The meeting opened Thursday at 6:00 pm and reconvened Friday, October 7, 2016. Both Finance Committee members joined the meeting remotely.

There were no public comments. 

O. Diaz, Chief Financial Officer, presented the Revised Education Protection Act (EPA) Resolution to the Finance Committee. He explained that these funds were already included in the budget. N. Unterburger, committee member, requested that all similar funds be presented to the board along with the budget. M. Miller, MPS internal auditor, went over the special guidelines that are required by different funders such as EPA, Teaching Effectiveness Account, and College Readiness. The committee discussed this item in length, no actions were taken. This item will be presented to the full board for approval. 

O. Diaz, Chief Financial Officer, presented the 2016-17 Company Loans item to the Finance Committee. He explained that this loan would cover operational needs for Magnolia Science Academy Santa Ana. C. Young, Chief Executive Officer, explained that the gym construction on this site would require a different loan and the funds being approved under the presented item would not be used for the construction. When all documentation are ready, the construction loan will be presented to the Board at a future meeting. All questions were addressed. 

A. Marsh, from EdTec went over the financial presentation. She informed the Board that 97% of uncategorized items have been categorized, emergency check requests have decreased and are now being used mostly on termination checks, Edtec has trained office managers in proper submission of Coolsis requests and MPS is in the process of centralizing invoices to the home office. She also explained that due to the change from 10 month to 12 month agreements teacher contracts have over lapped  and there is a month of pay that needs to be paid from 16-17 although it was worked in 15-16, this is due to contracts beginning July 1, 2015. The over lapping month will be paid from the reserve money of each school, insuring current operational expenses are not affected. S. Orazov, Board member, requested that budgets be presented to the MPS Finance Committee in May and to the full board in June.
A. Marsh told the Board that the August financials include the one time funding for last year's average daily attendance, the July 2016 teacher pay and health benefits amongst other elements. C. Young, informed the Board that C-level staff met with principals this week to insure they are staying within their approved budget numbers and staff will present a rebalanced budget to the board in November.