Chiquetta West provided an update on the school's financial performance, revenue and expenditures through August 31, 2023. 

The committee discussed the annual staff tenure bonus payout. They payout is taking place this week for $170k. 

The committee discussed the status of CARES/ESSER funding reimbursements from APS. The school has received most of the reimbursement amount requested with $150k remaining to be received from APS and $160k remaining to be spent through June 30, 2024.

The committee discussed the status of delinquent accounts in aftercare and nutrition programs. The balances of $7.6k and $15k, respectively, have significantly decreased from last year and are cumulative. The business office is working with the relevant teams to continue the active collections effort.

The committee received a confirmation that the auditor will be in attendance during the October committee meeting to present the draft audit report due on November 1, 2023. 

Chiquetta West provided an update on the new janitorial services proposal from the existing vendor. The vendor has been providing services to the school for the last five years. The school is satisfied with the services and is engaging the vendor for similar scope as last year, with exception of the daily porter services. The new annual spend is $170k and the contract is up for approval at the September Board Meeting. 

Chiquetta West provided an update on the Certificate of Deposit (CD) scheduled to mature on October 11th with the Self-Help Credit Union. The proceeds of the CD ($253k) are going to be invested into an easy-to-liquidate vehicle with Edward Jones. Chiquetta will provide an update on the specific investment at the October Finance & Operations Committee meeting. 

Alastair Pullen provided an update on the work at the EC and MC locations, which includes new EC  intercom system with a panic button functionality, painting the EC building exterior, herb garden in the planters at the EC, retaining wall on Pavilion St (EC), and the hot water heater replacement at the MC. 

Oriol Mirosa updated the committee on the Data Project he is leading this year. The committee members were encouraged to think through what data they need to do the committee work and accomplish the committee goals, to think through any gaps in data that currently exist and the format the data could be delivered in. Some examples that were discussed include the aging schedule for delinquent payments, comparison to prior year or to a typical year, and revenue allocation calculation drivers embedded in the budget estimate and the actuals.