Montgomery County Public Schools (MCPS) is required to send to the Montgomery County Council two letters each year on State Budget Category 12, Fixed Charges. One letter due March 31, provides the following: (1) estimate of employer contributions to the MCPS pension fund for the next five fiscal years (FYs); (2) major factors that affect the estimated pension fund contributions for the next five years; (3) the Board’s current strategy in achieving a desired funding level; (4) a comparison of the current FY budgeted versus actual revenue and expenditures for the Group Insurance Funds; and (5) the projected end of year balance for the Group Insurance Funds. The committee will receive an update on the status of the March 31 letter.

The second letter is due September 30 and provides an end of FY report on Category 12 expenditures.

MCPS offers two voluntary retirement savings plans (403b & 457b) to employees that are designed to supplement income in retirement received from a pension and other sources. In addition to reviewing the performance of the plans, this update will go over various contribution limits, fees and tax advantages associated with investing in one of the defined contribution plans.

The Office of the Chief Financial Officer will provide a summary of the fiscal and budget highlights for Calendar Year 2018. The summary will include the key work, data, and process improvements for the previous year from the Budget Unit, Department of Employee and Retiree Services, Division of Financial Services, Controller, Investments, School and Financial Operations Team, and the Enterprise Resource Planning project.

The Fiscal Management Committee will receive an update on the status of the FY2019 technology modernization plan as well as the funding request for FY2020. Staff will present a breakdown in how funding will be used in FY2020 to support key strategic initiatives for Montgomery County Public Schools.