New Castle News

New Castle

February 5, 2013

New Castle Schools: District gets good news on audit

NEW CASTLE — The New Castle Area School District was financially sound for the 2011-12 school year, local auditors have reported.

But looking into the future, they noted, rising costs of health care, retirement and wages could strain the district’s reserves.

The school board unanimously approved the audit report by Robert A. Izzo and John Ruehle, certified public accountants from Philip Weiner and Co.

“It’s a good audit,” Izzo said, “and there were no findings. Overall it was a very good report in terms of their financial status as of June 30, 2012.”

He added the audit is a historical document that already is 6 months old.

Financial highlights as provided by district business manager Joe Ambrosini show the district reported a surplus of about $1.8 million for the 2011-12 year.

The district’s fund balance was $11,836,201 and its capital reserve balance $3,242,998, according to the 2011-12 annual financial report.

Factors contributing to the surplus include:

•Basic education funding increase in June, 2012, of $435,538.

•Refinancing of 2006 bond issue, saving about $500,000.

•Local wage and property tax revenue, about $600,000 because of increased collections.

•State’s share of Social Security and retirement increase by about $450,000 because of an increase in the market value aid ratio.

•The district’s receiving about $120,000 from federal stimulus health care reimbusement in the early retirement reinsurance program.

•Tuition the district paid to the Lawrence County Career and Technical Center amounting to about $450,000 less than budgeted. The district had planned for 138 students attending, but 108 were enrolled.

•Establishing the Cray Compass program for special education, which saved the district about $150,000 because of less expensive educational placements.

•Medical insurance projected to be 11 percent was reduced to 9.7 percent, thus reducing the cost by about $370,000.


Text Only | Photo Reprints
New Castle
  • Taggart.jpg Arsonists damage New Castle’s football field

    With the New Castle football team just days away from the start of practice, vandals have hit Taggart Stadium. Someone set fire to artificial turf at the stadium and damaged a blocking sled the team uses in practice.

    July 30, 2014 1 Photo

  • school.jpg New Castle hires information technology director

    The New Castle school district has a new information technology director. At its meeting this week the board hired Emily Sanders of Cranberry Township to fill the position, left vacant by the retirement of Beth Barber.

    July 19, 2014 1 Photo

  • NC_Hoops.jpg Former Lady 'Canes stars reunite for tour of Europe

    Ryenn Micaletti and Abby Allen are headed to Europe. Micaletti and Allen — both members of the 2007 WPIAL Class AAAA girls basketball championship team — have joined forces with News Release Basketball to spend nearly three weeks in Germany and Belgium later this summer playing basketball and helping run clinics.

    July 19, 2014 1 Photo

  • High school registration scheduled at New Castle

    Registration has been set for new students in grades seven through 12 moving into the New Castle school district.

    July 15, 2014

  • Police.jpg Couple accused of contacting rape victim

    A man accused of raping a woman at gunpoint allegedly tried to get her to drop the charges.

    July 12, 2014 1 Photo

  • festival1.jpg Break out the bubbly

    New Castle may be the Fireworks Capital of America, but Friday night bubbles filled the air.

    July 12, 2014 1 Photo

  • wampum1.jpg State title ties: Wampum, New Castle teams celebrate incredible success

    Their spectaular success stories are separated by more than a half century. But they sat side-by-side Thursday morning, sharing more than just breakfast at Jata’s Diner, a familiar meeting spot for former Wampum High School players. 

    July 5, 2014 4 Photos

  • Hooker.tiff Male Athlete of the Year: New Castle's Malik Hooker

    Once in a while, an athlete comes along who redefines the very word. Then, there’s Malik Hooker. The New Castle High graduate took athleticism to a level rarely seen before in the area on the basketball court and on the football turf.

    July 4, 2014 1 Photo 1 Story

  • school.jpg New Castle board adopts budget despite uncertainty

    The New Castle school board adopted its 2014-15 budget Monday but may have to re-open it next week. The $5.4 million budget, introduced in May, has no tax increase and will not tap into the fund balance. Taxes remain at 17.72 mills.

    July 2, 2014 1 Photo

  • school.jpg District to sell closed schools, contents

    The New Castle school district will advertise for proposals to buy its three just-closed elementary schools.

    June 26, 2014 1 Photo

House Ads

Do you talk to yourself when you're alone?

Yes, but I’m basically just thinking out loud.
No, that would be weird.
I don’t know. Next time I’m alone, I’ll ask.
     View Results