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Budget committee notes Act 1 index estimate at 3.5% and flags Loomis PTO donation for podium
Summary
Budget and finance committee members reviewed July financial reports for the new fiscal year, said audit field work will begin later in September, noted an Act 1 index calculation of 3.5% pending PDE confirmation, and reported a Loomis PTO donation request to purchase a new podium.
Budget and finance committee items at the Marple Newtown School Board committee meeting on Sept. 9 covered early fiscal-year reports, an upcoming audit, an Act 1 index calculation of 3.5 percent and a donation request from the Loomis PTO to purchase a podium.
Dominic, appearing as the committee presenter, said the committee had no additions to the agenda and reviewed the routine bills-for-payment item, saying a complete list through the full board meeting date will be available at the end of the month. Dominic said the July financial report is presented for approval as the first month of the 2025-26 fiscal year, along with the investment schedule and some final budget transfers from the prior year. He added the district is working on closing the books for "02/2025" with audit field work scheduled to start at the end of September.
Dominic also called attention to the Act 1 index calculation. "A calculation just came out for the act 1 index," Dominic said, adding the district's calculated index is 3.5 percent and the district expects a letter from the Pennsylvania Department of Education confirming that rate. He said the board can begin fall discussions about whether to exceed the index or adopt a resolution not to exceed it, which would affect the budget timeline.
On donations, Dominic said the district is receiving a request from the Loomis PTO to purchase a new podium for Loomis Elementary; that donation request was listed for approval.
Why it matters: the Act 1 index sets a baseline for property-tax-related revenue growth for Pennsylvania school districts. A decision to exceed the index or adopt a resolution not to exceed it affects budgeting and tax-rate choices; Dominic said the district will bring the matter forward for board direction in the fall.
No formal committee votes were recorded in the transcript; the listed financial approvals and the Loomis PTO donation will be brought to the full board for action.
