0:03 → 0:22(18s)
With co-chair Pamela Henry presiding, the Financial Affairs Committee met Tuesday, October 7 in person and via Zoom. The meeting opened with Ben Kapenstein, a representative from PFM, the district’s financial advisor, briefing the board on a $30M bond to finance the Glenside Elementary and Cedarbrook Middle School renovations. The board approval would be for a maximum of $50M to potentially refund the 2019 Series Bond Issue as well, should the interest rate market provide the opportunity for refinance. Director of Business Services Josh Sweigard then reviewed the interim financial statements through September. Sweigard closed the meeting with a review of the Act 1 timeline, which just started at the end of September. Cheltenham’s Act 1 tax rate is 3.5%, meaning the district can’t raise taxes past that point if the board passes an opt-out resolution. The proposed final budget is due in April with the final budget being passed at the June board meeting. The next Financial Affairs Committee meeting is Wednesday, November 5 at 7 p.m. due to the Election Day. Slide deck - https://drive.google.com/file/d/1JVBzqorfz3qdHC1A8ZVL6kU2KJTV5_ZV/view?usp=sharing
