CLEARFIELD – The Clearfield Area School District has ended the 2010-11 school year with a surplus of $2,509,651, according to Business Administrator Sam Maney, who announced its financial results at Monday night’s combined committee and board meeting.
The district had anticipated experiencing a deficit of $309,926 for the year but instead accrued higher than expected revenues while also spending well under its projected figures, resulting in the surplus, Maney said, adding that it was attributed to conservative budgeting.
The district projected revenues of $33,221,669, which came in higher at $34,179,258, a difference of $957,589. Further, the district had projected expenditures of $33,531,595 and ended up only spending $31,937,565, a difference of $1,594,030.
Maney mentioned that the district had a 2010 Qualified School Construction Project for $1,965,000 from the roofing project at the Clearfield Area High School. He said the district currently has $267,958 remaining, which is only to be used for capital projects.
According to Maney, the surplus is attributed to tax revenues in excess of projected amounts; an ARRA subsidy of $252,000 that wasn’t originally budgeted; and E-Rate monies received from the federal government that wasn’t budgeted.
Maney also credited conservative budgeting tactics for line items, such as tax revenues, interest income, tuition, and vocational and special education. In addition, he noted other savings in medical and dental insurances, state retirement contributions and utility costs.
Maney said that the district’s fund balance was $4,237,145 on June 30, 2010. With last year’s surplus, he said the fund balance had risen to $6,746,796 on June 30, 2011.
However, Maney said that the district has designated $2,051,908 under its “restricted” fund balance for 2011-12 debt service payments and also as the balance of the QSCB proceeds. He said it had a “committed” fund balance of $3,113,989 for four years of projected increases in the Pennsylvania School Employees Retirement System (PSERS) required school district contributions.
Maney said that the remaining fund balance – $1,580,899 – is unassigned and can be used at the district’s discretion.
According to Maney, the cafeteria also profited, running a surplus of $7,029. He said its fund balance started the 2010-11 year at $597,373 and had revenues of $1,389,096 and expenditures of $1,382,067. It ended up with a fund balance of $604,402 on June 30, 2011.
Maney said the cafeteria fund’s “primary goal” is to be “self-sufficient” and that goal was achieved, as there weren’t any general fund contributions for 2010-11. During the prior year, it’d been designated in “Corrective Action” after its current net assets exceeded three months of expenditures.
Maney said for the first time ever in 2010-11, they charged noon-time aides to the cafeteria fund, beginning in January 2011 and resulting in a general fund savings of approximately $48,000. In addition, he said the cafeteria fund was charged and repaid the general fund approximately $50,000 in utility and insurance costs.
Maney said the district’s capital projects fund started with $1,886,490 on June 30, 2010. It received revenues of $251,238, and the district only spent $200,815, allowing for a surplus of $50,423. He said its fund balance ended at $1,936,913, which is designated for capital expenditures.
Maney said the district had budgeted $235,000 for 2011-12 expenditures, leaving $1,701,913 currently available for capital needs.