Maney Reviews Financial Results with Clearfield School Board

CLEARFIELD – The Clearfield Area School District ended 2013-14 with a $1.3 million surplus. The entire surplus has been transferred into the capital projects fund, announced Business Administrator Sam Maney during a review of financial results at Monday night’s committee meeting.

The district originally anticipated a $2.5 million deficit. Its positive results can be attributed to increases in local tax revenues, additional state revenues and savings in major expense categories, such as personnel, transportation, tuition and general supplies, said Maney.

According to him, the district anticipated ending the 2012-13 year with an $8.2 million general fund balance. However, he said it actually finished with $10.3 million on June 30, 2013 and in turn started out $2.1 million ahead going into the 2013-14 year.

Maney said the district anticipated ending the 2013-14 year with a general fund balance just under $5.7 million. However, he said that it remained unchanged at $10.3 million on June 30, 2014. Of that Maney said $2.8 million was restricted for debt service; $3.3 million committed to Public School Employees Retirement System (PSERS) increases; and $400,663 assigned for real estate tax appeals.

In other business, Superintendent Terry Struble requested the board’s input on the Act I Index. He said the board must vote next week to either committing not to raise taxes above its state index or to initiating the process to raise taxes above the state index and producing a preliminary budget.

Struble said both he and Maney didn’t foresee the district needing to raise taxes above the state index. At budget time, he said neither he nor Maney plan to request for the board to consider any tax increase unless something drastic occurs between now and then.

Maney said the district has had very positive years in its recent past and had another one this year. He couldn’t justify any need for raising taxes given the district’s current financial situation.

The board concurred with Struble and Maney and requested the Act I resolution include language, stating it won’t raise taxes above the state index. It will be presented for board approval at next week’s regular meeting.

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