CLEARFIELD – The Clearfield Area School District ended the 2023-24 school year with a $761,267 General Fund surplus, Business Administrator Sam Maney reported at Monday night’s school board meeting.
The district originally projected a $5,492,634 deficit for the 2023-24 school year.
Maney said the favorable results can be attributed to increases in local tax revenues over projected amounts, as well as state subsidy payments that were not originally budgeted coupled with considerable savings in major expense categories such as personnel, professional services, tuition and budgetary reserve.
The district’s General Fund balance as of June 30, 2024, was $16,460,378, and included $2,867,342 of reserves restricted for debt service obligations, $7,148,249 committed for employee benefit costs and charter/cyber tuition increases and $3,754,625 assigned for real estate tax appeals, curriculum license renewals, technology replacements and contractual obligations.
Maney said the district’s Food Service Department also experienced a $389,222 surplus for the 2023-24 school year. The district originally anticipated a $87,607 surplus.
He said the additional surplus can be attributed to increases in investment income and state and federal meal subsidies as well as savings in projected food costs.
The fund balance of the Food Service Fund was $1,276,225 as of June 30, 2024.
