the 2021-2022 budget, interim business manager Chuck Linderman reviewed the June 30, 2021, audit and, in particular, the fund balance and food service loss for 2021. Next, the 2022-2023 budget status was discussed. The proposed budget for 2022-2023 is at $127,755,000. The board also discussed the charter school costs and budget for the 2022-2023 school year. That budget is projected to increase 13% to $3,675,000. Linderman then informed the board that the RFP for auditing services will be done in March for award by the board in May. There was also a discussion surrounding the possible extension of the transportation contract past 2023. The two agenda items for the board legislative meeting were the authorization to bid supplies/equipment and the tax exoneration for the township land at the former Ashbourne Country Club. The next Financial Affairs meeting is Tuesday, April 5, 2022. Video>

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  • Financial Affairs Presentation February 2022

    With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on Tuesday, Feb. 1, 2022. The agenda included an update on the 2021-2022 budget, announcement of a review by the auditors on June 30, 2021, review of the 2022-2023 budget and budget calendar, review of the 2022-2023 MCIU general operating budget, and a presentation by the district’s financial advisors on the refinancing opportunity on $75M of the debt which could result in a savings of over $6M over 20 years. A parameters resolution will need to be adopted at the legislative board meeting on Tuesday, Feb. 8, 2022, in order to ensure the board takes advantage of favorable interest rates. The board also reviewed the Food Services RFP, which is out for proposal. The board had questions regarding health care costs, special education costs, per pupil spending, class size, and the contracted services budget (object 500). The next Financial Affairs meeting is Tuesday, March 1, 2022. Video>

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  • Financial Affairs Presentation January 2022

    With co-chair Dan Schultz presiding, Financial Affairs convened via video conferencing on Tuesday, Jan. 4, 2022. The agenda included an update on the 21-22 budget, and reviews of the June 30, 2021, audit progress and 22-23 budget and budget calendar.  The board discussed the need to approve an Act 1 opt out resolution, which will require the board to stay within the Act 1 index of 3.4 percent for the 22-23 budget. This resolution will need to be adopted at the Legislative meeting on Tuesday, Jan. 11, 2022. The board reviewed the presentation from acting business manager Chuck Linderman, and had questions regarding healthcare and special education costs, and the need to review the fund balance for last year and projection for this year. The next Financial Affairs meeting is Tuesday, Feb. 1, 2022. Video>

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  • Financial Affairs Presentation December 2021

    With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on Tuesday, Dec. 7. The agenda included an update on the 2021-2022 budget; review of the June 30, 2020, audit and update on the June 30, 2021, audit; review of the final refinancing of the 2017 bonds, which saved the district $960,000; and budget calendar and building and department budgets for 2022-2023; enrollment projections; and a discussion about student activity accounts. The board reviewed the presentation from acting business manager Chuck Linderman, and had questions regarding the enrollment projections and inclusion of new housing developments. A suggestion was made to explore a full demographic study by the Montgomery County Planning department or another third-party demographer. There were some questions regarding student activity funds, and also inquiries on how new initiatives like heard about in Ed Affairs would be incorporated into the budget. The next Financial Affairs meeting is Tuesday, January 4. Video>

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  • Financial Affairs Committee Presentation November 2021

    With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on Tuesday, Nov. 9. The agenda included a presentation by Cheltenham Assistant Township Manager Alyson Elliott on a proposed Local Economic Revitalization Tax Assistance (LERTA) for township commercial areas; updates on the 2021-2022 budget and charter school costs; review of the June 30, 2020, audit and update on the June 30, 2021, audit; information about refinancing of the 2017 bonds; review of the food service RFP and audit RFP for June 30, 2022; and budget calendar and building and department budgets for 2022-2023. Following Ms. Elliott’s presentation, the board discussed and posed questions. A virtual attendee also asked a question about LERTA. The board reviewed the remainder of the presentation from acting business manager Chuck Linderman. The board requested additional numbers for the comprehensive budget and sought clarity on the “zero-based” approach to some of the budget. The board also requested the food service RFP include a clause relating to sustainability and asked for the inclusion of the wellness committee and students. There was also public comment on the food service RFP. The board reminded the administration that a link to the video of the meeting be included on the web. The next Financial Affairs meeting is Tuesday, Dec. 7, 2021. LERTA presentation> | Video>

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  • October 5, 2021

    Video> | Slide Deck>

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  • Financial Affairs Committee Presentation May 2021

    With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on May 4. The agenda included the following items: Updates on the 2020-2021 budget and charter school costs, review of staffing data analytics and the 2021-22 budget, and a discussion of items for the May legislative board meeting. Mr. Linderman began the meeting with a review of the status of the 2020-2021 budget, then discussed the projected data for revenues and expenditures for the 2020-2021 school year and the reasoning for some of the variations. The final area Mr. Linderman reviewed was the proposed 2021-2022 budget. The current budget has a $500,000 shortfall between revenues and expenditures. Mr. Linderman reviewed the expenditure adjustments made since March, which include the use of ESSER funds for payment of the activity busses for the 2021-22 school year and the 2022-2023 school year since there will be an effort to provide students who may have experienced learning loss the opportunity for tutoring after school. Reductions in the facilities area due to attrition, health care savings, life insurance savings, reduction of the Eastern Center for Arts and Technology budget due to reduced enrollment, and staffing reductions through attrition in the teaching area and the outsourcing of the CLASP program. There was an extended discussion on the possibility of restructuring district debt as a way to offset the increase in charter school expenses. This item will be placed on the agenda for further discussion and vote at the May 11 legislative board meeting. The board had questions relating to status of the district’s fund balance, use of ESSER funds, special education budget, possibly bringing in the planning department from Montgomery County to do an enrollment study, and the one-time expenses in the budget such as the charter school costs. The next Financial Affairs meeting is Tuesday, June 1, 2021.

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  • Financial Affairs Committee Presentation April 2021

    With co-chair Dan Schultz presiding, Financial Affairs convened via video conferencing on Tuesday, April 6, 2021. The meeting started with Mr. Chuck Linderman’s reviewing the status of the 2020-2021 budget, and data about CSD’s student-to-staff ratios and how they compare to similar schools in the Philadelphia area data using the Forecast5 data analytic tool. There was also a review of data analytics regarding demographics and special education costs. The final area Linderman reviewed was the proposed 2021-2022 budget. The current budget has a $4M gap between revenues and expenditures. The board asked for areas to reduce, Mr. Linderman and Dr. Wagner Marseille discussed the possible reduction through attrition of staff. The deadline for staff to file for retirement is April 15, by which time the business office will have a better handle on what can be reduced through attrition. 

     

    The committee also discussed the possibility of restructuring the debt to attain some savings and came to a consensus that Mr. Linderman would set up a meeting with the finance committee chairs and the district’s financial advisors to review the possible restructuring. The board had questions relating to the use of ESSER funds, structural deficit, student-teacher ratios slides, and the one-time expenses in the budget such as the charter school costs.

     

    The next Financial Affairs Committee meeting will be held on Tuesday, May 4, 2021 and will be available via cheltenham.org/zoom.

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  • Financial Affairs Committee Presentation March 2021

    With co-chair Joel Fishbein presiding, Financial Affairs convened in a Zoom seminar room on Tuesday, March 2, which allowed the public to view the meeting and submit questions about the presentation in real-time. The meeting started with Mr. Linderman reviewing the 2020-2021 budget. He then presented charter school costs and proposed charter school budget for 2021-2022. The charter school budget was presented at between $3.2M and just under a projected $7M, depending on enrollment. If charter school enrollments continue to increase, the budget would need to be higher than the current costs. A lengthy discussion occurred among the board members with some wanting to keep the budget at the current $1.4M. Mr. Linderman indicated that budgeting less than the current enrollment would be fiscally irresponsible. The board agreed to discuss further at future meetings, but for the time being, Mr. Linderman would budget for charter schools, assuming stagnant enrollment.

     

    Mr. Linderman reviewed more data analytics from Forecast5 for staffing, special education and spending. The board asked for more data for next month’s meeting.

     

    Finally, Mr. Linderman reviewed the proposed 2021-2022 budget and the need to file for referendum exceptions. The current budget stands at a $5.5 million gap between revenues and expenditures. The board asked for areas to reduce, and Mr. Linderman and Dr. Marseille reviewed the need to start reducing staff, especially in light of the budget situation and the fact that Cheltenham has the lowest student/teacher ratio of almost all Delaware Valley schools.

     

    The next Financial Affairs committee meeting will be held on Tuesday, April 6.

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  • Financial Affairs Committee Presentation February 2021

    With co-chair Dan Shultz presiding, Financial Affairs convened in a Zoom seminar room on Tuesday, Feb. 4. The agenda featured a review of the dramatically increasing costs associated with students at charter schools, in particular cyber charter schools. The impact on the current budget, along with the impact on the 2021-2022 budget was discussed. Costs are $2M higher than were budgeted for the 2020-2021 school year.

     

    Ms. Edling presented updates on the current transportation food service contracts. The state will allow a one-year extension without going through the formal bidding process due to COVID-19, so a one-year extension is recommended and will be brought back to a future meeting for review and approval. Ms. Edling also reviewed the status of the 2020-2021 budget and outlook for the end of the year. Mr. Linderman then reviewed the proposed 2021-2022 budget process, providing a detailed calendar with key Pennsylvania Department of Education (PDE) and CSD deadlines. He also highlighted key terms “Act 1 Index” and “Aid Ratios,” which are essential to this process. He reported the Act 1 Index was published at 3 percent for fiscal year 2021-22. He also reviewed the need to increase the budget for charter school students because of the increase (almost 100%) in total students attending charter schools. A lengthy conversation ensued regarding the charter school costs and number of students. Ms. Edling and Mr. Linderman also reviewed some Forecast5 benchmarking data for Cheltenham.

     

    The next Financial Affairs Committee meeting is Tuesday, March 2.

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  • Financial Affairs Committee Presentation January 2021

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  • Financial Affairs Committee Presentation December 2020

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  • Financial Affairs Committee Presentation November 2020

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  • Financial Affairs Committee Presentation October 2020

    With co-chair Joel Fishbein presiding, the Financial Affairs Committee convened in a Zoom seminar room on Tuesday, Oct. 6. The agenda featured bond refinancing opportunities, 2021-22 budget overview, and 2020-21 budget update.

    Mr. Brad Remig, PFM Advisors, LLC presented on bond refinancing opportunities. He provided a brief overview of the purpose of bond refinancing, and identified the 2020-21 refinancing plan for four bonds which will net anticipated savings of approximately $1.3 million. CSD Business Manager Ms. Cara Michaels recommended the board approve the bond parameters resolution at the Tuesday, Oct. 13 legislative board meeting.

    Ms. Michaels presented on the 2021-22 budget process, providing a detailed calendar with key Pennsylvania Department of Education (PDE) and CSD deadlines. She also highlighted key terms “Act 1 Index” and “Aid Ratios,” which are essential to this process. She reported the Act 1 Index was published at 3 percent for fiscal year 2021-22 and CSD’s 2020-21 Market Value/Personal Income (MPVI) aid ratio was .3989, which was slightly lower than the previous year and falls below the threshold for an adjusted Act 1 Index. Ms. Michaels identified key budgetary areas for revenues and expenditures that are known and unknown for the start of the budget process, and anticipates the 2021-22 preliminary budget will be presented at the January 2021 Financial Affairs Committee meeting.

    To close the meeting, Ms. Michaels presented an update on the 2020-21 budget, which illustrated CSD has collected or realized 59.58 percent of its revenues and has expended 16.05 percent of its expenditures. Again, she reported that it is too early in the fiscal year to begin projections for revenue and expenditures; however, by December 2020, she will have enough information to begin formulating solid data to provide projections. Ms. Michaels ended the presentation with benchmarking data for 2019-20 and 2020-21 revenue collections. As of September 30, 2020, CSD has collected approximately $6.7 million less in local revenues than in the previous year. The main revenue source impacted is real estate tax revenue; however, CSD eliminated the penalty period and extended the discount and face periods. As this contributes to the decrease in collection. Ms. Michaels reported that the true benchmark data will be known December 31, 2020.

     The next Financial Affairs Committee meeting is Monday, Nov. 1, immediately following the Facilities Committee meeting.

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  • Financial Affairs Committee Presentation September 2020

    With co-chair Joel Fishbein presiding, the Financial Affairs Committee convened in a Zoom seminar room on Tuesday, Sept. 1. The agenda contained two items,  overview of 2019-20 fiscal year and 2020-21 budget update. Business manager Ms. Cara Michaels provided a brief 2019-20 financial overview, reporting her staff has finalized the 2019-20 fiscal records in preparation for the audit. While revenues fell short by approximately $2,739,899, of which the majority was anticipated use of fund balance, expenditures were underspent by approximately $3,542,306. This resulted in a surplus of approximately $802,407. To close the meeting, Ms. Michaels presented an update on the 2020-21 budget, which illustrated CSD has collected or realized 22.83 percent of its revenues and has expended 9.33 percent of its expenditures. She reported it is too early in the fiscal year to begin projections for revenue and expenditures, however, by December, she should have enough information to begin formulating solid data to provide projections.

     The next Financial Affairs Committee meeting is Tuesday, Oct. 6 immediately following the Facilities Committee meeting.

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  • Financial Affairs Committee Presentation August 2020

    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. 

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  • Financial Affairs Committee Presentation June 2020

    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.

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  • Financial Affairs Committee Presentation May 2020

    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.

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  • Financial Affairs Committee Presentation April 2020

    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.

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  • Financial Affairs Committee Presentation March 2020

    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.

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  • Financial Affairs Committee Presentation February 2020

    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.

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  • Financial Affairs Committee Presentation January 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.

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  • Financial Affairs Committee Presentation December 2019

    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.

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