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Springfield Township School District says finances sound despite $3 million in delayed state and federal payments
Summary
District officials told the finance committee the district can cover roughly $3 million being held by state and federal delays using reserves and conservative budgeting; officials emphasized that a large PSERS pension liability on audited statements is not a charge the district must pay directly.
Springfield Township School District finance officials told the district finance committee on Oct. 15 that roughly $3,000,000 in state and federal reimbursements are being withheld while the Pennsylvania budget remains unresolved and some federal funding is paused during a U.S. government funding lapse.
Superintendent Dr. Yannickone opened the meeting with a state-budget update, saying, “As you likely know, members of the board, as of this week, the Pennsylvania budget is 100 plus days overdue.” Finance staff said the withheld funds are a mix of state subsidy and federal pass-through dollars that will be distributed once the state budget is enacted and federal funds are released to the state.
The district’s Business Administrator, Miss Green, said the district has a healthy cushion: “As of July 1, our fund balance for the general fund was about $20,500,000.” She told the committee the district has realized about $48,000,000 (roughly 64%) of budgeted revenue year to date, has spent about $13,000,000 (about 17% of budgeted…
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