January 24, 2018 Agenda and Notes

CAC for Finance

January 23, 2018  4 p.m.

State College Area High School (new building – main entrance)

Westerly Parkway, State College, PA  16801

 

Agenda    

     Tour of High School

 

     2018-19 Budget Development

           Budget.update.2018-19-1.22

           Budget Development January 8 2018

           BudgetUpdate2018-19.12-18-17

 
     Capital Financing

           Capital Financing1.22.2018memo

 

     Public Comment

 

     Future Meetings

           To Be Announced

________________________________________________________________

NOTES

CAC for Finance Meeting Notes                  
January 24, 2018 – 4:00 pm
High School – Main Office Conference Room
650 Westerly Parkway, State College, PA

 

Present:  Randy Brown, Marie Caster, Marisa Flynn, Andy Friberg, John Hook, Donna Reinhardt, Susan Sampsell, Lana Walker (left the meeting at 5:00), Donna Watson, Laurel Zydney

CAC for Finance Committee members were given a tour of the High School, which was followed by a brief business meeting.

2018-19 Budget Development:  Randy Brown provided budget development documents, reporting the board adopted an Accelerated Budget Opt Out Resolution, certifying the tax rate will remain within the inflation index (Act 1 of 2006) of 2.4% for the 2018-2019 Fiscal Year. Additional costs not included in the proposed budget are teachers for the Elementary Day change; program presentations and reviews are ongoing throughout the next several months; new properties increased assessed value; Earned Income Tax increased; level State revenue.  Members commented on $7 million projected charter school expense, fluctuating enrollment and attracting back students.

Bond Financing:  Randy Brown reported a $54 million bond sale will occur late-February or early-March, with a fixed rate 25-year repayment. Recommending negotiated sale to include local market.  

Future meeting: Next meeting mid- to late-February and will invite Tom Becket.  Budget update will be presented.

Adjournment:  The meeting adjourned at 5:24 p.m.

Submitted by,
Marie Caster