CLEARFIELD – The Clearfield Area School District ended the 2012-13 school year with a $3.2 million surplus, reported Business Administrator Sam Maney at Monday’s combined committee and board meeting.
Prior to his report, Maney told board members he’d met with their auditors. Their auditors, he said, hadn’t proposed any adjustments, and he felt comfortable with reviewing the district’s financial situation with them for that reason.
According to him, when he put the district’s budget together, he anticipated having an ending balance of slightly more than $6.3 million to start the year. Further, he anticipated revenues in the amount of $31.4 million and expenditures of $33.2 million.
“If you remember, we originally anticipated a budget deficit of $1.8 million,” he said. “We were going to have to eat into our fund balance and drop to $4.5 million. However, we ended up starting the year with a $7 million fund balance.”
Maney said the district’s revenue ended up coming in at $33.9 million and its expenditures at only $30.6 million. As of June 30, he said the district’s fund balance was $10,362,282. Maney said the district’s positive financial results were primarily attributed to increases in local tax revenues and additional state revenues, as well as to considerable savings in major expense categories, such as personnel, purchased services, tuition and facility costs.
The district’s fund balance included $2,209,568 for reserves restricted for debt service obligations. It also included $4,300,659 committed for Public School Employees’ Retirement System increases (PSERS), he said.
Also, Maney said the district’s Food Service Department experienced a $60,857 deficit for the 2012-13 school year. He believed the deficit resulted from decreases in student meals coupled with increases in personnel costs. Maney said the uncommitted/undesignated fund balance of the Food Service Fund was $503,194 as of June 30.