2026 04 07 Finance Committee Meeting

With co-chair Zachary Epps presiding, the Financial Affairs Committee convened for its monthly meeting Tuesday, April 7 at the Administration Building and on Zoom. The agenda included four items: Interim financial statements, proposed final budget for 2026-27, transportation contract renewal and items proposed for board approval. Regarding the interim financial statements, CSD Director of Business Services Joshua Sweigard noted revenue collection is higher than the previous year. Sweigard reviewed the proposed final budget of $145M for the 2026-27 school year, noting a proposed 3.5 percent tax increase, minimal increases in state subsidies, a less than anticipated drop in investment earnings. All told, the current budget shortfall is $735K, the balance of which will be made up from the fund balance and spending reserves if additional savings cannot be found before the final budget is approved. On the expenditure side, Sweigard noted a reduction in staffing budgeted to match decreasing elementary enrollment and secondary class demand; health insurance premiums increasing by 9.4 percent; school district retirement contribution rate decreasing to 33.59 percent from 33.99 percent; and transportation costs reflecting contractual increases. Sweigard and the business office continue to look at ways to decrease expenditures by reviewing staffing and contracts and monitoring revenue drivers. The final budget is expected to be approved at the June 9th School Board Legislative meeting. Sweigard covered the transportation contract, which is currently held by Cheltenham Transportation through 2027-28. An early renewal provision was reviewed that would limit future annual rate increases to 3 percent for five years, and also result in the District receiving a one-time $200K donation to the Cheltenham Education Foundation. Finally, Sweigard reviewed the two items proposed for board approval at the next legislative meeting: purchase of Chromebooks and upgrading the access control software platform upgrade. The next Financial Affairs Committee meeting is May 5, following the Facilities Committee meeting, at the Administration Building and on Zoom. Slide deck - https://drive.google.com/file/d/1f1nd...