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East Stroudsburg finance committee sets monthly reporting format, schedules January audit and lays out budget timeline
Summary
The East Stroudsburg Area SD finance committee agreed Dec. 9 to a monthly reporting format and a budget timeline, asked staff for scenarios using 0%, 2.5% and 5% Act 1 levy increases, and scheduled the district's auditors to present to the full board in January after the finance committee reviews the audit book in advance.
The East Stroudsburg Area SD finance committee voted Dec. 9 to adopt a consistent monthly reporting format and a multimonth budget schedule as the district moves into budget season.
Committee members asked staff to provide monthly finance packets that break out encumbrances and show both object-code and higher-level functional views. Staff described the object-code format (100s for personnel, 200s for benefits, 300s for professional services, etc.) as a concise way to review spending by major object and offered a longer function-based report for deeper review.
"The most important thing to look at is on the page 5 of 6, the expenditure totals and the percentage used," a committee member said, noting that the district should be around 25% through the year; staff reported a 26.91% year-to-date usage figure. Staff also pointed to outstanding encumbrances, including a recurring $7,500/month contract with a school-business consultant that is treated as a committed expense until paid.
The committee set a budget development calendar: staff will present preliminary figures in February'May, a full preliminary budget in May and a final budget in June. Members asked for simple tax-revenue scenarios showing the revenue impact of 0%, 2.5% and 5% levy increases under the Act 1 index; staff noted statewide Act 1 is 3.1% while the district's effective maximum for this year is 5% because of a funding/tax disparity.
On the audit schedule, staff reported auditors were finalizing the single-audit supplement and expect to present the audit in January. The finance committee agreed it would like an advance copy of the audit book to review and said the auditors should present to the full board while the finance committee prepares focused questions in advance.
Staff also briefed the committee on investment practice and liquidity: tax receipts are swept into the general fund, transferred to the district's investment manager and placed in short-term treasuries; members were warned that future lower interest rates will reduce interest income available to the district.
Next steps: staff will provide monthly packets in the requested format, run the Act 1 levy scenarios requested by the committee, and circulate the audit book in advance of the January presentations.
