FINANCE COMMITTEE August 14, 2017 6:00 pm AGENDA 1 1. Review/Approval of June 19, 2017 minutes 2. Hiring of new Accountant I a. Start date – August 22 nd (pending Board approval) b. Main focus 2016-2017 reconciliations and prep for audit 3. List of Bills 4. Treasurer’s Report – July a. Cash b. YTD Revenues & Expenditures c. TAN – repayment by September 30, 2017 5. Budget Transfers – no transfers until after October 1st 6. Fuel Usage - will resume reporting once school starts 7. Debt restructuring a. Moody’s b. BAM c. Presentation by Bond Counsel and PNC representatives d. Anticipated August 21, 2017 Resolution for Board approval 8. Next meeting Monday, September 18, 2017 at 6:00 pm
Transcript
FINANCE COMMITTEE
August 14, 2017 6:00 pm
AGENDA
1
1. Review/Approval of June 19, 2017 minutes
2. Hiring of new Accountant I
a. Start date – August 22nd (pending Board approval) b. Main focus 2016-2017 reconciliations and prep for audit
3. List of Bills
4. Treasurer’s Report – July a. Cash b. YTD Revenues & Expenditures c. TAN – repayment by September 30, 2017
5. Budget Transfers – no transfers until after October 1st
6. Fuel Usage - will resume reporting once school starts
7. Debt restructuring a. Moody’s b. BAM c. Presentation by Bond Counsel and PNC representatives d. Anticipated August 21, 2017 Resolution for Board approval
8. Next meeting Monday, September 18, 2017 at 6:00 pm
FINANCE COMMITTEE
September 18, 2017 6:00 pm
AGENDA
1
1. Review/Approval of August 14, 2017 minutes
2. Introduction of new Accountant I
3. List of Bills – more detail added as per 8-21 board request
4. Treasurer’s Report – August a. Cash as of August 31, 2017 b. 2017-2018 YTD Revenues & Expenditures c. TAN $9,000,000 – payment by September 30, 2017 d. Bonds $2,887,854.09 – payment by October 1, 2017 e. Transportation $3,062,644.00 – payment by October 5, 2017 f. PSDLAF g. PlanCon subsidy increase
5. Budget Transfers – no transfers until after October 1st
6. Fuel Usage – will resume in October
7. Credit card
8. Closing bank accounts
9. Bus pass agreement with City Charter
10. Piney Bowes – mailing machines renewal – 3, 4, or 5 years
11. Western Pennsylvania Electric Consortium Extension (AIU)
12. Activity fund of accounts for Linton and High School
13. Other items
14. Next meeting Monday, October 16, 2017 at 6:00 pm
FINANCE COMMITTEE
October 16, 2017 6:00 pm
AGENDA
1
1. Review/Approval of September 18, 2017 minutes
2. List of Bills
3. Treasurer’s Report – September
a. Cash as of September 30, 2017 b. 2017-2018 YTD Revenues & Expenditures c. TAN $9,000,000 – paid September 28, 2017 d. Bonds $2,887,854.09 – paid September 28, 2017 e. Transportation $3,062,644.00 – paid October 3, 2017 f. PSDLAF
4. Reports
a. 2015-2016 FER b. 2016-2017 AFR c. Food Service doc review d. ACCESS
5. Budget Transfers
6. Fuel Usage
7. Credit card – board must approve applying for credit card
8. Closing bank accounts
9. Other items
10. City Charter Transportation contract - revisited
11. Next meeting Monday, November 20, 2017 at 6:00 pm
FINANCE COMMITTEE
November 20, 2017 6:00 pm
AGENDA
1
1. Review/Approval of October 16, 2017 minutes
2. List of Bills
3. Treasurer’s Report – October
a. Cash as of October 31, 2017 b. 2017-2018 YTD Revenues & Expenditures c. PSERS d. PSDLAF
4. Budget Transfers
5. Fuel Usage
6. Audit 2016-2017
7. PDE a. AFR – extension requested b. Cash Flow Worksheet c. Financial Watch – Michael Lamb
8. Real Estate a. Updated Fee Schedule for Sheriff Sales (minimum threshold of $2,000) b. Bus Garage – sale to close November 28, 2017 c. Forbes Elementary – lease purchase agreement expires December 31. 2017
9. Analysis of Telecommunication Accounts – SpyGlass
10. 2018-2019 Budget
11. Other Items
12. Next meeting Monday, January 6, 2018 at 6:00 pm (tentative)
FINANCE COMMITTEE MTG 2/20/18 Agenda
6:00 pm
1. Minutes from 1/16/18 Finance Committee Mtg 2. Updates from Michael Lamb 3. Treasurer’s Report –New Format
a. Cash Reconciliation b. Fund Balance c. YTD Revenues & Expenditures d. *Cash‐Flow Projection*
4. Outstanding Bills a. List to be Considered 2/26/18 b. Vendor Contact
5. Budget Transfers 6. Report Status
a. PEARS on‐site visits/reviews x 5 completed prior to 2/1/18 b. ACCESS quarterly report due 2/1/18‐ held (data to be included in next quarterly
report with no penalty assigned)‐ cont’d review of current ACCESS model + other options
c. eTran‐ Kelly Wood is reviewing current + several years back and comparing with AFRs (Preliminary sense is that we did not claim for reimbursement all that we could. Can we revisit and make corrections?)
7. OTHER a. Moody’s‐ Last contact 1/25/18 (next expected after 3/26/18) b. Ongoing Internal Audit of Charter Invoice Processing (conversion to direct pay) c. ComDoc Service Agreement (expired 12/31/17)‐ Tabled 1/16/18 d. Bus Garage Utility Costs (7/1/17‐11/28/17)‐ $11,900.62 need 2/26/18 resolution e. Payroll Clerk‐ started 2/12/18 f. *Wireless Upgrade for PHE (Roger) g. Business Manager position currently posted (PASBO + AIU contact made) h. AIU Joint Purchasing Update‐ Currently negotiating best prices for fuel (gas +
diesel) and electric i. AIU Program of Services Budget‐ need 2/26/18 resolution (no commitment to
purchase; just acceptance of new, established pricing if we opt to purchase) j. Fresh Fruits & Vegs‐ need 2/26/18 resolution ($65,950) k. Act 80 Processing Available thru Keystone Collections ($750)‐ need 2/26/18
resolution l. Mark Turnley (preliminary findings from audit of 16/17 financials); Mark will
present officially and offer written report during 3/26/18 Board Mtg
Next Mtg Date: Tuesday, March 19, 2018 (6 pm)
Next Mtg Date: Monday, April 16, 2018 (6 pm)
FINANCE COMMITTEE MTG 3/19/18 Agenda
6:00 pm
1. Minutes from 2/20/18 Finance Committee Mtg 2. Treasurer’s Report
a. Cash Reconciliation b. Fund Balance c. YTD Revenues & Expenditures d. Cash‐Flow
3. Outstanding Bills a. List sched’d for 3/26/18 Board vote b. Still holding select bills, mostly charter, which compromises our intent to return to
direct bill/direct pay. c. TAN to be pursued prior to 5/1/18
4. Budget Transfers 5. OTHER
a. PDE Interventions i. Direct pay of 4/1/18 debt‐service payment ii. $2.5 million advance on June subsidy
b. 18/19 Budget Update i. Guidance rec’d from PDE ii. Local review of options continues
c. Food Service: Renewal (by 6/30/18) versus RFP (needs to be initiated ASAP, if applicable)
d. ACCESS Update (AIU Supervision Model) i. $12,500 ii. Includes medical review + sign‐off (saves $125/hr) iii. Includes supervisory review of PHSD clerical work iv. Includes archiving docs likely to be requested during an audit and/or docs
needed to justify entries on financial reports e. Status of eTran versus AFR Review
i. Fare‐based transportation #s listed in the AFR + eTrans must match. If they do
not, we are reimbursed at the lower of the 2 amounts.
ii. 14/15 filings: AFR ($1.4 million) + eTran ($87,000) *So far, we can only confirm
$68,000 in receipts. We may lose about $20,000 on this one.
iii. 15/16 filings: AFR ($9,300) + eTran ($89,120) * We stand to gain about $80,000.
iv. 16/17 filings: AFR ($0) + eTran ($105,791) * We stand to gain about $106,000.
v. Net expected gain could be about $166,000. f. Keystone Collections Renewal g. Business Manager Position h. Mark Turnley 2016/2017 Audit Findings (3/26/18) i. Conversion of PT Food Service Worker to FT Autistic Support Aide (Teresa Gerken)‐
1. Minutes from 4/16/2018 Finance Committee Meeting 2. Treasurer’s Report
a. Balance Sheet as of 4/30/2018 b. YTD Revenues & Expenditures c. Treasurer’s Report Cash Flow
3. Outstanding bills a. List scheduled for 5/21/18 Board Meeting b. Still holding select bills for charter school and transportation overage for activities,
athletics, etc. All other bills are paid. c. TAN: Provided Anticipated Cash Deficit Worksheet, Preliminary Budget Document,
Year to Date Financial information to PNC Bank by 5/1 for the Tax Anticipation Loan for the 2018-2019 school year.
4. Other-Revenue, Webinars, Budget a. ACCESS Money: Submitted the quarterly report by 4/30/2018 for the salaries and
benefits from October-December 2017 and January-March 2018. b. Submitted the changes in AFRs for years June 30, 2016 and 2017 for transportation
reclassifications for an additional $188,747.06 transportation subsidy. PDE is trying to expedite.
c. Plan Con Reimbursement: The District will submit on May 16, 2018 a $3369.10 reimbursement form to PDE for reimbursement in June.
d. Received notification from PDE the property tax reduction allocation for 2018-2019 is $2,359,166.03. Last year we received $2,359,926.75 (slightly more). This will be distributed to approximately 12,078 property owners.
e. Attended a webinar on May 3, 2018 regarding Charter School Tuition Calculations since the March 18, 2018 changes. Only Budgeted numbers will be used and PDE will no longer reconcile the Form 363 Budgeted numbers with the actual numbers from the AFR. We are in a holding pattern.
f. Will be attending a webinar on May 30, 2018 for Payroll/ Personnel Updates in Financial Software with the Payoll Specialist and the HR Department for conversion for the 2018-2019 school year.
g. Budget Timeline: i. May 21, 2018 Preliminary Budget Presentation for 2018-2019-initiate public
display ii. June 25, 2018 Final Budget Adoption for 2018-2019 5. Appointments/Resolution/Contracts
a. Approve the reappointment of Dr. Robert Marra as Board Treasurer for the 2018-2019 School Year.
b. Approve the School Physician Services of Premier Medical Associates for the 2018-2019 School Year at the annual retainer of $25,000. -0- change
c. Approve the appointment of Dr. Mark Antonucci as the School Dentist for the 2018-2019 School Year at the annual retainer of $25,000. -0- change
d. Approve the appointment of Mark C. Turnley CPA as the independent auditor for the school years ending June 30, 2018, 2019, and 2020 at a cost of $15,750.
e. Approve the 2018-2018 Operating Budget in the amount of $6,362,057 and the Administrative Budget in the amount of $1,481.039 for the Forbes Road Career & Technology Center.
f. Approve the Resolution opposing legislation that would allow private schools to get state education funding by allowing Education Savings Account voucher programs as outlined in state Senate Bill 2. Standard PSBA resolution
g. Resolution for Extension of Credit and Incumbency Certificate-necessary in order for the District to have a credit card. Transfer of name to Eileen Navish as Business Mgr.
h. Presentation by Mark Shuster to discuss an audit of our EIT, mercantile and business privilege taxes.
Next meeting June 18, 2018 at 6:00 pm
FINANCE COMMITTEE MEETING 6/18/2018 Agenda
6:00 pm
1. Minutes from 5/14/2018 Finance Committee Meeting 2. Treasurer’s Report
a. Balance Sheet as of 5/31/2018 b. YTD Revenues & Expenditures c. Treasurer’s Report Cash Flow d. Due to the Retirement Subsidy of $1,891,067 on June 18, 2018, our cash flow will
improve in the month of June. 3. Outstanding bills
a. List scheduled for 6/25/18 Board Meeting b. Still holding select bills for charter school and transportation overage for activities,
athletics, etc. All other bills are paid. c. TAN: Received approval for the $9.9 million TAN Loan at a rate of 3.99%. It is due to
be paid back September 28, 2018. $4 million in bills will be paid first which include $333,000 to Krise Transportation, $905,000 to Forbes Vo-Tech and the balance to Charter Schools.
4. Budget Transfers 5. General Information & General Fund Budget
a. We have been cooperating with the auditor for the 2015-2016 ACCESS Audit. $288,000 is the ACCESS funding we received that year.
b. The 2016-2017 Final ACCESS report has a Medicaid Cost Settlement of $615,349.37. I have not seen these funds deposited into our State Account yet.
c. For 2018-2019 the Title 1 money went from $1,457,973 to $1,419,550, Title 2 money went from $225,870 to $197,851. Title 4 money went from $33,379 to $105,261. Net gain of $5440.
d. On Thursday June 14, 2018 there will be a call from Moody’s regarding the June 30, 2017 Audit Report and YTD financial statements. Treasurer Marra, Dr. Hines and myself will be present for the call.
e. Received a letter from PDE that the June 30, 2017 Single Audit is approved as being substantially in compliance with 2 CFR, Part 200, Subpart F and other relevant federal and Commonwealth policy.
f. Reissued all the PDE-363 forms to the Charter Schools with the Final ADMs so that the Charter Schools can file their final reconciliation with the District for the 2017-2018 School Year.
g. For the 2016-2017 School Year, Seven Charter Schools did not provide documentation on or before October 17, 2017 so PDE determined that their final payments will not be withheld from our subsidy. Total amount saved is $573,454.98.
h. Budget Timeline: June 30, 2018 Final Budget Adoption for 2018-2019
Due to a number of retirements, the Budgetary Shortfall was reduced from $4.4 Million to just under $4 million. Budgeted Revenue $89,237,808 and Budgeted
Expenditures $93,233,048. Shortfall is $3,995,240.
6. Appointments/Resolution/Contracts June 25, 2018 meeting: a. Approve PNC Financial Services, The Bank of New York Mellon and the Pennsylvania
School District Liquid Asset Fund as official depositories for the District commencing July 1, 2018 through June 30, 2019;
b. Approve the Educational Staffing Agreement with Kelly Services, Inc. by providing substitute teachers, substitute instructional aides and substitute secretaries for the 2018-2019 school year (at the same rate as in 2017-2018 & adding secretarial substitutes at $10 per hour);
c. Approve the District’s Insurance Broker, Fedele Insurance Company for insurance coverage for the 2018-2019 school year as provided in the attachment.
d. Approve Arbiter Pay for paying the Athletic Officials (discussion with Athletic Director)
June 30, 2018 meeting: a. Millage Resolution b. Homestead Farmstead Resolution c. Resolution to pass the Final General Fund Budget for 2018-2019 d. Note Resolution for the Tax Anticipation Loan e. Proposal for the Purchase of the Tax Anticipation Loan f. Certificate as to Collections and Expenditures for the Tax Anticipation Loan
