Clearfield School Board Hears Financial Results for 2017-18

CLEARFIELD – The Clearfield school board heard its financial results for the 2017-18 year during a combined committee and board meeting Monday night.

According to Business Administrator Sam Maney, the district ended with a $20,630 surplus. He originally projected a $3.91 million deficit.

He attributed the positive financial results primarily to increases in local tax revenues, as well as state and federal revenues being over their projected amounts.

He said there was also “considerable savings” in major expense categories, such as personnel, tuition, utilities and general supply costs.

Maney pointed out that the district had refunded a prior year general obligation bond that generated an additional savings for the 2017-18 year.

As of June 30, he reported the district’s general fund balance was at approximately $14 million.

It included $2.94 million restricted for debt service obligations, $2.14 million committed for employee benefit costs and cyber-charter tuition increases and $406,793 assigned for real estate tax appeals.

He said just under $8.6 million was left unassigned, noting this amount prohibits the district from raising taxes above the state index.

Maney said that the district’s Food Services Department saw a $25,375 deficit for 2017-18. However, he said it originally projected a $68,237 deficit and the reduction in the deficit was primarily the result of savings in anticipated food and purchased service costs.

Maney said as of June 30, the Food Services Department’s fund balance was $281,293.

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