An $8.3 million surplus from the prior North Penn School District fiscal year has a chance to boost reserves and influence the district’s 2022-23 fund balance, according to The Reporter.
District CFO Steve Skrocki reported during the Oct. 11 finance committee meeting that the $8.3 million can go to the fund balance, the capital reserve fund, or both, ahead of an anticipated bond borrowing, per the report. In June, the board passed a 2022-23 $300 million budget with a $5 million deficit and a 3.4 percent real estate tax increase.
Rough figures of a recent audit of the 2021-22 fiscal year, per the report, shows positive revenue and expenditure variances, according to Skrocki. He said in the article that there was a “favorable variance between the two of $14.1 million, so we brought in $1.4 million in additional revenue than was budgeted, and we spent $12.6 million less than what was budgeted during the year.” The increases were attributed to higher earned income taxes, around $1.2 million, and about $962,000 more than budgeted of delinquent real estate collections, per the report.
Per the report, the $14 million budget variance will be used to satisfy the $5.8 million starting deficit from the 2021-22 fiscal year, with the remaining $8.3 million to be used in the general fund for day-to-day procedures and emergencies and the reserves to pay for future projects.
Read more on the school district surplus here.
See also:
Special Ed. Supervisor Settles Case Against North Penn Over Comments Critical of Black Lives Matter
District Health Clinic and Pharmacy Scheduled to Open at Penndale in January
North Penn to Receive $199,000 Grant for New Propane School Buses
Concerns Raised After Videos of Students Fighting at Penndale Surface Online, District Responds
North Penn School District Bringing School Board Meetings to the Community
