Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
Pleasant Valley finance report: capital reserve $20.4M, EBTEP reserve healthy; 2627 budget calendar laid out
Summary
Business office reported capital reserve and consolidated bond balances, noted EBTEP reserves exceed the required minimum, and presented the district's calendar for the 2627 budget cycle including a January board resolution to not exceed the Act 1 index (4.8% for 2627).
Finance staff presented a multiitem finance update to the board, including current balances and a full 2627 budget timeline.
The finance director reported available balances in district accounts: a Capital Reserve balance of approximately $20,377,662.13, a 2018 bond account balance of $0, and a Consolidated Bond account balance of about $2,984,006.54. On the EBTEP (healthcare/benefit) reserve, staff said the balance at August 31 was $5,647,549.68, equivalent to about 5.5 months of reserve; the district's policy requires maintaining four months, so staff described the EBTEP position as "in good standing."
Staff then reviewed the district's budget calendar for school year 2627 and key compliance steps: budget work begins in November; in January the board must adopt a resolution confirming the district will not exceed the Act 1 index (Finance reported the Act 1 index for 2627 is 4.8%); in February the staff will present audited financial statements for 24‑25 and a status update for 25‑26; in March the business office will present a millage recommendation and preliminary budget; April is proposed‑final budget approval and May is when the district typically receives the final property tax relief ("gambling money") amount and the deadline for the proposed final; June is the final budget adoption.
Board members asked clarifying questions about how the capital reserve can and cannot be used (staff reiterated it is for capital projects only, not payroll) and about timing for budget documents staff will distribute to principals and directors. Finance staff said they would circulate detailed materials and a planned professional‑development schedule for budget planning in the coming weeks.
Why it matters: The Act 1 index and the timing of the gambling/property tax relief notification affect how the district sets millage and finalizes a budget. The reported reserves show a strong capital and EBTEP position heading into the 2627 budget cycle.
