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District reports year-end numbers and flags transfer to capital reserve; Act 1 index adjusted to 4.4%
Summary
Finance staff told the board the district ended the fiscal year 0.6% under a $103 million general-fund budget, health-care costs show a $510,000 negative variance, and administration proposed a $500,000 transfer from the general fund to the capital reserve. Officials also said Cornwall-Lebanon’s Act 1 adjusted index for 2026–27 is 4.4% (an adjustment above the base index).
District finance staff reviewed year-end financials and the Act 1 index used for tax-rate calculations.
The presenters said the general fund for the fiscal year is about $103,000,000 and is 0.6% under budget. Expenditures were below budget in purchasing and professional services but above budget for personnel costs, particularly substitute teachers. The health-care fund showed a negative variance of roughly $510,000, driven by high claimants and rising costs; staff highlighted a new Rx and Go prescription program started Oct. 1 intended to reduce cost.
Finance recommended a transfer of $500,000 from the general fund into the capital reserve fund (this transfer requires board approval). The administration said it will transfer earned interest above budget to campus projects and continue technology-equipment smoothing to support rolling replacements.
On tax-rate planning, the presenters explained Pennsylvania’s Act 1 base index process and said Cornwall-Lebanon qualifies for an adjusted index because of its market value/personal income aid ratio; the district’s adjusted Act 1 index for 2026–27 is 4.4%. Staff recommended placing a resolution not to exceed the index on an upcoming agenda (administration suggested November or by the January statutory deadline), noting the board can still adjust timing once more state budget information is available.
The board did not vote on these items at the work session; transfers and any resolution will be considered at the Oct. 20 voting meeting and subsequent sessions as the budget process continues.
