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Finance committee hears financial updates: meritorious budget award, PCERS rate and insurance premium discount

2084760 · January 3, 2025

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Summary

Committee received informational updates: North Penn received ASBO's Meritorious Budget Award for a 10th consecutive year; the PSERS/PCERS employer contribution rate was certified at 34% for 2025'026; and the district qualified for a 5% workers' compensation premium discount worth $45,264.

The finance committee received several informational items from district staff highlighted as good news for the current fiscal year.

Staff announced North Penn received the Association of School Business Officials International Meritorious Budget Award (MBA) for the 10th consecutive year for its 2024'025 budget book. The district's budget book is posted in BoardDocs and staff encouraged stakeholders to consult it for detailed financial information.

Staff also reported the Pennsylvania school employees' pension fund (PCERS) employer retirement contribution rate for 2025'026 was certified at 34% (up modestly from 33.9% projected), lower than some earlier projections. Staff noted that a majority of the certified rate reflects long-term unfunded liability amortization.

Finally, the district qualified for a 5% workers' compensation premium discount through the School District Insurance Consortium (SDIC) based on a certified safety committee; staff reported the discount equates to $45,264 in premium savings and publicly thanked committee chair Dan Linsky and staff member Kim Lister for their work on the certification.