Recent Presentations

  • 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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  • Financial Affairs Committee Presentation November 2019

    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.

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  • Financial Affairs Committee Presentation October 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.

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  • Financial Affairs Committee Presentation September 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.

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  • Financial Affairs Committee Presentation August 2019

    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)

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  • Financial Affairs Committee Presentation June 2019

    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.

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  • Financial Affairs Committee Presentation May 2019

    Attached presentation includes updates on the food services contract, breakfast pilot program, 2018-2019 budget update and the 2019-2020 budget status.

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  • Financial Affairs Committee Presentation April 2019

    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.

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  • Financial Affairs Committee Presentation March 2019

    2018-2019 budget update, first look at 2019-2020 budget objectives, priorities and PDE budget timeline

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  • Financial Affairs Committee Presentation February 2019

    2017-2018 budget review and fund balance update.

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  • Financial Affairs Committee Presentation December 2018

    Agenda items included a 2017-2018 financial overview, fund balance update, breakfast pilot program update and 2018-2019 YTD budget performance.

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  • Financial Affairs Committee Presentation November 2018

    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.

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  • Financial Affairs Committee Presentation October 2018

    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.

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  • Financial Affairs Committee Presentation August 2018

    Topics include 2013 series A bond refinancing, updates on transportation and food services pilot breakfast program. Click for PFM Financial Advisors refinancing discussion presentation.

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  • Financial Affairs Committee Presentation June 2018

    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.

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  • Financial Affairs Committee Presentation May 2018

    There were three (3) agenda items presented at the Financial Affairs Committee meeting: 2018-19 food service management contract renewal; 2018-19 final proposed budget; and 2017-18 budget update.

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  • Financial Affairs Committee Presentation April 2018

    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.

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  • Financial Affairs Committee Presentation March 2018

    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.

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  • Financial Affairs Committee Presentation February 2018

    There were two (2) agenda items presented at the Financial Affairs Committee meeting – transportation contract and the 2017-18 Budget Update. The administrative review team is recommending Cheltenham Transportation to be approved for a five (5) year term for transportation services at the February 13, 2018 Legislative Meeting. An overview of the 2017-18 budget reflects we are in line with being 58.33% through the fiscal year.   

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  • Financial Affairs Committee Presentation January 2018

    The Budget Process and the 2017-18 Budget Update were presented. A general overview of the budget process which included the topics of Act 1, Act 1 Index, Pennsylvania Department of Education required reporting formats and Fund Balance classifications. CSD’s current revenue collections and expenditure disbursements are 78.99% and 46.57% respectively, which are in line with being 50% through the fiscal year. 

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  • Financial Affairs Committee Presentation December 2017

    Ms. Michaels presented an overview of the 2017-18 budget.   She reported that CSD’s current revenue collections and expenditure disbursements are 76.88% and 39.56% respectively, which are in line with being 41.67% through the fiscal year.   Amanda Bernard, CPA from Maillie, LLC presented a brief overview of the 2016-17 financial statements.  

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  • Financial Affairs Committee Presentation November 2017

    Year to date 2017-18 budget status. State budget update. Preliminary 2018-19 budget information and timeline.

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  • Financial Affairs Committee Presentation October 2017

    Updates on the next five-year transportation contract, recommendation for new transportation software, review of the ACT 1 Index with a historical review of the Act 1 Index compared to CSD's actual tax increases, and an update on the 2017-2018 budget status.

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  • Financial Affairs Committee Presentation September 2017

    Ms. Michaels reviewed five (5) policies – 608 - Bank Accounts; 615 - Payroll Deductions; 617AR - Petty Cash; 618 - Student Activity Fund; 810 – Transportation.  Slight language changes were introduced for all 600 series policies and a more detailed discussion occurred around the Transportation policy.  The policy change recommendations will be reviewed by the Policy Committee.The last agenda item was a review of the 2017-18 budget status.  Current revenue collections and expenditure disbursements are 37.2% and 8.3% respectively.  To date, CSD is on target. 

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