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December 6, 2023 - COW/FINANCE MEETING

Wednesday, December 6, 2023
Committee of the Whole - Finance - 5:00PM
Hollidaysburg Area Senior High Library
1510 N. Montgomery Street
Hollidaysburg PA 16648
Meeting Opening 5:00pm
Call to Order / Dr. Sommer
Roll Call / Dr. Sommer
Discussion Topics
2022-2023 Financial Audit Review
2022-2023 Fund Balance Review
2023-2024/2024-2025 Budget Information
Capital Reserve Fund
2024-2025 Act 1 Index Decision

Special Session Act 1 of 2006
Each year in December/January, school districts must choose between adoption of either a preliminary general fund budget or a resolution stating that taxes will not be raised above the school district’s adjusted index. 
School district taxes may be increased up to the school district’s adjusted index without approval from PDE.  A school district that adopts a preliminary budget with real estate taxes that exceed its index may seek approval for referendum exceptions to increase tax rates by more than its adjusted index.  SS Act 1 contains four exceptions that, if approved by PDE, would allow a school district to increase taxes above the index without voter approval.  These four exceptions are School Construction (Grandfathered Debt), School Construction (Electoral Debt), Special Education Expenditures, and Retirement Contributions.

The Hollidaysburg School District adjusted index for 2024-2025 is 6.4% or approximately 0.6418 mills.  If the Board chooses to stay within this index for budget 2024-2025, then a resolution must be adopted to not exceed the index.  If the Board chooses to exceed the index and increase taxes above the index, then a preliminary budget must be prepared and adopted by January 24, 2024.  Attached are the full “Timeline of Events Related to 2024-2025 Budget Process”.
Committee Recommendations / Summary to the Board
Adjourn / Dr. Sommer
Our adopted rules of Parliamentary Procedure, Robert's Rules, provide for a consent agenda listing several items for approval of the Board by a single motion. Most of the items listed under the consent agenda have gone through Board subcommittee review and recommendation. Documentation concerning these items has been provided to all Board members and the public in advance to assure an extensive and thorough review. Items may be removed from the consent agenda at the request of any board member.