Finance Committee Reviews Budget, Bonds & Benchmarks

Finance Committee Meeting
The board held a finance committee meeting on Feb. 19, 2018.

Bond Refunding Update
PNC Capital Markets, LLC provides tax-exempt debt underwriting services and related financial advisory services for the school district.  Mr. Tony Misiti, Managing Director, provided a market update as well as bond refunding candidates. Download the market update document.

Long Range Budget Update
The development and implementation of long-range financial strategies have 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.

The capital funding plan has been updated with some minor changes since December 2017:

  • Under the category of technology, the Virtual Desktop Infrastructure project moved from 2018-2020 to 2019-2021. An allocation was added to the 2018-2019 fiscal year to purchase and install a WIFI bridge at the stadium to provide connectivity to the visitor's side of the field and the athletic trainers' space. Additionally, an estimate was added for 2018-2019 to cover the cost to replace the sound system at Eden Hall.
  • The district currently owns two vans which are used to transport students for special education programs, field trips, and athletic trips. These vans have been continually breaking down and are in need of replacement. The estimate to replace these vehicles has been accelerated to the 2018-2019 fiscal year.
  • Two changes have been made to the athletic department section. An allocation was added to 2018-2019 to replace the original bleachers used for the band at the stadium. in 2020-2021, an estimate has been included to replace the floor in the girls' locker room area at the High School pool.
  • In the food service section, the amount reflected in 2017-2018 for replacement cafeteria tables has been changed to match the COSTARS price quote on the February agenda for approval. An estimate was added to Hance Elementary in 2018-2019 for additional replacement cafeteria tables. Lastly, the dish machine replacement for Richland Elementary was moved from the current year to 2019-2020. All funding for these purchases comes from fund 51 - food service.

Download a draft budget document.
Download Budget & Benchmark Comparison Update Presentation.