LANSDALE — Some good news: The North Penn Schoolboard Finance Committee heard the latest information last week about the district’s extended care program and recovery from COVID-19, which boosts the district’s finances.
“Last year, due to the financial situation of the Pandemic Extended Care Program, we’financed’ $ 1.5 million from the General Fund and transferred that money to the Extended Care Program,” said District CFO Steve Skrocki. ..
“I hadn’t officially booked it as a loan, but I knew from the bottom of my heart that when Extended Care came back up, I would get the money back and put it back into the general fund. We’re at that point now. “He said.
Every year before COVID-19 District Extended Care Program We provided both pre-school and after-school care to elementary school students in each district and provided several summer camps. The daily care program includes activities such as breakfast and light meals, homework and arts and crafts, with approximately 850 children enrolled in 2019. -20, Recorded by the implementation of the kindergarten all day of the year.
Heading for a pandemic The sector’s corporate endowment had a surplus of nearly $ 1 million, but the sudden closure of schools and the shift to telecommuting drastically reduced enrollment for more than 500 students, resulting in income. It has decreased. A deficit of about $ 720,000 for the 2020-21 budget year.
April 2021 District staff recommended both a rate increase and a transfer from reserves to make up for the shortfall. The second half of the month The board approved the transfer from the $ 1.5 million reserve prior to the rate hike. At that time, district staff said extended care would begin repayment of the loan once income was stable. January staff Said Registration has been backed up Provided to 635 students between 2021 and 2010, Extended Care spent more than $ 800,000 on the COVID Relief Fund and was able to clarify how to start repayment of a loan.
“You can return your first remittance to the general fund, which will be the $ 500,000 we plan to move,” he said.
“So far, this year’s Extended Care Program has net revenues of $ 960,000 by the end of March, so we currently have the financial resources to repay $ 500,000 of the $ 1.5 million loan,” he said. Says.
When the transfer is complete, the outstanding balance will be $ 1 million, and Skrocki and Treasury staff expect at least one more transfer before the district’s fiscal year ends on June 30. Said that.
“Our goal is to repay that total amount over the next year or two years,” Skrocki said. “This was raised by a member of the community in the past and was due to be repaid, so here’s payment number 1.”
Chairman Christian Fusco said the transfer was in the district The 2022-23 budget is currently finalizedAnd Skrocki said he wouldn’t.
“It really is this year, so fiscal year 22-23 does not currently reflect the transfer of extended care programs,” he said.
“But it certainly helps this year — it helps our positive earnings fluctuations because this year the transfer didn’t budget for a return to the general fund, so at $ 500,000, accounting. It will definitely improve the appearance of the general revenue book at the end of the year, “Skrocki said.
The North Pen School Board will meet next May 10th at 7:00 pm at Penfield Middle School on 726 40 Foot Road in Hatfield. The Finance Commission will meet next same night at 6 pm. For more information, please visit www.NPenn.org.
North Pen Extended Care Department Repays Loan
Source link North Pen Extended Care Department Repays Loan