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Northern Lebanon SD superintendent: state budget not final; construction fund low, general fund strong
Summary
At the Oct. 14 Northern Lebanon SD board meeting Superintendent Miss Martin said the district has not received a final state budget but has preliminary figures showing about a $1 million increase year over year; she warned the district's construction fund is low and outlined a plan to present options in November.
Superintendent Miss Martin told the Northern Lebanon SD Board of Directors on Oct. 14 that the state budget is not yet final but preliminary figures suggest the district could receive about a $1 million increase compared with the prior year.
The superintendent said the tentative increase was “pretty close to what Shapiro had originally said,” but added that proposed charter school reforms the district had expected were not included in the numbers she received. She said the district is continuing to monitor developments at the state level.
Miss Martin said the district’s general fund remains strong because most real-estate tax receipts arrive in the fall; the general fund balance is “above $20,000,000,” which she said is sufficient to cover payroll and bills for the near term. By contrast, she said the construction fund is “getting really low,” as expected after the district reduced its previous bond issuance and continued to spend on ongoing projects.
Miss Martin told the board that about $1,600,000 of district funds remain in escrow tied to the elementary school project and are not currently available for other uses. She said auditors will provide an estimate of the district’s year-end position as of June 30 and that she will present a recommendation in November about whether to move some general-fund money to capital projects to keep the construction fund solvent.
She also said the district may need to borrow again, but that a finance contact, Brad Remig, advised it may be more attractive to pursue borrowing in the next calendar year rather than immediately. Miss Martin said the administration will bring a plan to the board next month so directors are not surprised by any recommended transfers or borrowing.
No formal motions or votes were taken on borrowing or fund transfers at the Oct. 14 meeting; Miss Martin framed the items as updates and upcoming recommendations.
