The Committee reviewed the Cash Reserves as of June 30, 2021 as part of the FY23 Capital Expenditure conversation.  At the end of FY21 there was $2,547,805 in total reserves and after providing for three months of expenditures totaling $1.5 million there is a remaining balance of $1,047,805.  Any Capital spending would be pulled from the cash reserves which after a five year review, are remaining at a comfortable level of $700,000 or higher.

There are several items since FY20 that have been appropriate but not yet spent:

FY20 = $47,000 - $22,000 acoustical curtains & $25,000 facilities project design.  

FY21 = $25,000 - PA System Upgrade

FY22 = $80,000 - CC TV System Upgrade

The facilities project design, PA system upgrade and the CC TV system upgrade are all set to start the bidding process for work to be completed prior to June 30, 2022.

The Finance Committee received recommendations from the Infrastructure Committee meeting held on March 1, 2022 for several projects that are included in the FY23 proposal totaling $111,500:

1.  Creation of 2 conference rooms in the third floor storage area $25,000

2.  Renovation on the second floor to create a School Counseling & Related Services Suite $30,000

3.  Classroom furnishing and technology for 5 Middle School classrooms in the East Annex $56,500

These are the first steps in using the spaces at PVPA in a manner that will maintain our current number of classrooms, provide appropriate space for outside services for students, create more meeting spaces for staff and upgrading the Middle School. The Infrastructure Committee also shared possible projects for the FY24 Capital Budget that included moving the music department to the first floor and three middle school classrooms to the second floor.  Both floors would require renovations. If all projects are completed this would result in a completely renovated Middle School with new furniture and technology as well as spaces for staff collaboration and student services.

A high level overview was given of some projected expenditures for the FY23 budget:

1.  CBA calls for salary increases if the tuition increase over FY22 is more than 2% - we are budgeting for this

2.  3% increase for all non-union staff

3.  Increase staffing by 3.60 FTEs

4.  Health insurance increase = 12%

5.  Dental insurance increase = 3%

6.  Increase in technology budget of $42,000 over FY22 to build in a replacement schedule.  PVPA is planning to provide all students with Chromebooks starting in FY23.

7.  Estimated increase of $35,000 in transportation costs.  This bid will be going out in the spring for services starting in the fall of 2022.  Administration is evaluating our transportation services and how they may meet the needs of all students.

Committee members will be looking at changing meeting times for the remainder of the year based on what accommodates the needs of the members.  There are only two regular meeting and possibly one or two special meeting to complete the budget left in this school year.