Federal REVENUES
Title I Funding
Title II Funding
Title III Funding
Title IV Funding
Medicaid Reimbursement (ACCESS)
Medicaid Reimbursement (Claims)
Total Federal Sources
$
$
$
$
$
$
$
427,603
97,433
9,000
–
250,000
2,000
786,036
OTHER REVENUES
Proceeds from Extended-Term Financing
Extended-Term Lease Financial Proceeds
Total Extended-Term Proceeds
Capital Projects Fund Transfers
Student Activities Fund Transfers
Sale of Fixed Assets
Insurance Recoveries
Total Other Financing Sources
$
$
$
$
$
$
$
$
24,442
631,457
655,899
–
–
100,000
–
755,899
Unassigned fund balance
Unassigned/Available Fund Balance
$
0.78% of total revenue
20.7% decrease from 2018-2019
estimated actual
• Federal revenue numbers based on
projected expenditures for 2019-2020
and subject to change
0.75% of total revenue
89.34% increase from 2018-2019
estimated actual
• Includes deferred payment for text-
books as well as the 2019 Apple
technology lease
• There was no technology lease in
2018-2019, which accounts for the
increase
2.07% of total revenue
2,102,221
Future Challenges
• PSERS continues to be a challenge for all school districts in Pennsylvania:
– The employer contribution rate is set by PSERS trustees, not by the district
– The district anticipates paying nearly $45 million in PSERS contributions during the next five years
– As of 7/1/2018, the district had $9.5 million of fund balance committed to PSERS:
- $750,000 is to be drawn down at the end of the 2018-2019 school year
- Anticipated $750,000 drawdown in 2019-2020 to go toward balancing the budget
• Capital projects/construction:
– New Kerr building is opening for the 2019-2020 school year
- Financing for this project, as well as construction at O’Hara and Fairview elementaries, was provided through a bond
issue in 2017. The district has begun repayments for this issue, reflected under debt service in the budget.
• As of 7/1/2018, the district had $11.2 million of fund balance assigned for capital projects:
– $992,000 is to be drawn down at the end of the 2018-2019 school year to cover costs associated with technology for the
new Kerr building, as well as costs associated with mold and/or flooding issues at Kerr Elementary, Fox Chapel Area
High School, and administration offices in summer/fall of 2018
– Anticipated $254,100 drawdown in 2019-2020 for security improvements
• Early Retirement Incentive (ERI):
– By 6/30/2020, 54 professional staff will have retired as part of the incentive
– Not all positions will be replaced with a new hire, but those that are will be replaced with a professional employee on the
lower end of the salary scale. Other positions are planned to be replaced with existing employees with optimal schedule
configurations.
– The district anticipates savings relating to this incentive to begin to show in the 2020-2021 budget
FOX CHAPEL AREA
❘
SUMMER 2019
13