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District staff: HRA account fully funded, separate stipend account about 67% funded
Summary
At an Oct. 28 meeting, district staff presented the annual Act 99 report showing the HRA (OPB) account is fully funded with an ending balance cited at $10 million, while a non-OPB stipend account is about 67% funded with an estimated $15 million liability; the district budgeted $2.2 million in contributions for the coming year.
Miss Spring, a district staff presenter, summarized the annual Act 99 employee benefit trust account report required for post-employment benefits.
"So our HRA OPB is fully funded right now," Miss Spring said, citing an ending balance of about $10 million and explaining that those funds are sufficient to pay those benefits for several years. She contrasted that with the district's non-OPB stipend account, which she said is around 67% funded.
Board members pressed for details on the shortfall. According to Miss Spring, the non-OPB account has an outstanding liability of about $15 million; the district made a $1.9 million contribution in the last year and had disbursements of about $1.3 million. She told the board the budget includes $2.2 million in contributions for the coming school year as the district seeks to close the funding gap.
The presentation noted constraints on overcontributing to either fund because of categorical aid rules: excessive contributions could affect special education aid eligibility. The report was provided as an information item; no formal action was taken on the Act 99 report itself during the meeting.
