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Finance committee hears budget update, IU credit and $2M capital transfer plan
Summary
Committee received a financial update showing year-to-date revenue of $136.68M vs. a $150M budget, discussed a roughly $2.7M receivable/credit from the Intermediate Unit, a planned $2M transfer from debt service to capital, rising special-education and prescription costs, and forwarded related items to the board for approval.
The Centennial SD Finance Committee received a detailed financial update covering year-to-date revenues, expenses, fund balances and near-term budget choices.
Presenter reported year-to-date revenue of $136,677,000 against a $150 million budget and explained the district will not transfer a previously included $2.7 million from the debt service fund into current operations, a change tied to an expected credit from the Intermediate Unit (IU). The IU credit originating from lower-than-budgeted purchased special-education services will be posted as a receivable and is expected to be recognized before December, reducing pressure on the 2024–25 results.
Committee discussion highlighted several budget pressures: special-education and outplacement costs rising in line with private-market rates (presenters described increases in the 8%–10% range), prescription drug costs reported up roughly 14%–15%, and overall health-insurance plan costs increasing about 4%–5% year over year. The committee noted the budget currently assumes a full Act 1 tax increase (4%) and discussed how lower tax action would produce a meaningful deficit, with one presenter noting a tax move under roughly 3.75% would leave a significant gap.
On fund balances and capital planning, staff summarized estimated consolidated fund balances in the mid-$20 millions and said the district plans a transfer of about $2 million from the debt-service fund to the capital fund to keep planned projects funded. Major capital items previewed for 2025–26 include a roughly $1 million technology replacement, repaving projects (Log College and the high-school stadium lot), classroom renovations ($300k–$400k) and bus/vehicle purchases (~$500k plus equipment).
The committee also reviewed procurement items and the food-service fund. Food service staff presented a balanced $3.9M budget for 2025–26 and described summer meal hubs and new equipment purchases. Transportation discussion covered recent van purchases that reduced contracted costs, a shelved state/federal propane-bus grant, and the arrival of a new transportation director.
The committee voted to forward related agenda items to the Centennial SD Board for consideration at the June 24 meeting. No final budget adoption occurred at the committee level; the committee instructed staff to include the IU receivable, plain-language explanations and supporting bid attachments in the board packet.
