Clearfield School Board Hears Year-End Financial Results

CLEARFIELD – The Clearfield Area School District avoided a deficit and ended the 2016-17 school year with a $1.333 million surplus.

Business Administrator Sam Maney gave the school board a year-end financial report during Monday night’s combined committee and board meeting.

According to Maney, the district originally projected a $4.678 million deficit. He said the positive results can be mostly attributed to increases in local tax revenues, current- and prior-year bond reimbursement payments and other state and federal revenues over projected amounts.

Additionally, Maney pointed out considerable savings in major expense categories, such as personnel, transportation costs, tuition and general supply.

He said the district’s general fund balance was a little over $14 million as of June 30. He said this included $2.560 million of reserves restricted for debt service obligations, $1,011 million for Public School Employees’ Retirement System (PSERS) increases and $405,260 for real estate tax appeals.

Under the Food Services Department, Maney said there was a $7,792 deficit for 2016-17. He said the district originally anticipated a $52,802 deficit.

He said the reduction in the deficit was mostly the result of an increase in state and federal subsidy revenues and a savings in anticipated benefits costs and purchased service costs.

Maney said the Food Services’ fund was $306,668 as of June 30.

In January, the district’s auditor will present the final audit report to the school board.

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