Unaudited FY2023 surplus reported; board‑authorized bond refunding to close June 14
May 29, 2024 | Scranton SD, School Districts, Pennsylvania
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Pat Laffey, presenting financial slides to the advisory committee, said the Scranton School District's unaudited 2023 general fund shows roughly $216,500,000 in revenues and expenses and an unaudited surplus of about $2,000,000.
"It appears that the district again these are unaudited and subject to change. But at the moment, the the district's budget of 216, $216,500,000, last year of revenues and expenses... we appear to have grown our fund balance by by about $2,000,000," Laffey said. He reported that the district outperformed local revenue expectations by about $3,300,000, primarily from earned income tax receipts and a new payroll preparation tax that exceeded its conservative budget estimate by roughly $1,300,000.
Laffey said federal revenue came in about $3–4 million over budget, which he linked to higher federal‑funded expenditures such as ESSER‑funded remodel work. On expenditures, he said the district ran over budget in services and operations categories by roughly the same amount.
On debt, Laffey said advisers recommended refunding the district's 2016 A and B term notes rather than remarketing them; the board had authorized the action at its May meeting. "We successfully priced the new bonds of 2024 A and B's on May 21st," he said, adding the refunding issuance discussed was about $8,300,000 and that the closing date was set for June 14, 2024. Laffey reported an estimated total outstanding principal and interest debt of $304,800,000 and noted the district is eligible for PlanCon reimbursements from the state for certain projects.
The transcript includes a few apparent transcription errors or unclear numeric references (for example, a maturity date read as "June 34th" and a line reporting "224,000" without units). These items were reported by the presenter but are unclear in the record and should be verified in official financial documents.
No formal motions or votes were taken by the advisory committee on these items during the meeting; Laffey indicated the board previously approved the authorization needed for the refunding.
"It appears that the district again these are unaudited and subject to change. But at the moment, the the district's budget of 216, $216,500,000, last year of revenues and expenses... we appear to have grown our fund balance by by about $2,000,000," Laffey said. He reported that the district outperformed local revenue expectations by about $3,300,000, primarily from earned income tax receipts and a new payroll preparation tax that exceeded its conservative budget estimate by roughly $1,300,000.
Laffey said federal revenue came in about $3–4 million over budget, which he linked to higher federal‑funded expenditures such as ESSER‑funded remodel work. On expenditures, he said the district ran over budget in services and operations categories by roughly the same amount.
On debt, Laffey said advisers recommended refunding the district's 2016 A and B term notes rather than remarketing them; the board had authorized the action at its May meeting. "We successfully priced the new bonds of 2024 A and B's on May 21st," he said, adding the refunding issuance discussed was about $8,300,000 and that the closing date was set for June 14, 2024. Laffey reported an estimated total outstanding principal and interest debt of $304,800,000 and noted the district is eligible for PlanCon reimbursements from the state for certain projects.
The transcript includes a few apparent transcription errors or unclear numeric references (for example, a maturity date read as "June 34th" and a line reporting "224,000" without units). These items were reported by the presenter but are unclear in the record and should be verified in official financial documents.
No formal motions or votes were taken by the advisory committee on these items during the meeting; Laffey indicated the board previously approved the authorization needed for the refunding.
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