BOARD FINANCE COMMITTEE

MINUTES

November 12, 2001

 

Members of the Board Finance Committee, Chairman Lynn Glancy, Joseph Craig and Julie Venanzi, together with board members William Heske, Charlene Koch, Rosie Amato, Loretta Leeson, Edward Gallagher, and Margaret Williams, met with Director of Business Affairs Stanley J. Majewski, Jr., Superintendent Thomas Doluisio, and Assistant Superintendent Michele Kostem, in the Superintendent’s Conference Room at the Education Center. Also in attendance were Robert Davidson from the accounting firm of Abbott, Davidson, Weiss & Company, Lavinia Hechinger from the Express Times and Genevieve Marshall from the Morning Call.

 

OPEN FORUM - Mr. Heske asked Mr. Majewski to comment on the loss of tax revenue as a result of Bethlehem Steel Corporation filing for bankruptcy. Mr. Majewski responded by stating that he hopes the district will get the money eventually when bankruptcy proceedings are resolved. The district would be one of the creditors to be paid.

 

Mrs. Koch asked if the bankruptcy will affect the Tax Abatement Program. Mr. Majewski responded that it will not affect us as we are collecting nothing and it is not costing us anything.

 

Mrs. Leeson questioned the length of time the bankruptcy will affect the district’s tax revenues. Mr. Majewski responded that it will only affect us this year and, should the Steel restructure and get back on their feet, we will recoup all or most of our loses.

 

Mrs. Williams asked what, if any, impact would there be on The TIF Agreement. Mr. Majewski stated The TIF Agreement is between the City of Bethlehem, the County and the School District and should not be affected.

 

FARMERSVILLE ROAD AGREEMENT - Mr. Majewski informed the committee that as a result of widening the road at William Penn Highway and Farmersville Elementary School flashing warning lights need to be relocated. An agreement between the District and the Township of Bethlehem, which has been reviewed by the district and township solicitors, will be placed on the November 19 agenda for Board approval

 

AUDIT REPORT FOR THE YEAR ENDING JUNE 30, 2001 - Mr. Robert Davidson from the accounting firm of Abbott, Davidson, Weiss & Company, and Susan Famularo, Assistant Director of Business Affairs, presented the Audit Report for the year ending June 30, 2001.

 

The district received an unqualified opinion with only one finding pertaining to Student Activity Funds. Mr. Majewski indicated that in spite of the finding, the overall maintenance of Student Activity records has greatly improved.

 

 

 

Board Finance Committee Minutes

November 12, 2001

Page -2-

 

 

Mrs. Famularo reported that the district’s fund balance is currently $6,035,231and is within the parameters of School Board Policy. She also informed the committee that the district came within $100,000 of expending the general fund operating budget.

 

Mrs. Famularo reported that Dining Services generated an annual surplus of $32,000, and Daycare had a surplus of $61,000.

 

Mrs. Famularo also reported the district’s total debt ,as of June 30, 2001, is $132,265,000. This figure does not include the new 2001 bond.

 

Mr. Majewski praised Susan Famularo and Robert Davidson for their outstanding work. Mr. Doluisio gave accolades to Mr. Majewski and the business office staff for an excellent job.

The Audit Report for the year ending June 30, 2001, will appear on the November 19 agenda

 

BUDGETARY TRANSFERS - Mrs. Famularo presented final 2000-2001 school year Budgetary Transfers totaling $1,393,613. This item will be brought before the Board on November 19 for approval.

 

The meeting adjourned at 6:35 p.m.

 

 

Minutes prepared by __________________________________________

                        Adele C. Embardino, Confidential Secretary