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Finance committee reports $8 million added to fund balance; Act 1 resolution noted and early-retirement incentive for support staff on agenda
Summary
Finance committee members reported a positive FY 2023–24 annual financial report that added roughly $8 million to the fund balance (bringing it to about $24 million), discussed an Act 1 resolution and an early-retirement incentive for support staff that raised questions from board members.
Finance committee members told the board on Jan. 16 that the district’s annual financial report for fiscal year 2023–24 was positive, adding about $8,000,000 to the fund balance and bringing the district’s fund balance to “a little over $24,000,000,” the committee report said.
The committee warned that part of that increase reflected receipt of federal funds that the district will stop receiving next year; the transcript states, “Part of that will be to offset because we're losing about $10,000,000 in funds that we received. They're federal funds that we received in that fiscal year and that's the last year that we're going to receive them.” Committee members said they will consider in coming months how much of the current fund balance to commit for future budgets and how much to transfer into a capital-reserve account for capital needs.
Committee members also discussed an Act 1 resolution, a standard board resolution that commits the district to not increasing taxes above an index calculated by the Pennsylvania Department of Education. The committee speaker said, “I can tell you I would never speak for my fellow board members on an issue, but I think on this one, I think it's safe to say that we're not gonna be increasing taxes this year.”
The finance report also noted an early-retirement incentive on the agenda; a board member asked why the district would offer an early-retirement incentive for support staff while vacancies exist, and a committee speaker clarified that the incentive was for support staff rather than classroom teachers.
The finance-related consent items on the agenda (items 9.2 through 9.5) were approved by consent later in the meeting without extended discussion.
Ending: Committee members said they will return recommendations about capital reserve transfers and budget planning in the coming months; no final budget decisions were made at the Jan. 16 meeting.
