2026 09 01 Finance Committee Meeting

With co-chair Zachary Epps presiding, the Financial Affairs Committee convened on Tuesday, September 1 at the Administration Building and via Zoom. Since the meeting was on the first of the month, the business office did not have the opportunity to prepare an interim monthly financial statement for August. Director of Business Services Joshua Sweigard presented financial results from the end of the fiscal year, June 30, 2026, for the district's primary operating funds: (1) the general fund; (2) capital project fund; and (3) food service fund. In the general fund, operating results showed a structural balance with revenues exceeding expenditures by approximately $30K. Total revenues were $144M, a $4.5M increase year over year, and expenditures were also $144M, with the same year over year increase as revenues. Regarding the capital reserve and capital project fund, Sweigard informed the board that almost $17M had flowed through that fund and gone toward the district’s construction projects over the past two years. These projects included the Cheltenham High School Stadium, the Glenside Elementary Classroom additions, and the new sixth grade wing at Cedarbrook. In his review of the food service fund, Sweigard noted slimming margins in the account due to the district not raising lunch prices; higher food prices; and higher labor costs. Sweigard then updated the board regarding the district’s continued financing of the Cedarbrook Middle School and Glenside Elementary School through the issuance of a $10M bond. The bond should be the final installment of borrowing needed to cover the combined $25M cost of the construction projects. Next, Sweigard reviewed the Act 1 timeline, which is the state mandated calendar for approval of the district's budget. Sweigard also revealed the district’s financial audit was completed for the year ended June 30, 2025, and gave the district a clean audit opinion. Finally, Sweigard informed the board of the Pennsylvania Commission on Crime and Delinquency grant for student mental health and safety for $276K, $100K more than is normally awarded. The next Financial Affairs Committee meeting is Tuesday, October 6, following the Facilities Committee meeting. Slide deck - https://drive.google.com/file/d/1YOkG...