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Finance director: revenues exceeded expenses in 2024—25; district solvent through January despite state funding uncertainty
Summary
Susan presented the district's 2024—25 Annual Financial Report, noting revenues exceeded expenses and a healthy fund balance that should carry the district through January. She warned the board it will lose investment income while the state budget impasse continues and explained that budget transfers must be approved by the board under the school code.
Susan reviewed the Punxsutawney Area School District nnual Financial Report for 2024—25 and provided an overview of current finances and the coming budget process.
She told trustees the AFR has been submitted to the Pennsylvania Department of Education and that revenue exceeded expenses for the year. The district finished the fiscal year with a strong fund balance, a result the finance office attributed in part to earlier decisions to "right-size" staff and close facilities in prior years. Susan said the district expects to remain solvent through January even if state and federal funding delays persist, though it will lose investment income during the period when tax receipts are held.
On operating detail, Susan walked the board through multi-year comparisons of major revenue lines and explained how gaming revenue reduced the local-tax burden in the prior year. She also reviewed vendor payments above $20,000 and noted which purchases were competitively procured. When asked about the legal requirement for budget transfers, administrators referenced the school code and confirmed that transfers are brought to the board for approval; Susan said the budget process for 2026—27 is now open and that building-level requests must be entered before the Christmas break.
Board members thanked Susan for the detailed report and asked about anticipated health-insurance changes and other budget pressures; Susan said consortium discussions are scheduled and the district held health-premium increases to around 4.6% for the coming year.
