BOARD FINANCE COMMITTEE MEETING MINUTES

FEBRUARY 9, 2004

 

Chairperson Charlene Koch together with board members Loretta Leeson, Joseph Craig, Margaret Williams, Julie Venanzi, and Diane Rowe met with Superintendent Dr. Joseph Lewis, Director of Business Affairs Stanley J. Majewski, Jr., and Associate Superintendent Michele Kostem, in Superintendent’s Conference Room A. Also in attendance were Michael Buffer from the Express Times, Genevieve Marshall from the Morning Call, and Robert Davidson from Abbott, Davidson, Weis and Company.

 

FINANCIAL AUDIT REVIEW- Mr. Majewski reviewed and explained the 2002-2003 audit report with the committee. The district expended 97.7 percent of its budget for 2002-2003. The district’s outstanding debt as of June 30, 2003, totals $164,485. The current fund balance is $9,681,208. Mr. Majewski commended Kathleen McCann and Robert Davidson for an extraordinary job in preparing the financial statements.

The district received one finding, which was a result of missing documentation for a Student Activity disbursement.

 

The audit report will appear on the February 23, 2004 board agenda for board acceptance.

 

There was discussion regarding the proposed legislation requiring a referendum for school district real estate tax increases. Approximately 63 percent of the district’s budget relies on revenue from property tax collections. If approved, the district may have to put proposed real estate tax increases on the ballot for voter approval during primary elections held in May of each year.

 

District administrators will be contacting local legislators to lobby against this referendum.

 

The meeting adjourned at 8:10 p.m.

 

Minutes prepared by_________________________________________

                        Adele Embardino, Confidential Secretary to the Director

of Business Affairs