Martin Luther King Jr. Charter School of Excellence
Minutes
FINANCE COMMITTEE MEETING 7.29
FINANCE COMMITTEE MEETING 7.29
Date and Time
Thursday July 29, 2021 at 9:30 AM
Location
ZOOM
Committee Members Present
Beth Desousa (remote), Jessica Putnam (remote), Ron Molina-Brantley (remote), Wilma Tynes (remote)
Committee Members Absent
None
Guests Present
Cynthia Wage (remote), Kendra Salvador (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
Jessica Putnam called a meeting of the Finance Committee of Martin Luther King Jr. Charter School of Excellence to order on Thursday Jul 29, 2021 at 9:40 AM.
II. ESB Proposal
A.
Review Proposal Received from ESB on Financing
III. FINANCE REPORTS FOR BOARD RETREAT
A.
Review Materials for Board Retreat Finance Section
Discussed upcoming goals and progress of current goals. Asked committee members to review documents for Board Retreat purposes.
IV. JUNE 30 FINANCIALS
A.
Review June 30 Financial Results
Jessica noted that we ended the year with a surplus.
Beth asked a few additional questions:
- Medicaid reimbursement - why so much lower than budgeted?
- Kendra reported that the number seems more accurate this year, overestimated in prior years
- Fringe benefits - why so much higher than budgeted?
- Cynthia MTRS included in here that will be netted out - required to be recorded.
Beth asked a few additional questions:
- Medicaid reimbursement - why so much lower than budgeted?
- Kendra reported that the number seems more accurate this year, overestimated in prior years
- Fringe benefits - why so much higher than budgeted?
- Cynthia MTRS included in here that will be netted out - required to be recorded.
V. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:06 AM.
Respectfully Submitted,
Jessica Putnam
Documents used during the meeting
- Proposal - DRAFT.pdf
- Adds on an additional $1 million, but are willing to go higher
- Includes a LOC
- 3.08% Interest rate for the first five years, then adjusted
Notes/Questions:
- What will they hold for a debt service reserve
- Ask for interest rate to remain fixed at 3.08% for ten years
Ron asked about asking Steve at Berkshire Bank for a refinance offer to see if they can be more aggressive, Beth noted that they have not been overly helpful in the past or expressed that they would want to refinance for us.
Cynthia noted that we have a fixed rate at 3.22% for the life of the current debt, which matures in 2035 Worth the risk of a big change in the interest rate? Cynthia to look into debt agreement more closely.