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Centennial SD forecasts $4.5 million deficit; board weighs using IU credit and refinancing to narrow gap
Summary
District CFO presented a multi-year budget forecast showing a $4.5 million projected deficit for 2025–26, and outlined a $2.7 million Intermediate Unit (IU) credit, a $934,000 prior-year IU invoice, possible debt refinancing and localized savings that together could reduce, but not eliminate, the shortfall.
Mr. Greenwood, the district’s chief financial officer, told the Centennial School District Board of School Directors on June 10 that the current draft budget projects $151,904,000 in revenue and a $4,500,000 deficit for the 2025–26 year.
The forecast assumes the full Act 1 index increase (the district discussed a 4% scenario) and incorporates a roughly $2,700,000 credit the district expects to receive from the Bucks County Intermediate Unit (IU) in the coming months. "We are anticipating a roughly $2,700,000 credit from the IU in this current year," Greenwood said, adding the credit will be applied to the 2024–25 fiscal year and likely be received before December.
Greenwood told the board he would recommend using the IU credit instead of transferring the same amount from the district’s debt service fund, and he said the district should pay a prior-year IU overage of $934,000 in 2024–25 to "clean the books." That choice would, he said, lower…
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