And that's I know that's what I did on Tuesday. All right, we are back. All right, wonderful. So, we will uh we will get started again from the top as they say. Um we have Bill Benzing from Eard Seammens uh on the Zoom call uh providing us uh guidance and uh understanding on our refinance that we've been discussing. Uh to get started, we'll ask Peggy uh to uh do the roll call. Mr. Present. Mr. Godson present. Mr. Martin is absent. Okay. All right. All right. Back to you, Bill. Great. Good afternoon, ladies and gentlemen. Um, as mentioned by Tom, um, you've been provided a draft of a bond resolution, parameters bond resolution for the upcoming, uh, meeting, board meeting on June 24th. Um the resolution will authorize the school district to issue $36,750,000 on a not to exceed basis um for the purposes of refunding uh refinancing SLA uh outstanding school district debt um consisting of the 2017 A bonds, 2017 Bonds, 2017 D bonds, and the school district's 2018 bonds. Um this will be accomplished in two separate refundings based on uh when these are eligible to be refinanced. Um the resolution in front of you authorizes you know the issuance of the bonds as well as the execution and delivery of all closing documents and filings required by law. I'm happy to take any questions uh that you guys may have on the resolution. So is your microphone on? Yes. We're doing the 2017 which are 145. The 2017 that was 5 million and then the 107. Correct. Correct. Right. So rough math on that one is 30ome million. The 2018 bonds we have listed as 15 million. Is this resolution only for because we had said that it was for the 17 and 18. Yeah, the numbers those numbers are I think the or closer to the original amounts. There's a lot less outstanding on any number of those. For instance, yeah, I think I think 10 million and and you know Tom, you can correct me. You have probably the numbers uh more ready than I do. I think there's only 10,415 outstanding on the 2018s at this point. Okay. Yeah, because I'm looking at the payments that were that are due shortly. So, so we got those as a pay down difference is the okay the outstanding piece goal will be this resolution will authorize the take out essentially of all the principal that's left outstanding um at that time whenever you do the refinancing and if you know if the numbers don't work you can refund always a portion of those as well. Okay. Okay. I see it. I'm looking at it. Yep. And that's why you're using the numbers up to 36 million. Correct. That is exactly right. It'll give the underwriters a little more leeway to put in um certain maturities if there's a better price for certain maturities to benefit the school district that they can have a little wiggle room um to put those either in the front end or the back end of the new bonds. Okay. Okay. But whatever you issue will be less than that. You know that 36750, right? Any questions? I mean, I don't have any. And Bill, what I' I'd like to ask you to do is sort of to provide the write up uh as we talked about yesterday on on what uh what the parameters resolution is just in in layman's terms uh to go along with the the resolution document that you shared uh this morning. Um yeah, do you guys need more than the board motion? Usually that it's just the board motion that um um I'm wondering if instead of you know the board meetings at the end of the year are are sort of jammed. Uh so I'm trying to save you some time in in coming to the board the 24th meeting if there is a document that this is the parameters resolution. This is what it it says right because no one's going to read the 400page document but this is what it says. This is what it means and this is how we move this transaction forward. Um I think that would be helpful. Uh unless uh Mr. Godson or Mr. Hartline you you uh you would like uh Bill to come who he's he's you know most willing to come. Uh I just know that uh that the agenda will be uh will be busy as we look to close out the year. Yeah. I mean it's saying I don't I don't necessarily know that he needs to be physically present and I think if in the backup the supporting documents is the statement that this is essentially the exact same resolution that we did you know last year at this time for the same outcome right that that's you know the laws have not changed in the last year. So does that make sense to you Bill? Does that work? Yeah, I can put something together, Tom, and you can take a look at it and see see what you think if that, you know, meets the And as I as Tom said, I'm happy to come out, you know, that's that's our job, you know, whether the meeting's 10 minutes or or two hours, three hours long. Um, whatever you guys want us to do is fine. So, uh, I'll put something together, Tom. We can take a look and then you can let me know, uh, how you want to proceed. Perfect. I think we we, uh, as as the cabinet, uh, we send weekly updates to the board every Friday they go out. So, I will include uh in this Friday's update talk about the the bond resolution. I'll include the attachments. I'll include the resolution that you shared this morning just so that everyone is sort of up to speed who's reading those documents and know what we're doing. Uh and I think just the sort of discussion around what the parameters resolution means and what is it saying that we're signing up for uh sort of giving it that kind of you know blurb I think would be helpful then I think we should be able to push through. So, I think this is a great refinancing. This is all positive. Uh, so there shouldn't be a lot of uh a lot of debate unless people don't want to save money. Uh, but hopefully that hopefully that's not the case. Hopefully this is something we can all be behind and it's only an upside guarantee. So, this is best outcome or we do nothing, right? So, you know, I guess and that that may be something else to include in that write up, right? Should the market go sideways that we're not obligated, right? because there's some savings built into that resolution. Correct. Correct. Perfect. All right, Bill. Thank you very much. Thanks, Bill. Okay. Great. Have a great day. Thanks. Have a good day. See you. All right. Does that make I think that makes sense. Yeah, I think that's you know, I think it's effective. I think having these guys zoom in as opposed to driving out of the city to to warm and turn back um seems like uh seems like the thing. So, we'll get back to the agenda. We have the approval of the um the agenda for today's meeting. So, moved. Second. All right. Thank you. You guys are a heck of a team. Uh, approval of the May 15th Finance Committee meeting minutes. So, moved. Second. All right. We want to keep things switch up for for you did that. You did that without even noticing. Maybe you talked behind the scenes. Um, okay. So, we will uh we will jump into uh into the discussion guide um that we have. Uh we have our agenda. Um we had uh bills uh resolution. Um one point that was asked and I think Mr. Hartley you had asked it at the last meeting at the May meeting was the spread on the 16. So, not only was the 16 um bonds there, there was it was it was a larger set of bonds in that $4 million savings transaction, uh but the rate moved from a between a a 449 4.49 and a 4.55 to a 2.98. So, that that that closing date, right, we we nailed that one. Um, so that's that's a a decent spread right now. Um, the 2017 and the 18, a majority of them are at 5.5. Um, there's a couple at 4.5 in that. Uh, and their their their target in the math that they shared with us in savings is between a 4.25 and a 4.5. So it it's more of a one point. So there's not as much room, right? So there's not as much room, right? And and all that's up in the air, right? So um while while I did it this, you know, I think I do it every time we go through this transaction, right? Uh I'm I'm going to be on the phone saying I'm reading that the market's not going anywhere until September. So I'm gonna I'm gonna want us to be thinking about being able to pump the brakes uh and if we're able to realize greater savings. and they'll come back and say there is no guarantee one way or the other, but I'll leave that up to the two of you or the finance committee. So if there might not be as much saving in September, you know, there's still the potential that it could be a lower number for the next spring, you know, spring for the part they have in February. Correct. Right. So that that's again a smaller piece as well. Uh but you're right. So we're talking about two different transactions, two different timings, they in one motion. Um yes. So, I I think that was a great idea by uh PFM when they we got talking and and Bill was able to jump on board. So, we're sort of getting the legal ease, the notices, all that kind of stuff wrapped up and done in one foul swoop as opposed to sort of repeated because we just went through this a year ago becomes repetitive, right? And there's a cost involved with doing it. So, no doubt, no doubt. Save the money. We should be able to do that. Uh so that's that's the thinking and you know maybe maybe you know we don't do it in August right we don't pull the trigger in August and we say you know what we're gonna we're going to roll and and see if we can't create some more savings potentially we have the ability to do both of them in the spring I think you what's that we do have the ability to do both of them in spring instead of doing you could you could or you could you could pump the brakes on one and get to September and see if the rates move if if you know depending on what we're reading and what we're hearing uh and what these guys live day in and day out uh that may make sense right I think when we started this the you know the the economy and the markets have been all over the place uh that's the reality of of the situation today um you know so you we we thought you know thought was early that you were going to definitely have a June cut uh and and potentially two more right now we're really looking at September cut and maybe more in the beginning of the next year is what I've heard. So, we'll see. But a lot a lot to talk about. Um the financial update. Um it has been a a a busy uh couple of weeks. So, I've sort of uh dropped back uh to the treasures report format uh which is a little different than the forecast five one that we've been showing. Uh but these are the same uh numbers as uh Vera shared uh them with uh with myself and that we shared with the board uh on Tuesday. Um so year-to- date um revenue isund um 136,677,000. Uh the budget is at is 150 million. Uh but as we talked about at the board meeting uh on Tuesday, we're going to not transfer the 2.7 million uh from the debt service fund uh as was included in the budget. So the the distance from the budget isn't isn't quite as far. We probably have $10 million to collect uh between now uh and a couple of days from now. uh but certainly when we look at things like uh EIT the the collection period extends into August so that window opens up a little bit more. Okay. On the expense side uh we're showing a year-to-ate expenses of 125 million uh with 24 million 25 million to to go on unexpended balances uh tied to our budget. Um and you know I think a couple of things will happen. Um June is the the teacher contract payout. So we will acrue andor pay out the balance of all of the teacher contracts. Um in the in the last two pay periods uh May actually the the difference is is a little smaller than last year because the three pay pay happened in May this year uh and not June. So we have a little bit more expense in May uh than a typical month. Uh but it looks like we are closing in on on those numbers and I think you know I think there is some uh credit that we're expecting uh from the IU which we paid in advance. So you don't see that in the expenses uh but we can uh we can anticipate uh those savings. Now the salaries we paying out in July and August is still 2425 school year. Right. Correct. So for teachers, right? So uh for uh for uh the act 93 team um uh myself and the superintendent uh our contracts run July 1st to June 30th. So it it does end. Um and for the support staff, their agreement is also uh July 1st to June 30th. um their their pay, the hourly pay staff lags a little bit, but we do bring that back. But on the teacher side, uh the teachers get paid um over the the math on theirs is their salary divided by 26 pays. Um typically it's three or four that are paid out over the summer. People can opt to take a lump sum payment and get all that money in June. Um or they can be paid uh two pays in July, one in August, and then that second August pay is when their new contract starts up. Okay? But all of the teacher pay regardless of when you get it gets expensed in June. Um it just looks comparatively uh both at the revenue level uh and at the expense side where we are um this year uh compared to uh where we are last year. So you can see 2425 fiscal year-to-ate activity uh and that mirrored uh 24 23 24 fiscal year to date activity for the same period of time. So for the 11 months ending uh May 31st of those two respective years, you know, it's it's a little odd when we look at it on the revenue side and as we've shared in the board meetings, the revenue isn't moving a great deal, right? So as we look at those two numbers, right, they're they're very much very close to being in line. There's a little more revenue on the local side. Uh the state is is within a million dollars of each other. uh and the federal, you know, is is close. Although we didn't anticipate on the budget side, we didn't anticipate uh any of that er carryover uh factored into the current budget year. Uh but it's it's in those numbers. Um and then the same uh same view on the functions at the function level um for each of those expenses. Any questions? Um this looks you know again sort of at at the revenue more or le what more or less what we just shared and as noted uh on that first slide um we aren't going to transfer uh we're two we're going to won't transfer 2.7 of the 2.9. We're going to leave some uh the debt service piece uh that is tied to the bond savings. We're going to move that number uh but that will be it. We will be making a fund transfer from the debt service fund to the capital fund which was also included in our budget uh to keep the capital fund funded. Um and that will be at a at a number close to $2 million. That's the the number. Okay. Um this side again uh revenue compared to what we recognized in the prior year. Um state collections uh were lagging a little bit. Um and as I we just noted so that almost seems like a double slide. My apologies. Um this slide I thought was interesting when we look at that comparison at the function level. Um, as we've shared in, as you guys have seen in in all of our budget presentations, we have the series of quotes uh that talk about budgeting. Uh, and one is, you know, we want to put our money where our values are. Um, and I think, uh, what jumps out at me is in each of those in all of those functional areas, right? The area of increase, 11% 11.2% 2% is on instruction, right? I think we have plowed our money in on instruction. Uh we did that with ESSER. We as we've shared, right, we pushed our chips into the middle and the the work and the presentation that was shared on Tuesday regarding both our growth and achievement numbers have been phenomenal. Um I know Mr. Godson participated in the education committee meeting yesterday. I think they shared a little bit more of what's going on, but uh the district over the last five years has really committed uh not just the the people and the personnel and the team uh to and the students right there. A lot of a lot of their work as well, their work in in entirety um to getting to making improvements and I think we're seeing those. You can see on the financial side that's where we're putting our money um to make sure that that is happening. Um and you can see through 11 months um you know we're within 300s of point 310 of a point in terms of the same same position year to date. Question though in regards to the money that's coming being returned from the IU. Yes. How does that impact the current budget? Does that end up showing it as a surplus now? So as as you know uh being an IU guy, right? So, they bill us a contracted rate and they we they take that and they chop it up over five payments that the district will make over the year, right? Um the change I think as Mr. Hartline shared at the board meeting, those used to get rolled over a year later and become part of the next budget. Um that's not going to happen beginning with this year. uh they would allow if we wanted to roll the $900,000 overage from last year, we could roll that into this current, but I've asked them not to do that. We're going to pay that this year. We are going to get this money back, that credit, we will get back from the IU uh before December. So, that's sort of the magic in a modified acrruel basis, which school districts use as their accounting methodology. If it's within the six months, we've got to account for it. And that's the trigger, right? So when it was a year and six months before it got paid back, you could you could not count it. Where are we accounting for it? In the current budget or in it's going to be in the 2425 budget. Yep. It will be in it will end up it'll end up being posted as a receivable due to the end showing that we had a surplus then in 2425. Excuse me. That's that's the that is the surplus that we do not have to take out of the reserve. That's why Okay. So that's why they said each other. So where we normally show it where where for the last few years we had taken the money out of Right. Exactly. Correct. So if we took the money out, we'd show a surplus and then pay it back this year anyway. So Yep. And I mean ironically the numbers were you frighteningly close to one another. Okay. almost like you $2.7 million and I did not. Uh but yes, so we will we will not make that transfer of the which is the number up in the 2.9 million right 27 is what the we're expecting to get back. It could be a little higher, it could be a little lower. Uh that's based on the midyear that we got. Um we'll get that money back. will post a June as of June 30th a receivable owed to us by the IU uh that we can manage as we wrap that up. Um and uh and we'll record it. So we'll have less expenses. We won't need to do the transfer as Mr. Hartland shared and we will take that 2.7 and try to offset the $5 million deficit we have now. Perfect. What is the total value of all of our fund balances. So, what we have in capital, what we have in reserve, whatever have you. Is it somewhere in the ballpark of $10 million, $12 million, $3 million? I would say I would say as a ballpark um it is in the area of uh $26 million, $25 million maybe. Right. So, there's about 10 that has existed in the general fund. Right. Right. Uh there is probably $2 million in the capital fund as we move those numbers back and forth and uh and you know 13 or 14 in the debt service fund after we move that money to the capital fund. As we invest that money in the liquid assets y fund, are they the ones that we are getting the biggest return on our investment for? Because for the most part they're pushed out much further. They are. They are. And I I had a call um a month or so ago looking to adjust some of those, right? And saying, "Okay, these are things that, you know, if we're touching them, the world's on fire, right? Um so, uh let's let's invest them out further, uh and and manage them to whatever the best opportunity, right? Sometimes the opportunity is is long term, sometimes the opportunity is short term, right? I know I, you know, as you probably do as well, I have uh several nonprofit organizations that I I I support and help, right? And you're looking at at at just notes, right? CDs, right? And the best CD is a short CD. I was going to say because no one knows what's out there. Uh so we keep rolling the short ones. Uh so but we we have those conversations regularly with liquid asset fund, you know, manage that. 25 million invested at 4% for a year. That's a substantial amount of what we re receive in our investment income. Sure. I mean, so that is, you know, having a healthy fund balance there helps on the supply side as well. Yep. So, indeed. Um, so that is that is it on the financial update. Do you guys any questions with any of those slides? What I just I do not know. Okay. Um I will jump uh to uh to the budget discussion. Um so to Mr. go in your point the question asked earlier right so taking it over here that's that's the series and this is the credit 2.7 credit from the IU that we will post as a receivable and credit that special ed expense uh and be clean with the world this 900,000 that is last year. That's the 23 24 credit that's owed. They'll roll that over into the budget for next year. I asked them not to. We're going to pay it off. Um some of that, right, that that leaves a deficit if the forecast is spot on of $700,000 to reduce a general fund. There's probably some room in the forecast. Uh so we'll see how that plays out, but I'm not going to I'm not going to transfer any money. I'm going to just let that roll into the general fund. Does does the IU's changing of their methodology make all of your job easier now? Um, it it it I mean what it does plain and simple is that it makes that budget all the more important, right? It it really brings the attention to that single-year budget, right? So, if for instance it was a different story, right? We owed we were behind $2.7 million in our contract, right? We we didn't do the math well. You know, we just missed something, right? You had more kids move in, right? You had more students with needs, right? All of those things uh go into account before you could you could budget for that because you didn't have to it carried over to the next year. Right now, it's going to car impact that current year. I think from an accounting standpoint, it's pure and it's simple. Um, and it's, you know, it's it's overly it's not overly transparent. It's completely transparent. Um, so I think it's good. You know, it doesn't doesn't save us any time. It's not a savings or the effort isn't on our side. Our focus is on making sure that the budget number is tight uh and is in good shape. and and something that we've been watching uh throughout the year as we've reported at these meetings what our student counts are and making sure that we are well attuned uh to what that number looks like. Well, which brings up my next question of how often are are we now making quarterly payments to them? Are we making monthly payments? How often are we getting the updated numbers so that if we have to make adjustments to the budget, we know, right? So we we we will continue our practice almost monthly now uh getting counts uh from our student services from Dr. Ross' team. Um, and uh, they're they're providing us sort of just student counts, right? So, it's not the ma it's not a math problem, but it's is saying, okay, we anticipated 63 kids this year, right? In 25 24 25, we've been averaging, you know, 50 kids, so we know we're on the right side of that line. uh if that was backwards then we'd begin having that discussion in the board meeting saying hey we're ahead of our budget right so and the reason that we are getting that much money back out of you know this current year is due to us having less services purchased um less students then budgeted right not less right more than we had where our bill was still bigger than it was last year right it's just not as much as we budgeted for so the contract contract in the budget as has always been the case. We put a budget together for the IU. The IU rates, as I shared, have been going up, you know, sometimes double digits, but they're hourly rates and their service rates are up easy 8% across the board. Um, if if we are budgeting higher, they they take that bill that we submitted this year and they'll divide it by five and they'll send us five bills for it over the course of the school year. When we're looking at, you know, the IU's budget is going up what, eight plus some percent. Mhm. Is that compat comparable to the cost that our special education cost is going up within our district? Yes. Our district I mean the the the costs for those services, right? Whether they are at the IU or there are other outplacements, right? you go through those bills, you'll see them, right? They're they're they're expensive transactions. Um, so certainly comparable though, you mean the cost of, you know, providing the services in the district, is that somewhat similar to the increase? I I would think not because I, you know, I would ask Dr. Ross, I can ask her to chime in. I think the services of I think they're different services, different set of services. Yeah. It's like apples and oranges. You mean you know that some of that Yes. you know but you know are we seeing so where we have seen an increase in our special education students and we have seen an increase in the labor required to provide the necessary services so we have 1500 students they have IEPs they have to be evaluated on a regular basis I think all of those type of expenses are the same but I think when you also get into the specialty services and the specialty requirements that some of these students have that I think that's where the fluctuation can take place more and it's compounded. So, you know, where we have certain control over certain elements, we're paying for both their increase in the cost to provide the services and their increase in wages. So, we're we're paying both sides of that. I I get, you know, some of that, you know, you know, but my whole point is is that know even though the IU is increasing their, you know, fees, you know, dramatically in my opinion, you they still have a waiting list, you know. So it's not like, you know, no, special education isn't isn't isn't isn't a centennial issue, right? It's a it's a it's a statewide issue, right? Certainly as we look at the Commonwealth, right? And it is there are expensive propositions. There are more students entering special education uh IEP supports than than ever before. So it is just it is a it is something that we repeat regularly because there's only a limited set of tools that you can do to work around that right and we need to make sure that we keep the students first and foremost in mind and I think that's what we do um but I it is a challenge right is it a challenge at every single district and those costs are are increasing so the bill I think as we talked about last year when we went through the budget right the IU bill was $15 million rate. It was a $5 million jump, right? So, we're getting two and a half back, but it's still a $2.5 million jump just to the IU. And I think when we look at our outplacement services as well, they're going up the similar 8% to to 10%. So, it's not as if they're jingle. You're correct. Yeah. They're they're not, you know, so it's not like the IU is the only game in town and we have to go to them. They are in line with the other, you know, private market services as well. No, I mean we talked a little bit about the speech services, you know, yesterday and you put out the RFP on that, you know, and it showed that the IU was almost twice as expensive as I mean going back to, you know, previous when I was on the IU board. Um, we had actually stopped certain services because we were priced out of the market. It was a competition, you know, it was a business competition. we could provide the service for I think it was a hearing placement service that we just our costs were too high so we phased the program out and let the private market take over so that the districts would be able to save money. Y so it is I use more of a a pure business model. Oh it is then you know because they receive no direct tax dollars everything is through billing. Y okay. Um so these slides are again what we shared on Tuesday. Um the relative impact of uh of the act one increase um going from you know a credit to uh taxpayers at a zero and an increase in a tax bill of $143 again for the you know sort of the median um home uh based on a median home value of uh of our two or three um districts there three communities townships um and and what that impact is to the district. So, the budget as shared uh assumes a 4% the full act one increase. Um and so any thoughts beyond that um you you'd look to the right uh of the slide uh the slide and you'd just see an increasing uh growing deficit. Okay. Uh and then sort of the questions uh that I shared um really trying to get our handle around where where we think the board will land relative to uh a a tax increase um and and where we can find um common ground in terms of that. Right? I think that's really the question that we're faced with at the point right now uh is trying to find out what that common ground looks like uh and and seeking that from the board leadership uh in terms of uh where this will go or we'll just spin uh be spinning our wheels and and not you know not meet the deadline uh for the board to be able to uh to approve a final budget. Um If it doesn't, if we don't pass it on the 24th, we need two days to advertise, right, we'd need to have an emergency, which means you'd have an emergency meeting either on the 27th or the 30th, right? So, I mean, it is I don't know the pulse of the board. I'm going to be honest with you. I I I am not one that calls around to say, "What are you thinking?" Y um but really I think anything short of 375 or four really puts really a significant issue and I really think four is what's necessary and my fear is that as the state mandates increase. I mean the new state mandates probably cost us another million plus this year. We got another two million or 200,000 out of the state. That compounds year-over-year. We're going to be looking at additional exceptions next year if something does not actually break. No. You know, hopefully charter school districts are feeling that, right? And we're not alone. I mean, and it's, you know, I know Central Bucks went for the referendum, right? Exception that can find they're go they're adding 2.8 to the number, 2.9 to the number, and a full act one. Right. And we're not like Philadelphia or Alagany where they go to the state directly for funding. We don't get that. you know, if we go to the state, they say raise your taxes, right? Right. So, we are kind of behind the behind the eightball on that. Hopefully, you know, we'll see some cyber chy cyber school changes. Um but I mean, we're like everybody else. We're getting buried by compounding um expenses that are out of our control, right? You know, even with us changing the health insurance plan, that's up close to a million dollars between the plan and the uh medical benefit or the um drug benefits. The drug benefits are really that's it's a hard swallow. We did a lot of work. Yeah. Uh over last summer and trying to evaluate plans and alternative plans and increasing employee share. And while that number moved a little bit, right, if it moves $100,000, it still doesn't doesn't touch what those and keeping in mind too as we add personnel to cover special education needs. Yep. And then our expenses, you know, the the non-payroll side of that increases as well with benefits and Sure. and what have you. Okay. Any other thoughts? the what was the increase in in health care overall? What was the overall increase you know to the coming year? Um I know prescription was 36. So the the prescription increase is is 14 or 15%. Right. Just in prescription just in prescription. Right. The the healthc care plan increase was like four or five%. So sort of more manageable. I think that the average is probably seven is what I've heard between six and seven. So I think on the health care side, but the prescription side is significant. And as I shared, I think you did at Tuesday's meeting. You did well in alternatives as well, right? looking at at options to sell not to move out of the self- insurance market uh within the health trust and ensure that which takes the risk and some of the fluctuation away from us and uh based on the the health trust formulary uh we may be able to recover more uh more money back from the trust. So, those are things that I've asked Steve to look at. Our ability to pull that trigger, right? We can, you know, we'll see as we go through it, right? Um, you know, that may be something we were able to do in in December, right? Maybe something we start the new year with and uh and make that change. I mean, and the increase in health insurance costs is 4% over last year and that's despite restructuring that to a more coste effective plan, right? Yeah, I think on I think we did I think you know I think generally we we the new plan was was structurally less expensive and a great we do have more and more people getting benefits uh if we look back over the course of time right support staff had a very limited group of people getting IAS PCAS weren't eligible for benefits we are now giving them benefits so there is a jump we've created specialty plans for them uh we have the lowcost plan right now so we had the we had the high plan we had a core plan and we had a cost plan. People are inching in uh to that lowcost plan. So we had, you know, five last year. I think we'll have eight this year. Um and taking the taking opportunities and we've made them all available to all employees. So support staff uh has the opportunity to take that lowcost plan as well, which they didn't. They were really locked in on the one. Do the support staff have choices or do we control? Uh they do now. They do now. still they have they have they have a choice between the support staff plan right and so the support staff that is less than if you're 280day 260day employee full-time you you have you have a different set of options than people who are support staff that are working 180 days right so if you're working 180 days um and you're full-time 180 days your plan is the support staff plan it's a dedicated planum it drives drives most of most of those uh individuals towards the health clinic uh run by health the health health trust which really reduces their personal costs right there is no co-pay there's no prescriptions are free at the clinic it's really an outstanding uh opportunity and it comes at a lower lower premium so we're able to do that this year we did offer uh those folks also the opportunity to to get into the HSA which is our health savings account plan um which is our quote low cost um and employees only contribute 10% of that premium to that in in that in that program. Okay. So, uh I I'm going to start reaching out and uh you know, gentlemen, if you can do the same, we got to try to find uh find a a a middle ground or a a area that we can all be comfortable in. Um, so that's it on the on the presentation side. Uh, do we need to You've got them. Never mind. Go ahead. Sorry. Uh, so we have in our information items. We have the the regular uh PSDLAF uh liquid asset fund reports. Um, I have April and May on the interest site. I think I was behind a month. Uh, so I'm caught up there. Uh I added just a couple of articles uh from various sources uh that talk about the Fed rate cuts and the uh Fed open market meeting that's coming up uh later this month uh just as for information. Um uh and I I did not I will add my apologies. There is a payroll calendar. Uh I meant to to pull that in. Um I told Peggy I was going to take care of it. I'm staring at it and I didn't uh I didn't get that done. So my apologies, but we will be seeking approval of the payroll calendar. Really just establishes what days the payroll are, what is the first day for CEA members, what's the last day, when we're going to pay the co-curricular payments, uh, and when we would pay out lump sums. So that's what that more or less does. Um, I will include that. Um, this is the parameters resolution that Bill spoke of. Um I had shared uh that's the the resolution. This is the the board motion, right? Uh that is although we don't want to put 49 pages into a Right. You could do that. You could put on 49 pages. So this is what I'm asking uh Bill to summarize and I had that I had hoped to have that today when I spoke to him yesterday. To me it just it he can write it down. We can internalize it. People will understand it. when you throw 49 pages at and big bold letters, uh there's a lot going on there. Is he writing this in like in layman's term? That's my goal. That is my my my as you heard, right? My request of him is to what is a parameters resolution? What does it mean in layman's terms? Right? What what is it committing us to doing? What is it preventing us from doing? Um and and all of those I think are generally positive, right? I don't I think if the market went south, we're not forced to to go into the transaction. Uh there's a minimum savings that is a threshold that's set. So I think all of those things are generic, but you'll never find them. At least I don't find them in there. Getting that summary would be helpful. So I'll plan to put that summary on top of this document when we take it to the the board for approval. I mean, if we get lucky and we catch another one or one and a half%. Yep. Could be a good thing. That would be that would be tremendous. Right. I would just picture re you know refinancing your mortgage at a point point and a half less. Right. Right. I mean people are getting mortgages now at at seven six and seven. Right. Yeah. That that four is looking pretty good. At 399 75 and I'm laughing at the world but I'm never going to move. Right. You know it's exactly it's you know you don't pay that off early. No. at my rate at least it's I I can remember as a child my parents having one at four from the VA and people calling them up in the mid80s going well you can refinance at 15% right you know on a house that I paid more for my first car than they paid for their house I think my first was seven and change my wife and I so was mine yeah crazy um Margarets was 18 yeah my parents I mean talk about that my parents were lucky at four but that was back in the 60s Um so the the next thing that we'll be seeking approval for is a series of bid responses. Uh this is our stock supply bid. Uh how much of the stock supply bid do we also do off the consortium bid? Any of it or we we do when you say the cons like through the IU the IU consortium. Yeah. So we we utilize them uh for a number of them that we don't bid out ourselves. Uh so there are a number of IU uh bids that come through the same same way. We look at that. We don't approve them separately here because we look at that as like uh like all of the other um monthly expenditures or with the the bidding co-stars, right? So they're in that list of uh of uh group buying uh and so we are approved to use them uh as we are in co-star. So that eliminates in some instances the bid process. These are where we have actually issued bids uh and gotten prices back. This is for the 25 26 four year correct? Yes. Yes, it is. Uh the next one is our art supply bid uh that will be going out and I've asked uh Donna and you know uh Donna Brazil works in in the business office. She does a manages all of these bids, getting feedback from the schools, getting feedback from the teachers. Um, and you know, I said and hope well she'll have it is is looking for a dollar savings, right? What is that? What is that? How are we looking over because I think it's significant, right? Because I was looking at some of them and there's, you know, it's $8 or $12 and we're getting it at six, right? Right. So if the high is 12 and we're going to get it at six, I said, "Donna, I need you that's I need to sell you, right? Uh because I think there is real savings there." So uh that like the budgeting process, right? We've been aggressively trying to reduce costs. Uh we're reducing applications that are used by groups, right? If it's not the application, the preferred one, we're not then carry a second one, right? We've had to make some of those cuts and make those decisions. Um the athletic awards uh for equipment that one the the final document wasn't ready. That's it'll be ready today. Uh we'll be seeking approval for that. And I think the last is the So you you're telling us that there's going to be an attachment telling us what we're purchasing in. Correct. Correct. So all of these the the first ones all have them, right? You'll see them all attached, right? They'll look like this. you'll have the tab sheet, right? So, you'll see what the what the bid was uh and what those prices were and then the winning one. Okay, you go back one. It looks like we have a duplicate. The last two um one is athletic equipment. Are they both for the exact same amount? 247. They are. Yeah. Yeah, that's that's that's the same one. No, my my apologies. Yeah. Um, see we do pay attention. No. Very good. Very good. No. Um, they are the same, right? They they should not be. One is is athletic equipment uh and the the next one should be uh refurbishment, right? So we we have they helmets and things like that they refurbish. Uh is the second one. So my apologies uh for that. Um uh and the last uh on the budget side um is the food service budget fund 50 as well as the debt service budget. Um there is the fund 32 our capital plan. Uh we're going to be presenting that to the operations committee tomorrow uh for their uh their approval and their insight and feedback on those. Uh sort of just looking at them quickly. Um Lori has done a tremendous job in food service. She's really, you know, really phenomenal. Right. I think um uh we're we're anticipating for the third year in a row no change in in the in the um lunch the paid the price of a paid lunch. Uh but the options and the opportunities that these stu our students have in food service is just it's it's off the charts, right? They're constantly finding new ways to present and to share and to deliver food uh for our students. Um it's really been amazing. Uh and and this year uh there there you know the change is on the federal side, right? So our free and reduced has dropped a little bit. Uh but there you know what was full paid uh breakfast meals, right? Isn't anymore, right? only for the the the free and reduced. For your free and reduced, you get federal and you get um for breakfast and lunch. Um if if it's not, the state's picking up the the rest on the stu state side, but the federal side is going down, right? Um, so, uh, uh, Lori has put forth a budget that has $3.9 million in revenue and $3.9 million, uh, in expenses. As we've shared sort of every year, a balanced budget um, as where and where those expenses fall out uh, based on those different object codes with primarily labor and food as the two keys there. Is there a difference between what we do during the school year and what we do during the summer? Um, a difference. There is a difference, right? I mean, we we do prepare meals uh for the community uh all summer long. It starts up uh almost right with the end of school. It is fully funded. It is. It is fully funded. It is fully funded. Right. So, that that is a different program. We apply every year to be able to get into the program uh to provide the summer meals. Uh and there's rules and there's regulations that that uh Lori works and her team works within uh for the delivery of that food. That's primarily out of McDonald. Correct. Um it is it is out of McDonald, but we also utilize the high school and we make visits to the parks in the area. So we have uh I think McDonald's the hub, right, if you will. Uh but it's just being made there and put together there and organized there and then um you know I think people can come to McDonald and get the food. Uh they can sit in the in the cafeteria we also hit the parks uh in the area uh and that's posted uh on our website as to where we are and all that new equipment that we just purchased or approved at least is coming out of that 3.9 million somewhere. Uh yes. So the the equipment, right, the food service is is a standalone fund, right? It's a proprietary fund. Uh the accounting for it is different. It's accounted for more like a for-profit uh entity than a than the school district, right? So it's not really cashbased. It's it's an acrruel full acralbased uh methodology. Um, so they're looking at depreciation as an expense in here where depreciation doesn't exist, if you will, uh, on the on the general fund side. Um, so that is more of a pure business model looking for. What's that? More of a pure business model. It is. Yeah. Uh, the second um budget is the debt service uh budget. Um uh and we have so to your earlier point right so there's this shows 16 um million dollars in in the opening balance for the ending balance for 2425 is $15 million to your point earlier so this shows the transfer out of the $2 million to the capital fund um the 2425 budget I was just going through the capital budget with Mr. Wartman. Um, we're going to need that $2 million back in. So, this gap included another transfer of $2 million to keep the capital fund liquid uh and uh and together. What are our major not to steal tomorrow's fun for capital? What are our major capital expenditures we're looking at for next year? Um we have uh a technology replacement right uh or uh that is a million dollars. Okay, that's that's the single largest uh project that we have. Uh we have uh expectation to uh we have our repaving project at Log College that is already sort of gone through the process, right? But it's a part of the next year's capital, right? So it it hasn't started yet. Capital is sort of a cash basis as well. Um so I applied what's in the 2425 number is clingers from last year. This year uh in the 2526 it'll be log college parking and high school uh teachers lot also stadium lot. That lot will be included um in next year. So that's I think we're getting all of that for close just uh around $380,000 which has been phenomenal. That was a a good rate. We have in there again for the what feels like the the third time uh work on the FCS classrooms at the middle school. Um there's probably 300 $400,000 in in those expenses. We have $500,000 in bus transportation. uh as well as another $150,000 for either vans and or district vehicles. What happened? Talking about buses, pardon me. Talking about buses, we applied for this grant money. Y do we know anything about what's happening there? Um when we we do it sort of got shelved, right? It sort of got shelved. So shelved on the state's behalf, not on our on the state and federal behalf, right? So that was that was moving buses to propane buses uh and and that sort of fell uh fell off the off the off the rail um based on on on the politics at the moment. I mean how are we looking I mean fuel prices up here to be down from last year and the year before. Are we do we think we're going to recognize any type of savings in transportation based on that or is it still just too much of a wild card at this point? Put the same dollar amount in. It's a bit of a wild card, right? I think it's a bit of I think our our fuel prices are are I don't know if they're down but they're consistent, right? I don't think they you know we our rates are better than than what you and I are paying at the pump. um obviously uh and I think they're down a bit but I I don't know if it's it's it's nominal at this moment because I know like I know propane had spiked I know diesel had spiked and it looked like they started to come down you know as an aggregate but you know it may be one of those things where we may actually unrealize a windfall of a couple hundred thousand by the end of the year if we're lucky. Yeah. No, I will I will I'll pull that. Yeah, I'm just curious. It's, you know, there they seem to be some of the more volatile things, you know, and we we can't control how much fuel we spend. The bus routes are the bus routes, you know, that transportation is transportation, but it is that determining factor. No, that's a question. And with propane, you know, I don't know that propane's it doesn't seem to be the hot topic it was 10 years ago. It's not. But you never know. Hydrogen fuel cells may come up and they're made actually right here in Warminster. So yeah. No, I mean there, you know, you're right. I think that the desire, right, that the propane seem we seem to have more issues uh with with the propane buses. Yeah, I said the maintenance on them seem to be higher and you know, we're so uh but we're we're moving through those. Did we realize much savings from purchasing these three vans last year because we were contracting a lot of service from the absolutely absolutely I don't know I have a dollar dollar number on it but we absolutely uh as as uh Karen Morgan shared when we we signed up for the the transportation I think that math was real uh in terms of uh for every every bus that we man ourselves uh to what we were paying the IU or any other third party uh to run it was was savings, right? That was it was almost a no-brainer. That's sort of like the refinance, right? You know that those kids are going to pick them up one way or the other. um if we're able to do so in in a more economical vehicle, right, instead of a driving a a 34 passenger bus to pick up a couple of kids, right, there's savings in wear and tear and and on on gasoline and certainly those vehicles that we got um I think provide a better uh transportation methodology uh than the vans we were using, particularly around special education and kids with special needs, right? there's much more room. Uh it is not as confined for those who are helping trying to get kids buckled in. Um they were really uh where, you know, I think we really did well with that. Are we then looking to increase that fleet as well or we I think we're certainly looking at increasing our van fleet, right? whether they continue to look like those vans or they we we drop back and you know I I found a place um up uh south of Jim Thorpish um out driving around with uh with my son and and my daughter's boyfriend came across a parking lot full of little vans, right? and I said, you know, hey, they're much less expensive, so we'll see if we can utilize them, uh, for what, you know, uh, transportation needs from may perhaps regular ed students who we are, uh, we're driving to a private school. I was going to say, yeah, for the one a lot of those the charters use use options, right? Small charter schools, right? Instead of taking the 34 passenger and running out to you see three kids on a 34 passenger, it's like can't be efficient, right? So per mile per student to figure those things out. We have a new transportation director. He starts this Monday. He's been here. He was here last week getting to know the staff and just meeting him. He's been very active in exchanging uh thoughts and feedback. He's uh so we're really looking forward to him and wishing Karen Morgan, thanking her for her years of uh service to the district. Not quite 54, but still very impressive. That was a great thing on Fox News. If you didn't catch it, I we saw it at the board meeting. Fantastic. Um, so I think that's brings the brings our meeting to a close. So we want a motion to move one 7.1 through 7.8. Yep. With the correction of 7 correction, right, to the board for approval on the 24th. I second it. All right. In favor? Yeah. All right. Any questions? Nope. Any other feedback? No. Now, our next meeting is not until uh we don't have a I don't think we've published a schedule. Yes. Yet, for uh for the for September committee meetings, right? So, the the next board meeting after the 24th will be in August, right? Middle week. Yeah. August August 81 19th is our next scheduled board meeting. So I think that first committee meeting will probably be in September. We'd be looking at like it will be in front of the next com committee of the whole meeting. Right. So like these meetings precede the committee of the whole meetings. Uh so will it. We'll get a motion. Motion to adjurnn. All right. Motion to adjurnn. Perfect. Thank you. Thank you.