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.