September 19, 2019



September 18, 2019 CAC for Finance Meeting Notes

Radio Park Elementary  School

Staff Lounge - 4:00 p.m.

800 W. Cherry Lane

State College, PA  16803




I.    2019 Bond Sale Results


II.    2019-20 Final Budget


III.   2018-19 Unaudited Financial Statements


IV.   Capital Projects

  • Open House Events
    • September 25   Spring Creek Elementry
    • October 12 High School 
    • October 15  Radio Park Elementary 
    • October 24  Corl Street
  • Capital Financing Analysis


V.     Public Comment


VI.    Future Meetings

  • January 15, 2020




September 19, 2018  CAC for Finance Committee

Radio Park Elementary School - Library

800 West Cherry Lane

State College, PA  16803


Committee  Members: Dave Leib,  Marisa Flynn, John Hook, Carl Raup, Lana Walker, Laurel Zydney

Others:  Randy Brown, Nancy Reese, Donna Watson


Call to Order

Mr. Brown called the CAC for Finance Committee meeting to order at 4:03 pm.


2019 Bond Sale Results

Mr. Brown reviewed the Bond Sale with the committee. Even though the market was a little unstable on the day of the sale, because it was negotiated, Merrill Lynch and Bank of America bought roughly $10 million of the bonds. This resulted in a successful sale for the district with a savings of $1 million.   


Capital Financing Plan

Mr. Brown reviewed the 2019-20 final budget pointing out highlights and answering questions. He also stated that the Act One index is projected at 2.6%, but with the completion of projects he is hoping to keep any income tax increase as low as possible.  


2018-19 Unaudited Financial Statements

Mr. Brown stated that the 2018-19 unaudited Financial Statements were reviewed by the Finance and Audit committee on September 12 and reviewed the results with the committee. Discussion and questions followed.


Capital Projects

All buildings were open for the beginning of the school year.  There are still a few items to be completed, but the buildings are functioning well.  The High School has several areas outstanding, but are nearing completion. Memorial Field is now under construction with no weather delays to report. The North and South fields are being used for athletic events and positive community feedback have been received.  Mr. Brown noted that the new scoreboard on the South Field was fully funded by a private donor.  


Mr. Brown invited the committee to the Open Houses which are from 6:00 - 8:00 p.m. for the elementary schools and 9:00 - 11:00 a.m for the High School.

  • September 25 - Spring Creek 
  • October 12 -  High School
  • October 15 - Radio Park 
  • October 24 - Corl Street

Mr. Brown briefly updated the committee on the status of playgrounds.  He also stated that the playground construction has been delayed until early May, giving the least amount of disruption of use during the school year.  When the projects are complete, all playgrounds will be 100% ADM accessible. As a result, the construction is more complex, increasing the cost to over $250,000 per playground.  


Capital Financing Analysis

  • Future and Ongoing Projects 
    • Phase 1 of playgrounds beginning in May
    • Memorial Field under construction with no weather delays
    • Sale of the Lemont building is underway with a private negotiated sale.  The public court hearing was held on September 4. The sale agreement includes limestone exterior being maintained, renting or selling to a charter school not permitted, and the district has first right to buy.
  • Campus Accessibility - Code requirement has been met in all buildings, but the district is looking at increasing accessibility for the exterior.  
  • Solar Power Agreement -  We are currently in the analysis stage. Two board members and Randy Brown serve on the working group committee.  The district represents 53% of the power usage, giving the district two votes when it comes to voting on moving forward with a solar power agreement.  Mr. Brown stated that Penn State signed a 25 year agreement for solar power, as only one source of power, with their own power grids near campus. Mr. Brown stated that solar power prices are unknown and are only speculation at this time, which makes it difficult to make an economically sound decision. The district recently locked in energy prices through 2022 with their current power supplier.
  • Deferred Maintenance Plan - Focus has been on completing current projects. A deferred maintenance plan will be implemented soon.

Future Agenda Items

  • Review deferred maintenance schedule
  • Campus accessibility plan


Public Comment

No public comment was given.


Future Meeting

The next scheduled CAC for Finance Committee meeting will be January 15, 2020 at 4:00 p.m. at Panorama Village Administrative Building, Conference Room C.



Mr. Brown adjourned the CAC Finance Committee meeting at 5:25 p.m.  Following the meeting, a tour of the Radio Park Elementary facility was given.


Submitted by,


Nancy Reese