Finance Committee Meeting

December 11, 2017

Mr. Justin Vancheri and Mr. Peter Vancheri, auditors from Hosack, Specht, Muetzel & Wood, LLP, provided a presentation to the board on the district's 2017 audit.

PNC Capital Markets, LLC provides tax-exempt debt underwriting services and related financial advisory services for the school district.  Mr. Tony Misiti, Managing Director, provides continuous monitoring of the market.  In addition to the market update, he provided the annual Debt Profile report which captures the complete borrowing portfolio of the district. 

Long Range Budget: The development and implementation of long-range financial strategies has been an area of ongoing study and action for the school board and administration through the Pine-Richland School District strategic plan. The primary goals are to continue excellence in educational programming and opportunities for student engagement inside and outside the classroom and to continue operational efficiency with a capital projects plan that preserves and improves district/community assets without incurring additional debt. A continued focus exists on strategic decision-making to ensure a strong financial position currently and in future years.

Annual Budget Timeline:  Act1 of 2006, the Taxpayer Relief Act imposes a limitation by which school board directors are not permitted to raise the real estate tax rate beyond a predetermined index or percentage each year. The law does provide for some exceptions to exceed this limitation. Examples of these include special education costs, retirement rate costs, and certain construction costs. Increases in tax rates beyond those permissible under the Act would require referendum approval by the voters of the Pine-Richland School District (School District) before budget adoption could occur. 

You can review more details on Act I and the draft proposed preliminary 2018-2019 general budget.