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. Video.

With co-chair Pamela Henry presiding, the Financial Affairs committee convened in person and via video conferencing for its monthly meeting on Tuesday, Feb. 8. At the meeting, year-over-year unaudited financial operating results were reviewed through the month of January with a review of changes in balance sheet, revenue and expenditure line items. A preliminary budget for the 2023-2024 school year was also presented showing total expenditures of $130,544,192. The budget was presented with no increase in the real estate tax rate and balanced using $2,601,642 of fund balance reserve. A request for proposal for a feasibility study was also discussed to help in establishing a multi-year capital plan. Other topics included a road-widening project impacting Wyncote Elementary, the MCIU operating services budget, and contracts related to reverse tax appeals.  Slideshow>> Video>>

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.

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. Video >> Agenda >> 

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. Video>

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. Video>

With co-chair Joel Fishbein presiding, Financial Affairs convened via video conferencing on Tuesday, June 7. The agenda included an update on the 2021-2022 budget and a discussion regarding the proposed 2022-2023 budget, which is currently at $127,100,000. The final budget will be on the agenda for adoption at the June 14 legislative board meeting, and includes a 1.6 percent millage increase. The board discussed the recommendations to adjust the student activity accounts to bring into compliance with local, state and governmental accounting standards. 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 14 meeting. The board discussed the proposal for a demographic study, and the administration recommended the Montgomery County Planning Commission for the project. Twelve agenda items for the board legislative meeting were discussed and added to the June 14 agenda. The next Financial Affairs meeting is Tuesday, August 2, following the Facilities Committee. Video>

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> 

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>

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>

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>

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>

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>

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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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.

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.

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.

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.

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.

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.

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.