State College Area School District
CAC for Finance
October 14, 2010
131 West Nittany Avenue
State College, PA 16801
Rich Bartnik Absent
Tim Hurley Absent
Jim Myers Absent
Paul Olivett Absent
Susan Sampsell Absent
Lana Walker Absent
Approval of Minutes: Approval of the September 9, 2010 meeting minutes was deferred to the November meeting due to lack of a quorum.
2011-12 Budget/Cost Control: Jeff will schedule a meeting of the Cost Control Task Force for early November. He will provide a list of strategies and ask the committee to rank their top five from the list, or provide others that are not on list. There will be a 2011-12 budget presentation at the October 25 board meeting. There might be PSERS reform on the horizon, all salary agreements will have expired by 2011-12 and the Federal stimulus funding is expiring, which means more uncertainty with the 11-12 budget than there was for 10-11. Some cushion in the retirement account could exist this year due to approving the higher rate in our budget, and then the rate changed. A preliminary budget needs to be approved by January 27, 2011 with adoption in February.
Bond Refinancing: Jeff stated that about $20 million new money will be needed to cover the elementary project costs. Probably will refinance $25 million and issue $5 million in new money. Will look at other projects that would normally be paid by cash to decide if it makes more sense to finance these projects. Looking to do a bond issue as soon as it can happen with a second issuance taking place in 2011.
Adjournment: The meeting adjourned at 4:28 pm.