South Fayette schools set to prepare budget
The South Fayette School District is moving forward with preparing a proposed preliminary budget for the 2014-15 school year. The board voted to direct the district’s business office to do so at its Nov. 26 meeting.
Brian Tony, the district’s director of finance, stated that district principals started discussion on their budgets with the superintendent and assistant in November. Administrators will be presenting budgets at the January school board meetings.
The proposed preliminary budget will be available for public inspection no later than Jan. 29, 2014. The preliminary budget would have to be approved by the board on Feb. 18.
The board also voted to authorize the district’s administration to work with Public Financial Management and Dinsmore and Shohl, LLP to refinance a series of bonds from 2004. The current interest rates on the bonds are between 3.5 and 4.35 percent. The motion is contingent on the district seeing a minimum net savings of $413,000, or about two percent of the value of the bonds.
The board also authorized to designate $3 million from the unassigned fund balance to three separate areas. $1.5 million will go toward future PSERS increases (Public School Employees’ Retirement System), $1 million to the district’s capital reserve fund and $500,000 toward OPEB (Other Post Employment Benefits).
The board will hold its reorganization and regular voting meeting for the month of December at 7 p.m. Dec. 2. The meeting is the last one of the year.