Archive

ShareThis Page
Southmoreland board to review investments | TribLIVE.com
News

Southmoreland board to review investments

Southmoreland School Board agreed on Thursday to review its investment portfolio.

The district has more than $3 million in Scottdale Bank and Trust and more than $3 million in PNC Bank.

Director Tony Lizza questioned why the district shouldn’t move more money to Scottdale Bank and Trust, which provides about 1.25 percent return on investments compared to PNC Bank’s 0.41 percent return.

“That’s almost a mill that we’re losing there,” he said. “Besides that, every year Scottdale Bank donates almost $100,000 to the district to help out the students, so I don’t see why we don’t move some more money there to let them try to make a little more money.”

Business Manager Bill Porter reported at a previous meeting that the district’s auditor suggested the district obtain a letter from Scottdale Bank that would certify there was enough collateral with the bank to handle more funds from the district.

Acting Superintendent John Molnar said the Pennsylvania School Boards Association recommends that districts not “put all of your eggs in one basket.”

Director Catherine Fike asked Molnar whether the board could request Porter to look at different banks and their interest rates and what banks would be able to provide a letter certifying collateral for certain amounts of money invested.

In other business, resident Karen Kiefer presented the board with information from the Commonwealth Foundation website that showed the change in taxes per student from the 1997-98 school year to the 2007-08 school year.

A number of schools went down in taxes per student by up to 39 percent, but there were those that increased in taxes per student up to 21 percent, which is where the study listed Southmoreland School District.

But Director Levi Miller said that districts comparable to Southmoreland are about the same.

“Not to say that the ballpark we’re in is a good one, but we need more information on these figures,” he said.

Miller added that some of those districts that have reduced taxes per student are ones like McKeesport where there is a need for improvement by students on state tests.

Kiefer said she would is interested in continuing an examination of the tax rate.

“Bill Porter pointed out several things on the white board (at a previous meeting) that could be cut that really have very little to do with PSSA scores,” she said.

Some of those suggestions were to eliminate busing and budgeting for sports programs.


TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.