Brandenburg Discusses KO’s Financial Status
The Keystone Oaks Superintendent and Fiscal Services Director presented the district’s financial status during a public meeting Wednesday.
Keystone Oaks administrators held two public meetings Wednesday to discuss the financial status of the school district.
Superintendent William Stropkaj and Fiscal Services Director Eric Brandenburg gave a Power Point presentation in which they outlined the budget process and the specific steps taken by the administration and the school board to create a budget.
The presentation also detailed the complications all districts—not just Keystone Oaks—are facing that are making the budget process increasingly more difficult. Stropkaj explained that the budget process in PA is new and more in depth as a result of Act 1, which was passed in 2006.
Brandenburg said issues such as rising health care costs, decreased funding from the state and federal levels, and a required increase in the district’s contribution to teacher pensions could result in trouble down the road.
He said stagnant local revenue and Allegheny County’s real estate reassessments also will hurt the district.
If millage, or property tax rate, remains the same in the district for the next two years, Brandenburg said the school district could be faced with a negative fund balance in the 2014-15 school year. Carrying a negative fund balance is not allowed by the state.
The presentation slides are attached to this article in PDF format. To hear clips of Brandenburg's analysis of the district's financial state, watch the video, above.
The video is split into the following sections:
- Discussion of real estate tax and millage rates. (.20)
- Discussion of real estate tax revenue lost as a result of property reassessments in Allegheny County. (1:08)
- Comments on the amount of money Keystone Oaks has lost as a result of receiving less money from the state. (1:40)
- Analysis of the decrease in money from state and federal funding sources, and how that affects the cost per student in the Keystone Oaks School District. (2:19)
- Analysis of Keystone Oaks School District budget and budget projections through 2015. (3:10)
For a video of Superintendent William Stropkaj's discussion of neighborhood schools, click here.