Skip to main content

OASD reviews preliminary budget

01/21/2014 02:15PM, Published by ACL, Categories: In Print, Schools


By Steven Hoffman

Staff Writer

At the Jan. 14 Oxford School Board meeting, business administrator Charles Lewis offered an update on the proposed preliminary budget for 2014-2015.

When the school district unveiled the budget in December, Lewis said that there are anticipated expenditures of about $61.5 million for 2014-2015. That’s about 2.9 million more than the current year—a five-percent increase—and creates a revenue shortfall at this point in the budgeting process.

“We’re monitoring each of our line items for additional revenue,” Lewis said, adding that district officials will have to eventually decide how to close the gap--either through increased taxes, utilizing some of the district's fund balance use, or finding ways to reduce expenditures.

Governor Tom Corbett will propose his 2014-15 budget on Feb. 4, which, Lewis said, will give school districts an idea of how Corbett sees school funding for the next school year. The district's Finance Committee will meet next on Feb. 12.

In a somewhat related financial matter, the school district is once again considering refinancing some of its outstanding bond debt to improve the interest rates that it is paying on the debt service. This could produce some significant savings for the district.

Scott Shearer of Public Financial Management said that the district has about a half a dozen bond issues outstanding, but the immediate focus is on refinancing about $8 million of the $13 million left on the obligation of 2005 “B” bonds. The structure of the bond issue will remain the same, with a maturation date in 2022, but the district will be able to improve the interest rate on the debt.

Schearer said that if the district moves forward with this refinancing plan, it can expect to see a net savings of about $280,000.

The board is expected to vote on whether to authorize the refinancing later this month.

Schearer added that Oxford might also look at refinancing another bond issue later in 2014 that could produce significant net savings on debt service.

Timothy Umbreit, who provides audit reports to the school district, made a presentation regarding the fiscal year that ended on June 30, 2013. Umbreit said that the district’s books were in fine order and he complimented business administrator Charles Lewis, Jr. and the business staff for their work.

Umbreit did tell the school board that starting in 2015, the state will be requiring school districts to include in their financial reports the district’s portion of the obligation to the Public School Employees Retirement System. Statewide, this pension system is underfunded by approximately $30 billion. School districts have seen their pension obligations climb significantly in the last few years, and the increases are expected to continue to climb in the next five years.

The school board has meetings scheduled in February for Tuesday, Feb. 11 and Tuesday, Feb. 18. Both meetings will take place in the district’s administration building.



oxford budget oxford school board oxford area school district governor tom corbett


You might also like

OASD to reevaluate policy on relationships

Supervisors and their subordinates are not allowed to have romantic relationships in the Oxford Area School District.

Carrying out Eli’s wishes

Editorial for the week of August 20, 2014.

  • Kennett Flash schedule

    09/19/2014
    08:00pm

    The following acts are scheduled to perform at the Kennett Flash (101 Sycamore Alley, Kennett Squ...


  • Annual Fall Family Fun Day and Craft Fair

    09/20/2014
    09:00am — 04:00pm

    Nottingham Presbyterian Church hosts a family fun day and craft fair annually on the third Saturd...


  • Nottingham Presbyterian Church

    09/20/2014
    09:00am — 04:00pm

    A fun day for the entire family. Come out and enjoy great food, unique crafts, free entertainmen...


  • Zoo Yoga: OM’ing Otters

    09/20/2014
    09:15am — 10:15am

    (Ages 4-7 years old) Weekly Saturdays or Sundays, September-November (Classes held in the Educati...


  • International Red Panda Day

    09/20/2014
    10:00am — 01:00pm

    Become a Red Panda Ranger! A Red Panda Ranger is a special title given to a child who has learned...


  • Celebrate Johnny Appleseed’s Birthday at Milburn Orchards this weekend! Share a piece of his birt...


  • Saturday Zoo Tales

    09/20/2014
    10:30am — 11:00am

    Join us for a fun, animal or nature themed story and a visit from one of our fun program animals!...


  • Open Hive Day

    09/20/2014
    10:30am — 12:00pm

    Join TLC apiarist, Dan Borkoski, for an inside look at the busy buzzy world of honeybees. Partici...


  • Harvest Day Cookout

    09/20/2014
    11:30am — 06:30pm

    The fall is approaching and this means one thing - The 45th Annual Yardley Harvest Day is right a...


  • Goo Fest

    09/20/2014
    02:00pm — 05:00pm

    As part of North Star Orchard's Adventure in Flavor tasting series, you are invited to Goo Fest! ...


  • Brews for Books

    09/20/2014
    06:00pm — 09:00pm

    Sample fine craft beers with friends and support public libraries at Brews for Books, a craft bee...


  • Kennett Flash schedule

    09/20/2014
    08:00pm

    The following acts are scheduled to perform at the Kennett Flash (101 Sycamore Alley, Kennett Squ...


  • Celebrate Johnny Appleseed’s Birthday at Milburn Orchards this weekend! Share a piece of his birt...


  • Taste Kennett Food Tours

    09/21/2014
    01:00pm — 04:00pm

    Taste Kennett Food Tours, creators of memorable, unique and fun food experiences, offer three-hou...


  • Writing Baseball

    09/21/2014
    02:00pm

    What happens when baseball leaves the field and swirls around in the imaginations of great writer...


It looks like we don't have any events for this date. You can always add an event.

Chester County High School Sports