NPSD Has $10 Million Surplus
An accountant for North Penn School District has asked the finance committee for guidance on where to assign the extra money in order to complete an audit
The North Penn School Board Finance Committee has been tasked to figure out where to assign nearly $10 million in surplus money.
According to Linda Stein of The Reporter, the district’s accountant informed the finance committee this week that state law requires assignment of the money, and must be done so in order to complete an audit.
District Business Administration Director Robert Schoch recommended $2.8 million be placed in capital reserves and $5 million deposited into an account for employee pensions, according to the article.
Another $2 million is recommended to cover employee medical self-insurance, according to the article.