january 13, 2015 finance committee meeting · lampeter-strasburg school district january 13, 2015...

January 13, 2015

Finance Committee Meeting

1

1. Debt Refunding Opportunity

2. 2015-16 General Fund Budget1. 2014-15 Projected Outcome2. 2015-16 Budget3. Five-Year Budget Projections4. Discussion of Index Resolution vs. Preliminary Budget

3. Fund Balance and Fund Transfers

4. Food Service Consultant

5. Items from the Committee

6. Next Finance Meeting Date

2

Lampeter-Strasburg School District

January 13, 2015

Kenneth A. Phillips

Managing Director

RBC Capital Markets

2101 Oregon Pike

Lancaster, PA 17601

Tel: (717) 519-6001

E-mail:

[email protected]

33

As of (1) (2) (3) (4) (5) (6) (7)

Fiscal Year 2002 Fixed 2002 Fixed 2009 2010 2011 2012 2014

Ending June 30 DelVal Loan DelVal Loan G.O. Notes G.O. Bonds G.O. Bonds G.O. Notes G.O. Bonds Total

2015 530,879 530,335 64,508 2,088,850 650,194 1,150,100 132,819 5,147,683

2016 539,426 530,152 304,508 651,544 3,289,100 341,656 5,656,385

2017 549,428 530,782 298,508 652,444 3,324,700 341,206 5,697,067

2018 556,868 530,218 311,788 652,894 3,378,800 340,306 5,770,873

2019 568,736 530,467 1,318,988 642,894 1,939,600 763,956 5,764,640

2020 579,947 530,515 646,644 4,223,656 5,980,762

2021 590,498 530,363 638,769 4,274,106 6,033,736

2022 601,382 531,004 640,119 1,096,750 2,869,255

2023 630,406 630,406

2024 634,206 634,206

2025 627,406 627,406

2026 629,594 629,594

2027 625,419 625,419

Total 4,517,164 4,243,835 2,298,298 2,088,850 8,322,531 13,082,300 11,514,456 46,067,434

(1) 2002 DelVal Fixed Rate Conversion Portion @ 2.635% 1/15/09(includes approximate 40bp annual fees)

(2) 2002 DelVal Fixed Rate Conversion Portion @ 2.005% 9/25/11

(3) Partially refunded by 2014 Bonds.

(4) Series 2010, non-callable, average coupon 2.77%.

(5) Series 2011, callable 3/1/17, average coupon 2.91%.

(6) Series 2012, non-callable, average coupon 3.89%.

(7) Series 2014, callable 8/15/19, average coupon 2.52%.


Gross Debt OutstandingAs of July 1, 2014

4

As of

Fiscal Year 2002 Fixed 2002 Fixed 2009 2010 2011 2012 2014

Ending June 30 DelVal Loan DelVal Loan G.O. Notes G.O. Bonds G.O. Bonds G.O. Notes G.O. Bonds Total

2015 482,439 481,944 58,729 1,879,497 591,029 1,051,690 121,886 4,667,215

2016 490,206 481,778 277,231 0 592,257 3,007,664 313,535 5,162,670

2017 499,295 482,350 271,769 0 593,075 3,040,218 313,122 5,199,828

2018 506,056 481,838 283,859 0 593,484 3,089,689 312,296 5,267,222

2019 516,841 482,064 1,200,839 0 584,394 1,773,636 701,076 5,258,849

2020 527,029 482,108 0 0 587,802 0 3,876,012 5,472,951

2021 536,618 481,970 0 0 580,644 0 3,922,309 5,521,541

2022 546,509 482,552 0 0 581,871 0 1,006,478 2,617,410

2023 0 0 0 0 573,042 0 0 573,042

2024 0 0 0 0 576,497 0 0 576,497

2025 0 0 0 0 570,315 0 0 570,315

2026 0 0 0 0 572,304 0 0 572,304

2027 0 0 0 0 568,509 0 0 568,509

Total 4,104,993 3,856,604 2,092,427 1,879,497 7,565,222 11,962,897 10,566,713 42,028,353

Local Effort 90.88% 90.88% 91.04% 89.98% 90.90% 91.44% 91.77%

State Effort 9.12% 9.12% 8.96% 10.02% 9.10% 8.56% 8.23%

2014-15 CARF 41.76% 41.76% 41.76% 41.76% 41.76% 41.76% 41.76%

Proj. Reimb. 21.85% 21.85% 21.45% 24.00% 21.79% 20.49% 19.71%


Net Debt OutstandingAs of July 1, 2014

5

Period

Ending Principal Coupon Interest Debt Service

Annual Debt

Service

08/15/2015 32,253.75 32,253.75

02/15/2016 240,000 2.500% 32,253.75 272,253.75 304,507.50

08/15/2016 29,253.75 29,253.75

02/15/2017 240,000 2.800% 29,253.75 269,253.75 298,507.50

08/15/2017 25,893.75 25,893.75

02/15/2018 260,000 3.000% 25,893.75 285,893.75 311,787.50

08/15/2018 21,993.75 21,993.75

02/15/2019 1,275,000 3.450% 21,993.75 1,296,993.75 1,318,987.50

2,015,000 218,790.00 2,233,790.00 2,233,790.00

Prior Bond Debt Service


GO Notes, Series of 2015 (Refunding Remaining 2009 Bonds)

Period Ending Interest

Principal

Redeemed Total

03/15/2015 5,375.63 2,015,000.00 2,020,375.63

5,375.63 2,015,000.00 2,020,375.63

Escrow Requirements



6

Sources:

Bond Proceeds:

2,060,000.00

2,060,000.00

Uses:

Refunding Escrow Deposits:

2,020,375.63

Cost of Issuance:

15,000.00

15,000.00

2,500.00

1,500.00

1,000.00

35,000.00

Other Uses of Funds:

4,624.37

2,060,000.00

Fulton Bank

Miscellaneous

Additional Proceeds

Cash Deposit

Placement Agent Fee

Legal Fees

Bank Counsel

Sources and Uses of Funds



Par Amount

7

Period

Ending Principal Coupon Interest Debt Service

Annual Debt

Service

08/15/2015 14,162.50 14,162.50

02/15/2016 205,000 1.650% 16,995.00 221,995.00 236,157.50

08/15/2016 15,303.75 15,303.75

02/15/2017 270,000 1.650% 15,303.75 285,303.75 300,607.50

08/15/2017 13,076.25 13,076.25

02/15/2018 285,000 1.650% 13,076.25 298,076.25 311,152.50

08/15/2018 10,725.00 10,725.00

02/15/2019 1,300,000 1.650% 10,725.00 1,310,725.00 1,321,450.00

2,060,000 109,367.50 2,169,367.50 2,169,367.50

Bond Debt Service



8

Date

Prior Debt

Service

Refunding

Debt Service Savings

Annual

Savings

Present Value to

03/15/2015 @

1.6501503%

08/15/2015 32,253.75 14,162.50 18,091.25 17,967.79

02/15/2016 272,253.75 221,995.00 50,258.75 68,350.00 49,507.31

08/15/2016 29,253.75 15,303.75 13,950.00 13,628.98

02/15/2017 269,253.75 285,303.75 -16,050.00 -2,100.00 -15,552.33

08/15/2017 25,893.75 13,076.25 12,817.50 12,318.43

02/15/2018 285,893.75 298,076.25 -12,182.50 635.00 -11,612.34

08/15/2018 21,993.75 10,725.00 11,268.75 10,653.46

02/15/2019 1,296,993.75 1,310,725.00 -13,731.25 -2,462.50 -12,875.27

2,233,790.00 2,169,367.50 64,422.50 64,422.50 64,036.02

64,036.02

4,624.37

---------------

68,660.39

Plus: Refunding funds on hand

Net PV Savings

Savings



Savings Summary

PV of savings from cash flow

9

• Upcoming 2015-16 budget deadlines:

• January 20, 2015 Board Workshop Meeting: deadline to adopt

resolution indicating that the district will not raise the rate of tax by more than its index (or date by which 2015-16 preliminary budget must be available for public inspection).

The 2015-16 index is 1.9%.

Lampeter-Strasburg School District’s 2015-16 adjusted index is 2.2%.

• February 17, 2015 Board Workshop Meeting: deadline to adopt a 2015-16 preliminary budget (if a resolution has not been adopted).

11

13

2014-15 2014-15 %

Budget Projected Difference Change

BEGINNING FUND BALANCE: 7,854,620 7,854,620

REVENUE:

Local 35,735,160 35,840,070 104,910 0.29%

State 10,105,540 10,134,920 29,380 0.29%

Federal 434,510 449,110 14,600 3.36%

Other Financing Sources 0 0 -

Total: 46,275,210 46,424,100 148,890 0.32%

Expenditures 46,335,170 44,653,580 1,681,590 3.63%

Transfer to Capital Reserve 0 0 -

46,335,170 44,653,580 1,681,590 3.63%

REVENUE OVER/(UNDER )

EXPENDITURES: (59,960) 1,770,520 (1,532,700)

ENDING FUND BALANCE: 7,794,660 9,625,140 1,830,480

TOTAL EXPENDITURES AND TRANSFER

14

%

Revenue Type Amount Increase Comments

Real Estate Taxes 145,670 0.47% $64,410 due to better collection rate; $81,260 for additional assessments

Earned Income Taxes 0 0.00% budget matches the 2014-15 estimate received from LCTCB

Del Tax, Transf Tax, Public Utility Tax 31,020 2.79%

Rentals (49,000) -66.22% no rental income for Strasburg Elementary

Other Local Revenue (22,780) -3.15%

Basic Education Subsidy (54,930) -1.46%

Ready to Learn - Accountability Block Grant 132,470 172.82% new state grant in 2015-16

Rental & Sinking Fund (37,200) -7.46% decrease in revenue-result of debt savings from the refunding

Retirement Subsidy (19,450) -0.88% decrease is due to 14/15 salary savings

Other State Subsidies 8,490 0.06% expenses have been adjusted to reflect the increase in revenue

Federal Subsidies 14,600 3.36%

Total 148,890 0.32%

15

%

Account Type Amount Change Comments

Salaries

Administrative 22,700 1.70 new HS/MM asst principal - not in for a full year

Professional 79,500 0.52 unused educational attainment budget

Professional 50,000 0.32 unused budget for subs for maternity or other long-term leaves

Professional 101,160 0.66 savings from lower replacement cost for teachers who resigned or took a leave of absence

Student Activities 9,750 2.53

Salary Exempt (270) (0.05)

Clerical 600 0.07

Custodial 12,870 1.05 lower replacement salaries and no replacement for outside mowing

Instructional Assistants 50,110 4.25 $10,000 from replacement savings- retirees & resignations; $40,000 savings from unfilled positions

Total: 326,420 1.56

Benefits

Social Security 26,240 1.64 due to lower salary expense

Retirement 59,430 1.34 due to lower salary expense

Unemployment - -

Worker's Comp 3,290 2.65

Tuition - -

Health Insurance 296,270 6.15 savings from positive experience in health expense

Employer Share TSA - - retirement benefits for 2014-15

Total: 385,230 3.42

16

%


Purchased Professional Services (3,450) (0.15)

Purchased Property Services 112,190 10.74 Electricity & Water/Sewer savings $80,820; CTC Debt savings $23,720; Leased Equipment savings $7,650

Other Purchased Services 52,650 1.76 Transp-net district & IU savings $47,810; Insurance savings $3,090

Supplies 38,270 2.83 Natural Gas savings $86,130; additional spent in Title I supplies ($17,580); Oil & Gas deficit ($30,730)

Equipment (8,740) (1.80) Cust/Mtnce Equipment

Other Objects 211,990 15.76 Savings from debt refunding - interest

Other Financing Uses 240,000 0.05 Savings from debt refunding - principal

Budgetary Reserve 327,030 $72,970 of the $400,000 budgetary reserve was used for Phase 1 of the Athletic Master Plan.

Total: 1,681,590 3.63

Assumptions:

• 0.33% growth in assessment – ($2,525,900 in loss of assessment due to appeals reduced the growth by 0.15%. Total growth would have been 0.48% without the appeals.)

• No funds have been allocated to refund taxes paid since the real estate assessment appeal was filed (in the event we would lose the appeal).

• Millage increase is at the district’s Act 1 Index of 2.2%

• 3.95% increase in Earned Income Tax – information from LCTCB

• 2% increase to Basic Education Subsidy

• No use of PSERS Stabilization Funds in the Act 1 Resolution draft.• Future drafts may include use of stabilization funds.

• Net 3.89% increase to total salaries

• Only staffing addition is an increase in hours for a technology assistant – 560 hours – taking the employee from part-time to full-time.

• Retirement rate – 25.84% (20.75% increase)

• 10.9% increase to medical insurance

• Allocation increase of $11,000 for the Technology Budget to update the Storage Area Network (SAN).

• Textbook adoption - $400,000 non-recurring expense

18

19

2014-15 2014-15 2015-16 %

Budget Projected Proposed Difference Change

BEGINNING FUND BALANCE: 7,854,620 7,854,620 9,625,140 1,770,520 22.54

REVENUE:

Local 35,735,160 35,840,070 36,791,910 951,840 2.66

State 10,105,540 10,134,920 10,830,230 695,310 6.86

Federal 434,510 449,110 449,110 0 0.00

Other Financing Sources 0 0 0 0

Total: 46,275,210 46,424,100 48,071,250 1,647,150 3.55

Expenditures 46,335,170 44,653,580 48,488,300 (3,834,720) 8.59

Transfer to Capital Reserve 0 0 0 -

46,335,170 44,653,580 48,488,300 (3,834,720) 8.59

REVENUE OVER/(UNDER )

EXPENDITURES: (59,960) 1,770,520 (417,050) (2,187,570)

ENDING FUND BALANCE: 7,794,660 9,625,140 9,208,090 (417,050)

COMPARISON OF 2014-15 PROJECTED TO 2015-16 BUDGET

TOTAL EXPENDITURES AND TRANSFER

20

%

Revenue Type Amount Increase Comments

Real Estate Taxes - 2.2% millage incr 852,250 2.71%

includes interims; $701,970 from millage increase; $150,280 from 0.33%

assessment growth

Delinquent Taxes 10,000 1.47%

Earned Income Taxes 99,000 3.95% estimate from LCTCB worksheet

Transfer Tax, Public Utility Tax 0 0.00%

Rentals 0 0.00% potential for rental income with Strasburg Elementary

Other Local Income (9,410) -1.27% reduction in advertising revenue

Basic Education Subsidy 74,370 2.00%

Transportation Subsidy (8,200) -1.37%

Rental & Sinking Fund Subsidy 30,860 6.68%

Retirement Subsidy 565,160 25.74%

Ready to Learn Grant (Acct Block) 0 0.00%

Net of Other State Subsidies 33,120 1.12%

Federal Subsidies 0 0.00%

Total 1,647,150 3.55%

21

%


Salaries

Administrative 34,300 2.61 3.0% reg salary increase; reduced by a 14/15 retirement

Professional 442,760 2.92 3.0% salary increase in CBA

Professional 140,000 0.92 educational attainment

Professional 72,350 0.48 increase from 3 teachers returning in 15/16 from a 14/15 maternity leave

Student Activities 480 0.13

Salary Exempt 15,990 3.00 3.0% reg salary increase

Clerical 26,820 3.00 3.0% reg salary increase

Custodial 32,720 2.70 3.0% reg salary increase

Instructional Assistants 35,110 3.11 3.0% reg salary increase; additional hours for a technology assistant

Total: 800,530 3.89

Benefits

Social Security 61,240 3.89

Retirement 1,130,320 25.74 20.75% increase in employer's share retirement rate; the 15/16 rate is 25.84%.

Unemployment - 0.00

Worker's Comp 6,030 5.00

Tuition - 0.00

Health Insurance 492,500 10.90

Employer's Share TSA - 0.00

Total: 1,690,090 15.50

22

Net increase factoring out Health Insurance, Retirement, Debt Service and Budgetary Reserve is 2.92%.

%


Purchased Professional Services 16,370 0.71

Reduction of 14/15 hybrid ($37,600); Increase to Technology Budget for SAN

($11,000) and 3% increase to Special Education Contract.

Purchased Property Services10 0.00

Other Purchased Services 97,580 3.33

includes 1.9% increase to transp contract; 5% increase to liability insurance;

3% increase to special education and charter school tuition.

Supplies 392,200 29.83 Reduction of 14/15 hybrid ($8,000); adding $400,000 for Lang Art Textbook adoption

Equipment (70,830) (14.29) Reduction of 14/15 hybrid ($24,400) and athletic field master plan phase 1 ($61,440)

Other Objects (10,230) (0.90) Debt Service interest

Other Financing Uses 519,000 12.81 Debt Service principal - savings was taken in 14/15.

Budgetary Reserve 400,000 0.00 Budgetary Reserve

Total Budget Difference: 3,834,720 8.59

24

2015-16 2016-17 2017-18 2018-19 2019-20

Assessment Growth 0.33% 0.75% 0.75% 0.75% 0.75%

Tax Rate Increase (Index) 2.20% 2.40% 2.40% 2.60% 2.60%

EIT Growth 2.00% 2.00% 2.00% 2.00% 2.00%

Retirement Contribution Rate 25.84% 29.27% 30.25% 31.28% 32.08%

Wage Increases 3.00% 2.75% 2.75% 2.75% 2.75%

Medical Increase 10.90% 8.00% 8.00% 8.00% 8.00%

Basic Education Subsidy Increase 2.00% 2.00% 2.00% 2.00% 2.00%

Hybrid Learning Initiative 80,000 80,000 80,000 80,000 80,000

Elementary Textbook Adoption 400,000 500,000 0 0 0

• Unspent budgetary reserve will improve the baseline operating balance.

• Budgetary reserve is projected at $400,000 each year.

• In addition to budgetary reserve, the conservative budget approach may also improve

the projected baseline operating balance.

25

Estimated Actual

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

TOTAL REVENUES 43,232,275 44,780,173 45,528,596 46,424,100 48,071,250 49,936,052 51,458,207 53,097,941 54,727,664

TOTAL EXPENDITURES

& OTHER FINANCING

USES

42,299,621 43,739,020 44,452,012 44,653,580 48,488,300 50,815,391 52,112,949 53,901,591 55,942,222

BASELINE OPERATING

BALANCE932,654 1,041,153 1,076,584 1,770,520 (417,050) (879,339) (654,742) (803,649) (1,214,558)

FUND BALANCE

(Beginning of Year)4,804,229 5,736,883 6,778,036 7,854,620 9,625,140 9,208,090 8,328,751 7,674,009 6,870,359

FUND BALANCE

(End of Year)5,736,883 6,778,036 7,854,620 9,625,140 9,208,090 8,328,751 7,674,009 6,870,359 5,655,801

Actual Projected Budgets

Considerations:

◦ Use of PSERS Stabilization Fund

◦ Collective Bargaining

◦ Medical Insurance increase

◦ Refund of Real Estate Taxes based upon appeal outcome

26

28

LAMPETER-STRASBURG SCHOOL DISTRICT

LANCASTER COUNTY, PENNSYLVANIA

A RESOLUTION OF THE LAMPETER-STRASBURG SCHOOL DISTRICT, COUNTY OF

LANCASTER, COMMONWEALTH OF PENNSYLVANIA CERTIFYING THAT THE

SCHOOL DISTRICT WILL NOT RAISE ANY TAX RATE BY MORE THAN 2.2%.

WHEREAS, under Section 311(a) of the Taxpayer Relief Act of Special Session No. 1 of

2005 (“Act”), the Board of School Directors (“Board”) of the Lampeter-Strasburg School District

(“School District”) is required to prepare and adopt a preliminary budget for the 2015/2016 fiscal

year of the School District on or before February 18, 2015;

WHEREAS, under Section 311(d) of the Act, the Board is not subject to Section 311(a) of the

Act, provided that the Board adopts a resolution stating that the Board will not increase any tax rate

by more than the Index for the School District, as defined under the Act and determined by the

Pennsylvania Department of Education (“Department”);

WHEREAS, the Index for the School District for the 2015/2016 fiscal year of the School

District is 2.2%;

WHEREAS, the Board has determined that there will be no increase in the rate of any tax

imposed by the School District in excess of the above Index for the 2015/2016 fiscal year of the

School District;

29

NOW THEREFORE BE IT RESOLVED as follows:

1. The Board certifies that it will not raise the rate of any tax for the support of

the School District for the 2015/2016 fiscal year of the School District by more than the Index of

2.2% established by the Department for the School District;

2. The Board certifies that the School District will comply with the procedures as

set forth in Section 687 of the Public School Code of 1949 as it relates to the adoption of its proposed

and final annual budgets for the 2015/2016 fiscal year of the School District;

3. The Board certifies that increasing any tax at a rate less than or equal to the

above Index of 2.2% will be sufficient to balance its final budget for the 2015/2016 fiscal year of the

School District;

4. The Board certifies that the School District will submit information on a

proposed increase in the rate of any tax levied for the support of the School District to the Department

on a uniform form prepared by the Department no later than five (5) days after the adoption of this

Resolution;

5. The Board certifies that a copy of this Resolution will be sent to the Department

no later than five (5) days after the adoption of this Resolution; and

6. The Board acknowledges that the School District shall not be eligible to seek

referendum exceptions under Section 333(f) of the Act.

We hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the

Board at a meeting thereof duly and legally held on the 20th of January 2015.

LAMPETER-STRASBURG

SCHOOL DISTRICT

Attest: __________________________ By: __________________________

Secretary President

(School District Seal)

31

Total Fund Balance

Beginning Fund Balance as of 7/1/14 7,854,620

Revenue Over (Under) Expenditures 1,770,520

Ending Fund Balance as of 6/30/15 9,625,140

Proposed Fund Balance and Fund Transfers

Assigned for Debt 1,000,000 Discussion of transfer to Capital Reserve

Assigned for Retirement 1,600,000

Transfer to Capital Reserve - 2009 Debt Refunding Savings 451,990 Transfer by 6/30/15

Transfer to Capital Reserve - 8% Rule 2,694,090 Based on 2015-16 budgeted expenditures; transfer by 6/30/15

Unassigned Fund Balance 3,879,060 Must be 8% or less

Total 9,625,140

Calculation of Unassigned Fund Balance◦ The maximum amount allowable for Unassigned

Fund Balance is 8% of total budgeted expenditures.

32

Unassigned is 8% of 2015-16 budgeted expenditures :

Total 2015-16 Budgeted Expenditures 48,488,300

8% - allowable unassigned fund balance percentage 8%

Unassigned Fund Balance 3,879,064

1. Roll into Unassigned Fund Balance but cannot push balance above 8%

2. Purchase of Non-recurring Expense(s)

3. Designate for Specific Purpose◦ Pension Stabilization ◦ Variable Rate Debt Stabilization◦ Other

4. Transfer to Other Fund◦ Capital Reserve◦ Internal Service

5. Retire Debt◦ Based on the call date◦ Interest savings if the earnings rate is less than the borrowing rate

33

Rules for Use of Capital Reserve Fund◦ Expenditures from this fund are limited to: capital improvements*,

replacement of and additions to public works and improvements, for deferred maintenance thereof, for the purchase or the replacement of school buses, and for no other purpose. The construction of new buildings and the debt service associated with these projects have been determined to fall within the parameters of capital improvements.

The value in the transfer of funds to capital reserve allows for the following without incurring additional debt and affecting millage rate:◦ Maintenance of $85,000,000 in fixed assets◦ New Equipment, Technology via payment of debt from Capital

Reserve Fund◦ Non-recurring instructional expenses via payment of debt from

Capital Reserve◦ Athletic Master Plan

34

Capital Reserve Fund 2014-15

35

Budget

2014-15 Amount

General Fund

Athletic Master Plan - Stage 1 75,300

Capital Reserve Fund

7/1/14 Balance 3,021,900

General Fund Transfers (during 14-15) 2,700,000 (2)

14-15 Capital Reserve Projects (469,400)

14-15 Use of Assignment for Debt 1,000,000 (2)

6/30/15 Balance 6,252,500


36

Budget

2015-16 Amount


7/1/15 Balance 6,252,500

General Fund Transfer 6/30/15 Outcome 0

15-16 Capital Reserve Projects (426,500)

Athletic Master Plan Stage 2 (850,000)

6/30/16 Balance 4,976,000

Actual 15-16 Capital Reserve projects will be discussed at the February 17 Building and Ground Committee meeting.


37

Synthetic Natural

2016-17 Turf Turf (1)


7/1/16 Balance 4,976,000 4,976,000

General Fund Transfer 6/30/16 Outcome 0 0

16-17 Capital Reserve Projects (150,000) (150,000)

Athletic Master Plan Stage 3 (159,300) (159,300)

Synthetic Turf in Football Stadium (1,650,000) 0

Construction of Natural Turf Fields (1,039,200)

6/30/2017 Balance 3,016,700 3,627,500

Capital Reserve Fund – Beyond 2016-17

38

Synthetic Natural

Beyond 2016-17 Turf Turf (1)

Discussion on Funding and Timing of the Following Stage 4 Projects:

Enhancement of Varsity Soccer Venue including Synthetic Turf 2,336,400

Practice Football Field Renovation 30,000 30,000

Lights on Varsity Softball Field 203,000 203,000

Re-grade of field 3 94,500 94,500

Regrading of Soccer Venue 305,000

Storage Concession by Boys Lacrosse 135,000

Total: 2,663,900 767,500

Capital Reserve Fund – Notes

39

1 The 504 projected annual events on Field One synthetic turf field corresponds closely to the

resultant average of 168 annual events on each of the twenty-two grass fields on

campus (nineteen existing plus three new fields).

2 Requires Board approval.

3 Figures do not assume any booster club participation in initital construction. Consideration

should be given to applying field usage fees to replacement of turf.

4 Capital reserve funds can be used for debt service which frees up funds within the general

fund to be used for non-recurring general fund expenses.

Recommend contracting with Carol H. Gilbert Consulting◦ Financial Analysis with meals/hour benchmarking◦ Observe all cafeterias/kitchens including surveying

of students◦ Menu Review

Report produced with Recommendations for Improvement

Cost of Analysis is $2,600

41

january 13, 2015 finance committee meeting · lampeter-strasburg school district january 13, 2015...

Documents