Financial Recovery
Background
The Pennsylvania Department of Education placed the District on Financial Watch Status on June 5, 2017, in accordance with section 611-A of the Publich School Code of 1949, 24 P.S. 6-611-A. The district entered Financial Recovery Status on January 16, 2019, as defined by section 621-A of the Public School Code of 1949 and section 18.5 of the Pennsylvania Code, 24 P.S. 6-621-A; 22 Pa. Code 18.5.
Dr. Daniel Matsook, former superintendent of the Central Valley School District and assistant superintendent of the Penn Hills School District, was appointed as the district's Financial Recovery Officer.
Resources
Penn Hills School District Exits Financial Recovery Status
The Penn Hills School District is proud to announce that we have officially exited Financial Recovery status as of May 23, 2024. This significant achievement was announced by Pennsylvania’s Secretary of Education, Dr. Khalid Mumin, at Penn Hills Middle School.
Background:
- Placed on Financial Watch Status: June 5, 2017
- Entered Financial Recovery Status: January 16, 2019
- Appointed Financial Recovery Officer: Dr. Daniel Matsook
Key Accomplishments Over the Past Five Years:
- Increased capital reserve fund from $600,000 to $8 million.
- Reversed a negative fund balance to a positive $19 million.
- Improved credit rating and reduced long-term debt.
- Eliminated the need for Tax Anticipation Notes (TAN).
- Enhanced investment strategies and ended the use of one-time funds for recurring expenses.
- Developed a sustainable capital project list.
- Right-sized district staffing levels.
Future Outlook: Superintendent Dr. John Mozzocio emphasized continued financial responsibility and transparency. Our community’s unwavering support has been crucial, and we are committed to moving forward in a financially responsible manner.
For further inquiries, please contact our district spokesperson, Sarah McCluan, at 412-841-8221.
Letter Terminating Moderate Financial Recovery Status