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DTSD Webinars: Good evening. Welcome to the April 28, th 2025, Finance Committee meeting. This meeting is being Live Stream, and a video recorded for future reference

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DTSD Webinars: as we go. I just want to remind everyone as we go forward with the meeting as you're speaking, please introduce yourself so that each time, so that we can Miss Ag can capture that in the meeting minutes I will go around the room for roll call, starting with myself and moving to my right, where, please announce your name and position. So Mike Rizzo School Board, Jason Reichner, assistant to the Superintendent.

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DTSD Webinars: Lindsey Drew School Board, Jennifer Wren School Board, Stuart Mccarver School Board, Carol Pitts, business manager, Michelle Ag. Board, secretary, Mindy Bell, assistant business manager.

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DTSD Webinars: Okay, that's everybody in the room individuals that are online.

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Stacy Winslow: The Stacey Wenzel, superintendent.

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Parker Davis: Parker Davis, citizen advisor.

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Michael Bunn: Mike Bond, citizen, advisor.

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DTSD Webinars: And I believe that is everyone. Thank you very much.

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DTSD Webinars: So with the next item up on the agenda

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DTSD Webinars: could I get a motion to approve the March 24, th 2025 Finance Committee meeting minutes. So moved, Lindsey drew second. Jennifer Renz. Is there any discussion

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DTSD Webinars: all in favor. Say, aye, aye, any opposed alright motion carries.

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DTSD Webinars: we will now move to. There's no unfinished business, and we will move to new business.

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DTSD Webinars: And 1st on the agenda is the Milton S. Hershey trust.

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DTSD Webinars: Discussion.

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DTSD Webinars: Mr. Ireland, are you ready for?

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DTSD Webinars: Okay? Thank you so much.

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DTSD Webinars: Good evening, everyone. I'm Kyle Ireland with Fulton Financial Advisors. I'm the senior portfolio manager responsible for investment oversight of the Milton S. Hershey Trust, which is for the benefit of dairy Township School district as an income beneficiary.

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DTSD Webinars: I'll be reporting on the 1st quarter performance of Calendar year 2025, just a brief history for any new attendees. The trust was established under the will of Milton S. Hershey.

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DTSD Webinars: that listed beneficiary as an income beneficiary Dairy Township school district. Upon his passing initially, Hershey Trust Company was named the Trustee, and eventually resigned in 2012. The trust documents required distribution of net income on a at least semi annual basis to Derry Township School district.

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DTSD Webinars: and Fulton became a succession successor trustee in September of 2012,

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DTSD Webinars: under PA. Act 1, 41, section, 1813, which

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DTSD Webinars: defines income as a fixed percent of the trust ranging from 2 to 7%. And we've been paying those payments quarterly

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DTSD Webinars: to the school district, reviewing 1st quarter 2020 five's performance

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DTSD Webinars: on that page there, year to date.

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DTSD Webinars: The trust is down 1.3 4%. We ended March with a value of 53,913,000 and change. We pursue a growth objective for the assets, roughly, 69% in equities, about 23% in fixed income and about 3 and a half percent in cash and 4 and a half percent in alternatives.

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DTSD Webinars: Entering 2023, we had $55,187,000. There was net withdrawals in the quarter of 482,000 earned income of 3,000, 348,000, a market decline of 1,086,000, and Fulton's trustee fees were 53,000, ending the quarter just under 54 million in assets.

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DTSD Webinars: On the lower left of that page you can see from Fulton's inception in 2012.

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DTSD Webinars: A dollar invested is now worth $2 and 6 cents.

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DTSD Webinars: I'm sorry. $2 and 60 cents.

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DTSD Webinars: Estimated income from dividends and interest over the next 12 months is equivalent to 1,283,000 equivalent to a current yield of 2.3 3 8%.

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DTSD Webinars: Really, the quarter sell-off was led by large Cap Tech, domestic, small, and mid equities, with some outperformance from developed international equities

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DTSD Webinars: on the next page 2 of 4.

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DTSD Webinars: This will provide a calendar year, accounting of the last full 5 calendar years.

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DTSD Webinars: roughly, 11.5 million dollars distributed over that 5 year period, entering 2024, we had $50,384,000. There was net withdrawals in the calendar year of 2,074,000, about just under 2 million of earned income and 4.9 million of market appreciation, entering

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DTSD Webinars: calendar year 2025, just over 55 million in value, net distributions from the quarter of 536,000. Again, with earned income of 348,000 in market decline of 1,886,000

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DTSD Webinars: on the next page would provide a little longer term history.

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DTSD Webinars: since inception on the total managed account of roughly 8% per year

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DTSD Webinars: on a five-year basis. Total performance of 12.1 5% per year annualized

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DTSD Webinars: on a 3 year basis, 6.1% annualized over the year, 12 months, ending

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DTSD Webinars: march 4.8%, as you can see on a 3 5.

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DTSD Webinars: And since inception performance, outpacing our like benchmark. From a risk standpoint.

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DTSD Webinars: equities had really been the driver of total return over time since inception returns over 11% with fixed income earning about 3% annualized

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DTSD Webinars: on the next page 404, we can look at top contributors

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DTSD Webinars: over the last 12 months. Really, what you'll notice is the largest positions in the account have been the done. The heavy lifting from a performance standpoint growth assets over that 12 month period had done better than value assets domestic assets, leading international assets.

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DTSD Webinars: and from a detractor standpoint on the bottom left, small and mid cap. Us. Companies have lagged large Cap Tech over that period. Emerging markets and alternatives also had lagged.

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DTSD Webinars: as you can see, on the bottom right? Positive risk return metrics

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DTSD Webinars: on a longer term basis. With positive alpha R. Squared sharp ratio and information ratio.

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DTSD Webinars: Any questions on performance? Anything.

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DTSD Webinars: This is Mike Rizzo. Do we have a I know you don't have a crystal ball, but projections.

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DTSD Webinars: For the remainder of the year. Yeah. So certainly heightened volatility lowered a lot of policy, uncertainty quite frankly lowered growth expectations, potentially higher inflation.

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DTSD Webinars: Do we eventually head into a shallow recession? It's debatable, I would think, longer term on a foundation like this

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DTSD Webinars: with a growth allocation, roughly, a 65, 70% equity target. Our 10 year forward looking expectations for returns would be about 6% with about an 11% standard deviation.

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DTSD Webinars: There, any additional questions.

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DTSD Webinars: Discussion.

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DTSD Webinars: Okay, thank you very much. Thank you. Have a great evening.

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DTSD Webinars: Okay. Next on the agenda.

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DTSD Webinars: Is the March Finance report, Miss Pitts.

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DTSD Webinars: Mrs. Bell, you could put up the 1st page.

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DTSD Webinars: Okay.

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DTSD Webinars: that's okay.

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DTSD Webinars: We'll quickly go over our results for March.

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DTSD Webinars: so we'll start with our revenues, and in the month of March our local revenues start slowing down because we are finished with our local real estate taxes collection. So of the $976,000 that you see there. The majority of that is from our earned income tax collections. During the month of $504,000

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DTSD Webinars: in the State. We had approximately 2 million dollars of revenue, and in each quarter we do receive our retirement, subsidy payment, and the majority of that 2 million is from that. That would be 1.5 million in the retirement subsidy that we received in March, and we also received $248,000 in the special Ed subsidy during the month of March.

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DTSD Webinars: and in under Federal we have 104,000, and the largest portion of that actually is our Pccd. Grant, which is our mental health portion of that that is, a federally funded grant for that one that we received. Pccd. Is often state, but in this case it is actually Federal, and that's $67,000, and the remainder of the 104 is from

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DTSD Webinars: are title one, title 2 and Title Iv, the majority of that being in title one, which was $30,000,

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DTSD Webinars: and then under expenditures. And you always hear me say this, our largest portions are salaries and benefits. So of the 5.3 million dollars, we have there about 2.6 salaries, which is about normal for a 2 pay month and 1.6 million dollars in benefits, and no particular call outs for any of the other categories.

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DTSD Webinars: So that finishes that that is followed, then by budget transfers. And I just do want to point out that budget transfers are what we do during the year, as conditions change from what the budget we had done in the spring, the prior year, when

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DTSD Webinars: things can change throughout the year. So in order to have some spending controls, we do ask the departments and the buildings if they're needing to spend some more money on a line that they hadn't budgeted enough in, that they would move some money in into the line that they want to spend from it does not change the overall amount of the budget. It just moves the spending capacity from one line to another.

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DTSD Webinars: So that's a list of the normal monthly budget transfers, does anybody? I should have asked, did anybody have any questions about the monthly financials before I moved on.

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DTSD Webinars: I'm sorry about that.

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DTSD Webinars: Yeah, this is Mike Rizzo. So I noticed you're at a

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DTSD Webinars: the on the revenue. You're at a deficit of 12 million.

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DTSD Webinars: Did I? Did you say debt service? I'm sorry. No, no, no, in the revenue, and I'm sorry.

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DTSD Webinars: The question. I'm sorry you're you're showing a remaining balance. Oh, a remaining balance. Yeah,

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DTSD Webinars: so a lot of that will be.

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DTSD Webinars: I do think we're going to come in pretty close to budget. Yeah, there'll be a couple areas where we're going to be under. I do believe that the

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DTSD Webinars: amount that we budgeted for occupation tax was high. But there's other areas that are going to be higher than than what we were anticipating. Thank you.

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DTSD Webinars: Anything else or anything on budget transfers.

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DTSD Webinars: All right.

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DTSD Webinars: so we'll move on to the main highlight for the night, which is the proposed final budget. So if

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DTSD Webinars: Mrs. Bell can get our presentation up there all right.

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DTSD Webinars: So the very 1st slide is the calendar.

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DTSD Webinars: and the calendar is set by the Department of Ed in accordance with the State laws. So there's certain timelines that we have to hit in order to be in compliance with State law.

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DTSD Webinars: So one of the most important, what is that the proposed final has to be available for public review for 30 days. So

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DTSD Webinars: we also have to be cognizant of when our real estate bills are issued, and since the county does them, and a lot of the other school districts do them at the same time. We want to make sure that we get our bills out in time. So we were looking to have the final budget approved on June 9, th which means that the proposed final would need to be approved by the board by May 9.th I'm sorry, actually, probably really May 6.th

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DTSD Webinars: And so what we did was, we have the Finance Committee where we can discuss it. There'll be a presentation also at the Board meeting tonight, and then there is a special meeting on May 5, th at 6 o'clock for the approval of the proposed final budget.

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DTSD Webinars: We will also be looking at the final budget. At the May 27th

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DTSD Webinars: Finance Committee meeting that way. There'll be time for the Board to review it before it goes to for approval. On June 9th the deadline is June 30, th according to the Department of Ed. Okay.

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DTSD Webinars: So a lot of the things that we do are driven by those timelines that we have to meet.

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DTSD Webinars: So sorry. One of the things

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DTSD Webinars: is the act one index, which is very important to us.

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DTSD Webinars: It is determined by the statewide every average weekly wage rate and and another cost index.

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DTSD Webinars: and we are not allowed to raise our real estate taxes over that act one index. So we have a history of the act, one index here, and the base index for this year is 4%

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DTSD Webinars: So tonight, due to the consideration of the large increase by the county, and in light of some of the large surpluses that we have been showing in the past, I'm able to present a 0% tax increase proposal to the board. There are some things that allowed us to do this, and also some considerations that we need to take into account.

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DTSD Webinars: The 1st is that we are recommending a 1 time transfer to close out the proprietary fund, which is where we took in the lease, proceeds when the Medical Center was leasing the Granada building.

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DTSD Webinars: There's approximately 1.3 million dollars in that fund. We are no longer using that this building for a lease, and we will be working with our solicitor. We've talked to the solicitor. We've talked to our auditors, as well as bond counsel to ensure that this is an acceptable way to close out the fund. So that is a 1 time transfer of approximately 1.3 million dollars.

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DTSD Webinars: We also have removed the usual annual capital transfer to capital reserve of 1 million dollars.

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DTSD Webinars: We were also able to pause our millage increase for debt, since the elementary school is a little bit delayed, and we do not anticipate issuing bonds issuing debt for that project until the 2627 fiscal year.

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DTSD Webinars: So those are some things to take into consideration.

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DTSD Webinars: Trying to just it's it's

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DTSD Webinars: We need to be really cognizant of that 1.3,000,001 time transfer that would be used for operating expenses.

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DTSD Webinars: All right. So the next slide is showing the tax millage increase and

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DTSD Webinars: what I've done is presented because I do not have the amount from the State yet, for what the tax reduction revenue that we will receive from them is so I used the amount that they had last year that could change. But basically, what that would do is it would either increase or decrease the amount of real estate revenue that we get, and then the opposite way on the State revenue that we would get for that.

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DTSD Webinars: If you look at the assessment that we had for 2024, 25 versus what? What the amount I had for taxable that I received from the assessment office we have increased quite a bit

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DTSD Webinars: without raising taxes that would due to that increased assessment. We would receive an additional $807,000 in revenue without increasing taxes, and that is again taking into consideration that I am using the same tax reduction amount from the State that we had last year, so that could go up or down a little bit.

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DTSD Webinars: and I do have some other tax rates presented there just for consideration. For example, if the Board were to want to reintroduce the transfer to the capital reserve. A 1.9% increase would

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DTSD Webinars: accommodate that change.

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DTSD Webinars: So that's that for that one.

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DTSD Webinars: I'm ready for the next one.

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DTSD Webinars: When I got the Median assessed value, the homestead file was not done, so that Median assessed value is based on all of our properties. So it's not just the homesteads, so that probably looks a little bit lower than last year. We should be able to get a final Median assessed value for homesteads in the next week or 2,

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DTSD Webinars: and what this does is show the tax on an assessment of the median value, which would be $3,059, and that would be with no increase if we were to increase by 1%. That would be a $31 increase on that level of a property assessment, and it would be a $58 increase on a 1.9% in

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DTSD Webinars: tax increase.

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DTSD Webinars: Okay, next slide, please.

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DTSD Webinars: This is I know this in my mind, and I look at an awful lot of numbers. But this is really a great way to get a visualization about how important our local revenues are to our budget. You can see that that's almost 3 quarters of our budget that are due to our local taxes, and that's all of them taxes that we have. That is our real estate, our occupational, our local services, and our earned income.

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DTSD Webinars: So. But it is a very, very large portion. The State contributes less than a quarter

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DTSD Webinars: of what we receive.

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DTSD Webinars: and then we can see how small the Federal is, the other is a little bit larger, and in that is the 1.3 million dollars transfer from the Granada Proprietary Fund, as well as the proceeds from the Milton Hershey trust that we just heard about from Mr. Ireland at the 4% rate, which is what we've had in the past.

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DTSD Webinars: Okay, for this. This slide shows sources of income and a little bit more detailed level.

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DTSD Webinars: You can see how again,

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DTSD Webinars: all of the local revenue was about 73% and just real estate revenues alone are 53%. So you can see what a large portion of our budget our local real estate taxes are.

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DTSD Webinars: and that is followed

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DTSD Webinars: at 9% by what we received from the State for both our subsidy for Fica and our subsidy for retirement.

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DTSD Webinars: and you can see that the basic Ed subsidy which we receive from the State and our earned income taxes are the next largest revenue sources of revenue, and those are about the same amounts. So just kind of interesting to see where the revenues fall out.

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DTSD Webinars: Okay.

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DTSD Webinars: so I did present some basic initial revenue projections at the last Finance Committee meeting, and I do want to point out some changes that I've made, and also some sources of where I came up with my my projections.

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DTSD Webinars: So

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DTSD Webinars: It did increase the earned income tax, based on information that I did receive from Keystone for their projections for the next year.

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DTSD Webinars: And I.

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DTSD Webinars: I adjusted the occupation tax also based on information that I received from Keystone. So we do have the occupation, the amusement, and the payment in lieu of taxes, all lumped into one category there at the 4.3 million dollars. But that breakout is approximately 1.7 4 million dollars for occupation, about 1.5 million for amusement taxes and about 1.1 million for the payment in lieu of taxes.

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DTSD Webinars: So the number that I got from

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DTSD Webinars: Keystone was that occupation tax? So it was good for me to to touch base with them, to learn a little bit more about how the occupation tax works.

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DTSD Webinars: They issue bills just like we issue bills for the real estate taxes in July, and that basically the tax collection period is the same as our real estate tax collection period, which is from July 1st until December 31, st

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DTSD Webinars: and then the occupation tax becomes delinquent, and because keystone is the collector for our earned income tax. They have a very good database of who is actually working in our district, so they are able to follow up, and they have a very good collection rate for the delinquent taxes. So I did increase the delinquent tax based on that information. Last year it was

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DTSD Webinars: about 66% of the initial collections. And so that's what I use to do. The delinquent occupation tax billing or occupation tax collections. So in other local taxes. We have our interim taxes, which is for real estate when there's been an adjustment to the assessment.

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DTSD Webinars: not in the middle of the fiscal year we do have those large properties that had the increased large commercial properties that had the increased assessments

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DTSD Webinars: in the last few months, and anticipate that those will be billed out in the August Interim tax billing so interim taxes. I have budgeted at a higher amount than we have had in the past, because I know that those Billings will be coming for those large commercial property assessment changes

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DTSD Webinars: also in there is about approximately a million dollars for the transfer tax. A $150,000 for our local services tax. And then that delinquent occupation tax of about 1 point

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DTSD Webinars: and other also includes delinquents. I should have said about 1.3 delinquent occupation tax and about 600,000 in delinquent real estate taxes, interest income. I'm kind of basing it on. We're going to have a little bit higher

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DTSD Webinars: fund balance than we've had, and with the rates staying the same, it is a little bit lower than what I project for the rest of the year, but as long as interest rates stay somewhat where they are, we're anticipating 1.1 million dollars in interest earnings for idea that was budgeted on the current award amount.

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DTSD Webinars: This is a little area for concern. We're not 100% sure what's going to happen with our Federal, but we haven't had any indication that we're going to not get any, or that is going to be significantly reduced.

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DTSD Webinars: So there, you see, of all of our revenues. Approximately 57.9 million is attributed to our local, our local revenues

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DTSD Webinars: for the state revenues, basic ed funding and special ed funding are the information that I have gotten from the Governor's budget. We're going to continue to monitor those amounts pupil transportation subsidy.

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DTSD Webinars: I base that on the 3 year history. We have been seeing an increase in that over the past few years. So I do want to keep an eye on that

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DTSD Webinars: The rental and sinking fund are tied to debt service for amounts that in the old days, when we had the plan, Con, where we would get revenue for that. So those are determined by formula

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DTSD Webinars: based on our debt service. Health health services is a subsidy that we get for providing health services to our students. And I'm basing that on historical.

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DTSD Webinars: And then the State property tax reduction allocation, as I had mentioned earlier, is currently budgeted at last year's amount that will most likely change.

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DTSD Webinars: And then, earlier I had mentioned we had received Pccd revenue that was in the Federal category. During the month of March, however, we have 2 grants that we anticipate expending in the 26. I'm sorry. 2025, 26 school year that are actually state funded. So that is what you see there, one of those grants is a meritorious grant, and it's $40,000 that's currently identified for

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DTSD Webinars: camera security cameras.

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DTSD Webinars: And then the remainder of that is, for a safety and security. Grant that funds both a position that we have in the district, as well as another $88,000 in security cameras.

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DTSD Webinars: We have the ready to learn block Grant also from the Governor's budget, and

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DTSD Webinars: for social security I have in there that is 50% of non-federal fica. When we submit our claim for Fica, we do have to take out Federal because the State looks at as we're already getting reimbursed by the Federal Government for that. So we take that out, and then we multiply the remaining amount by 50%, and

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DTSD Webinars: they do not do the same thing for retirement. So that is 50% of all of our budgeted retirement expenditures in the general fund

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DTSD Webinars: for Federal

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DTSD Webinars: again, just like X, or I'm sorry, just like idea. We're leaving the titles at the 2425 grant amount

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DTSD Webinars: for access. We identify access, eligible expenditures that we are able to submit for reimbursement.

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DTSD Webinars: and we've worked with the special Ed department. They've identified some expenditures that are eligible for access. And so the expenditures that we have identified as that we would be requesting reimbursement for is so. What is in the expenditures for that is what I used for the revenue for access.

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DTSD Webinars: We've left the

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DTSD Webinars: The Milton Hershey trust permanent transfer at the 4% that it currently is. When I presented this at the Finance Committee last month, I had made an estimate at what the

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DTSD Webinars: March 31st

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DTSD Webinars: balance of the trust fund would be, because this is determined by the average of the last 5 years. That amount did go down from what I had estimated originally for the presentation in March. So I have reduced that amount slightly by about $12,000, and again, you see that 1.3 million dollars, which is the recommended close out and transfer of the Granada Proprietary Fund.

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DTSD Webinars: Okay.

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DTSD Webinars: I have a lot of notes on the expense budget. But, as you heard me say in March, and I always say this whenever we talk about expenditures in the general fund, we are service industry, and therefore our salaries and benefits are always the largest portion of our expenditures, and it is kind of

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DTSD Webinars: eye opening to see on a graph. Just how true that is. So we can see that our salaries represent 44% of the budgeted expenditures. And the benefits are 30%. So those together are almost 3 quarters of our total budget. One thing I do want to point out on the benefits is we had a presentation from Araia, who was our benefits consultant.

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DTSD Webinars: and they had given me a projected number. So this is a little bit of an Update. From what I originally had, it had taken into account that we did go for the Rx. Carve out, and even with approximately 8% increase on what they were expecting for benefits. When you take into account the Rx carve out.

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DTSD Webinars: I was able to reduce the 8% increase that I originally had looked at by about $330,000, and this the amount that they projected. I also removed about $115,000, which would be attributed to the Food Service fund for their share of the port of the health care benefits. So this is only for the general fund portion of health care benefits.

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DTSD Webinars: If you look at that kind of olive green. Next to the orange that is purchased services. And it's about 5% of our budget. And that includes professional services that we have for educational services, and that would primarily be for some of our outplacements or our services for our special education students. It also encompasses our 3rd party teacher substitute provider

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DTSD Webinars: iu services. I guess I had already said it includes our legal and our auditors and our tax collection services.

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DTSD Webinars: When you see purchased property services at 2%. That's that smaller blue sliver

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DTSD Webinars: that is, for maintenance of all sorts. So it's for our buildings and grounds. And it's also for some of our tech equipment, and it also includes leases and rentals. So our ipad leases are included in that mount as well as the bleachers, that we will

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DTSD Webinars: be using for our stadium this year until we have the stadium project completed. So the bright side of that is, that is an expenditure. And it was around between the bleachers and the Porta Potties, I believe $88,000, so that should be an expense that will go out of the budget in the 2627 budget

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DTSD Webinars: in that kind of purpley, other purchase services that's 6%. And that includes our tuition, which is primarily for our charter schools. It includes our transportation contractor. It includes tuition to the Tech school as well as our share. Our portion that we pay to Harrisburg Area community college.

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DTSD Webinars: our insurance, our telephone and our postage

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DTSD Webinars: and then when you see that little bit lighter green slice

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DTSD Webinars: for about 5%, it's the category is determined by the codes that we have to use from the State, and it's called supplies. But it's a little bit of a misnomer, in my opinion, because of all of that

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DTSD Webinars: supplies, is not the largest part actually.

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DTSD Webinars: tech licenses is actually slightly higher than the general supplies. So general supplies is about 1.1 5 million, and the tech leases is 1.1 7.

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DTSD Webinars: I said leases I meant licenses. Leases is in that other category that I talked about licenses is under supply.

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DTSD Webinars: It also includes our electric.

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DTSD Webinars: our natural gas, the fuel for our vehicles and textbooks, and we do have a new expenditure for our science curriculum. That is another area that we've been refining. We have taken a look at that. Originally.

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DTSD Webinars: The original amount that I had put in was for one year pricing. And since science is primarily going to be license, I'm sorry. Yeah. Licenses. But we're putting under textbooks.

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DTSD Webinars: We're able to get better pricing for the 3 year pricing, which is what we're going to do. So we're able to reduce that by about $152,000. So

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DTSD Webinars: textbooks in total to

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DTSD Webinars: science curriculum is not the only thing in there, but it's about $510,000.

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DTSD Webinars: So

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DTSD Webinars: the green, darker green area next to the Big Blue for the salaries is for fund transfers. Now for us. We

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DTSD Webinars: count our debt service actually under the fund service. I'm sorry under the Fund transfer category because we record our debt service as a transfer to the Debt Service Fund, and then an expenditure out of the Debt Service Fund, and if you look at our financial statements, you will see that that also is

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DTSD Webinars: the transfer that we have. We removed the transfer to the capital reserve. But we maintained the transfer that we have on the books as a placeholder for the debt service that we've already put on the books. So that's where the 750 that we carried this year as a placeholder, and the 750 that we're going to maintain as a placeholder for next year.

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DTSD Webinars: So here's a review of expenses with numbers, and this is by the various departments. Again we pull out of the departments, the salaries, the benefits. The departments don't really have any control over the salaries and benefits for their departments. So these are just the things that they are using to make their departments run other than personnel costs.

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DTSD Webinars: And as I had mentioned, we were, I was able to use the numbers that we received from our benefits.

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DTSD Webinars: consultant to look at what I initially had for health insurance. I was able to move that down $330,000 and intuition.

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DTSD Webinars: You'll see that we have about 2.8 million dollars.

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DTSD Webinars: The vast majority of that is for our charter schools, and that is 2.1 million dollars. We also pay the tech school for tuition, and that's about $538,000, as well as $150,000 to the Harrisburg Area Community College.

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DTSD Webinars: one of the things we pull out to show this is that 3rd party teacher substitutes that we use that amount has gone up quite a bit based on the previous year's budget. And that is based. It's a good news, bad news kind of thing.

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DTSD Webinars: It's based on anticipated higher fill rates for our, for our absences for our teachers. So we're very happy that we have substitutes coming in and filling in for our teachers when they have absences, but it also costs us a little bit more money.

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DTSD Webinars: And this is Lindsay. Joe. Could I ask a quick question on that.

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DTSD Webinars: Dr. You might be able to help

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DTSD Webinars: increasing the fill rate. Are we currently not succeeding there? Or.

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DTSD Webinars: yeah? So this is actually based on what we're seeing this year. So last year's budget, I think, was was low. But the fill rate this year has been right right around high eighties low nineties to mid nineties depending on the month. So it's been. It's been great. Of course we're coming into to May. So it'll it'll dip a little bit, especially on Fridays. But

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DTSD Webinars: no, it's it's a good thing. Thank you.

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DTSD Webinars: Okay. And then

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DTSD Webinars: I didn't want to point out then, and also in the other expenses is the curriculum where we were able to realize savings from my initial estimates on the on the science curriculum that we'll be bringing on board. I do want to point out that you do see 0 for the fund transfer to capital reserve. But you do still see the fund transfer for the elementary project, the $750,000 that we have earmarked for the elementary project.

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DTSD Webinars: Okay, so the next slide is the bottom line.

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DTSD Webinars: So in revenues. We had approximately 79 million, and we had approximately 79 point well, actually had 79.1 in revenues approximately 79.3 in expenditures, and that shows a deficit of $203,000.

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DTSD Webinars: So the next slide is just sort of a recap of some of the highlights that I've just discussed. We do have the act. One index is at 4%. However, we're presenting this budget at a 0% tax increase. And as I had mentioned earlier. We're even with a 0% tax increase, we are anticipating 800

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DTSD Webinars: 8,000 additional dollars in revenues due to those increased

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DTSD Webinars: real estate assessments that have occurred during the year. We have, as I mentioned, that

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DTSD Webinars: 2 million dollars transfer from the Milton Hershey Trust, and that trust balance was that 53.9 million that Mr. Island showed us earlier. We're looking at the payment in lieu of taxes at the 1.1 million dollars and recommending the one time revenue of the close out of the proprietary transfer from the Granada Property Fund.

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DTSD Webinars: And then we have some highlights on expenditure changes. We've got almost 1.7 million dollars. And that's due to

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DTSD Webinars: the employee contracts. We use a modeling program in our software which takes our current staff and moves them forward from this year into next year, based on depending on what type of employee they are and what bargaining agreement they're covered, by what kind of increase they're going to get

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DTSD Webinars: for benefits. And we do have one additional

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DTSD Webinars: one additional position. That was for a school psychologist. But that was used to replace the laurel life program. So they're actually between the 2, actually a little bit less for the employee versus a laurel life contract the benefits. We're looking again at that. 8% increased trend. However, we did have the Rx carve out this year.

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DTSD Webinars: The peasers rate did increase slightly in 2526 from 33.9% to 34%. And that is

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DTSD Webinars: also applied to our base salaries to calculate. So there's a slight increase of the rate. But there's also it's on a higher base

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DTSD Webinars: in charter schools. I didn't talk really too much about the increase on that earlier, but we are anticipating an increase from the budget of the current year of $326,000, and

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DTSD Webinars: part of that is due to the fact that

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DTSD Webinars: the formula for Charter School tuition allows us to deduct Federal expenditures, and since we've lost the arp esser we've lost a large deduction from our Charter School tuition rate calculation. It does have the removal of our annual transfer to the Capital Reserve.

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DTSD Webinars: and also and I didn't mention this earlier. I apologize. We have been budgeting, but have not been doing a transfer to the food service of $150,000, so that is removed as well.

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DTSD Webinars: So the next steps.

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DTSD Webinars: I will say. May 27, th for our next Finance committee is going to be here before we all know it, but in in the meantime we will continue to monitor what's happening with the State subsidy and going to make sure if there's any areas where I see, we should either increase or decrease that we follow. We will be requesting another

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DTSD Webinars: taxable amount from Dauphin County to make sure that we have the correct amount to build our budget on. I was a little bit surprised to see a couple of assessment increases. Come in. I do have to check to see if they're because they do have an effective date on them to see if they are actually from July. But I would anticipate there would be a slight change on our assessment that we will see from Dauphin County.

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DTSD Webinars: I do want to review the real estate tax collection rate that we've been using to build the budget. I use the one that we used last year, and I would like to look at our actuals to see if that needs to go up or down.

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DTSD Webinars: And I will continue to assess the revenues for this year to see whatever kind of impact they might have on the 2526 budget.

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DTSD Webinars: We will continue to review salaries to see if there are any areas that were not properly accounted for by the model

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DTSD Webinars: and also we are waiting for our quotes for our insurances.

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DTSD Webinars: I have spoken. I know Mrs. Bell was working with our agent, providing the information he needs for the quotes, and I stuck my head in and said, Hey, we've got to work on this budget, and I need a final number if he can get me the quotes

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DTSD Webinars: by May 15, th because I do have a planned or unfortunately a planned vacation previously planned vacation. So he said he he felt that he could get that for us by the end of next week, so we should have a final number on our insurance

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DTSD Webinars: hope. The amount that he had initially told me to budget as an increase is a little bit high, and we might be able to realize some savings from that, and then just continue to review any items that stand out that we might have an opportunity to do some reductions, or I know I had. Someone

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DTSD Webinars: approached me today about a small increase for something they need. I kind of directed them to see if there was some funds available in this year to see if they could move it into this year's budget. But those are the kind of things that we just need to continue to evaluate. We

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DTSD Webinars: we don't. We don't want to budget for anything we don't need, but we certainly don't want to not budget for something that we do need.

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DTSD Webinars: So that concludes my presentation. Does anybody have any questions?

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DTSD Webinars: This is Jennifer rents. I just want to be clear when we get the rates. The actual rate from our health insurance providers, do we anticipate? We'll get that before our

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DTSD Webinars: May 5th meeting. So I want to be clear. So the the projection that I use for health insurance is going to be the projection. The insurances I was talking about are for our property, our liability, our auto, our workers. Comp. So I'm sorry if I wasn't clear. Thank you. Yep.

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DTSD Webinars: Are there any additional questions in the room or online.

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DTSD Webinars: This is Lindsay Drew first.st Mrs. Pitts. Thank you and Mrs. Bell for the work that you've done in in pulling us together.

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DTSD Webinars: You know, I know we've had a lot of conversation over time, especially as it relates to tax increase in building debt service capacity.

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DTSD Webinars: We had initially planned on 4 years of consecutive 1.9% property tax millage increases in order to be able to build the capacity within our budget to take on the debt service that we're anticipating needing for the

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DTSD Webinars: elementary school project.

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DTSD Webinars: However, in the you know, conversations we've had and those things I think that there are things that that really stand out, that lead me, that I do support the the recommendation and the presentation of a 0% tax increase budget for this year. A lot of.

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DTSD Webinars: I guess, mostly for the reason historical surpluses that we've seen where we've this is kind of a what I view as a rebuilding year, to to understand some of the

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DTSD Webinars: the reasons why there have been some surpluses in the way that we have been budgeting previously. Our general fund balance is healthy compared to where we had been. You know we had taken a hit on that during the pandemic years when we had to absorb a deficit, but have significantly rebuilt that to a place that we're at

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DTSD Webinars: you know, uncommitted funds. The limit that the State allows us to have. So, looking at other districts, we can certainly absorb a deficit. A small deficit, you know. Would that be where we would end a year

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DTSD Webinars: compared, you know to to other folks who are looking at multi-million dollar deficits, to have a $200,000 projected deficit.

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DTSD Webinars: When history tells us that the district does a great job, and the Administration does a great job of controlling expenses throughout the year and being able to recognize additional savings. I think we've also done some really thoughtful planning. So while

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DTSD Webinars: medical costs continue to rise, we've made some implementation done, some implementation to to save and kind of curb that I like seeing that our greatest increase is salaries, because we're investing in people.

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DTSD Webinars: and when we don't have vacancies in place.

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DTSD Webinars: public education is facing in general that that speaks a lot to the quality of the programs we're able to deliver.

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DTSD Webinars: I think one thing that that's also really important, that I'm trying to be cognizant of is.

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DTSD Webinars: we have been the only taxing entity

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DTSD Webinars: that has been increasing taxes over the last couple of years to be able to plan for for this project, recognizing that in Dauphin County

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DTSD Webinars: there's just under 22% increase in the budget.

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DTSD Webinars: And when I calculated that out to see you know, what's that average, you know, look like it's well over $300 per household a year that that folks's taxes are going to increase. So I feel like

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DTSD Webinars: as stewards of of our constituents, tax dollars, that until we have a better plan from the financing aspect, and knowing that we're not planning to issue new debt for several years, so our debt service will not need to increase for the next coming year. That's a way that that we can be responsible and try to help alleviate that burden as well. So just wanted to kind of give my 2 cents on the record of why

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DTSD Webinars: I think that

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DTSD Webinars: we can move forward with a 0% this year. I've been very supportive of building the capacity in previous years, and would have otherwise supported it for this year, but I think that there is enough.

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DTSD Webinars: There are enough things inside the details of the numbers that that make me comfortable, for where we stand for this next year.

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DTSD Webinars: And thank you, Mrs. Drew. I had on my notes to point out that the fund balances being a positive for doing the 0%. And I had a lot of notes, so I missed that. So thank you for bringing that up.

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DTSD Webinars: hey? Any additional questions? Comments

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DTSD Webinars: all right. At this time. I'd like to get a motion to recommend the proposed final budget to the board. Mr. Rosa, this is Lindsey Drew. I move that the Finance Committee recommend this proposed final budget to the full board.

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DTSD Webinars: Can I get a second second Jennifer Renz?

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DTSD Webinars: Is there any discussion all in favor? Aye, opposed?

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DTSD Webinars: Okay, motion carries.

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DTSD Webinars: So at this point contracts.

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DTSD Webinars: Miss Pitts, I believe that that will. If anybody have any.

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DTSD Webinars: discuss anything to point out on contracts, I should say

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DTSD Webinars: one thing that I would point out as the very 1st item is the sprinkler head replacement, and that is an item that we are looking at. Putting on the capital plan.

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DTSD Webinars: Mrs. If I can also. Just this is Lindsay Drew. If I can just add to the comment that I forgot to mention relative to the budget. We're pausing every year we do a 1 million dollar transfer to the capital reserve fund to fund our capital plan projects.

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DTSD Webinars: the administration has been doing extensive work with Debupart to create a new capital plan. And when we 1st reviewed that, we feel that the funding needed for projects that are upcoming is sufficient enough that the pausing, the 1 million dollars transfer for this current year to accommodate

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DTSD Webinars: the 0% tax increase for 2526

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DTSD Webinars: that the Capital Plan Fund, the Capital Reserve funds will cover that.

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DTSD Webinars: I also wanted just to point out, too, because we didn't go through. It is that there is an attachment

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DTSD Webinars: under the the Budget Review that talks about the millage requirements study and Raymond James updated that for us. So that kind of shows what our anticipated needs for debt service are going to be. And you can see kind of where we are currently

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DTSD Webinars: and where, you know, we'll need to be ultimately, once the project would be complete. We had initially anticipated that we were going to be issuing debt in 2025 that would have raised our debt service by over $800,000,

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DTSD Webinars: because we are not in a position right now that we believe that would be taking place this year. We're not anticipating an increase in debt service until the 2627 year. So that

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DTSD Webinars: kind of backs up the the plan for why we could pause on the increased.

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DTSD Webinars: Thank you.

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DTSD Webinars: Okay, I will now open it up for public comment.

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DTSD Webinars: If there's anyone in the room

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DTSD Webinars: from a comment, perspective or online.

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DTSD Webinars: seeing nothing, hearing nothing, I will move to adjournment. Could I get a motion to adjourn the Finance Committee meeting? Go ahead. So move. Lindsey drew second Jennifer Renz. A discussion all in favor aye.

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DTSD Webinars: opposed. Motion carries

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DTSD Webinars: meeting is adjourned at 5, 56. However, I would like to remind everyone that we will be meeting on May 5th

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DTSD Webinars: for the the final budget approval, and the next committee meeting will be on Tuesday, May 27, th just to clarify. The Finance Committee is not meeting on May 5.th Just the full board. Yes, I'm sorry. The full Board. It's just the full board on May 5.th

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DTSD Webinars: Okay, thank you very much. Meeting adjourned.