Refer to attendance information recorded above.

No public comments were made at this time.

S.Budhraja, Chief Financial Officer, presented the unaudited actuals report for the last fiscal year 2021-22 ending June 30, 2022. Magnolia Public Schools had adopted the budget prior to July. He mentioned that during the COVID-19 pandemic MPS had experienced a loss of ADA. He went over the changes noted during the last fiscal year and highlighted expenses related to the pandemic and praised the Finance Department for accounting appropriately for those costs. He also went over the expenditures, costs associated with facilities planning, the consolidated summary and he provided an overview by school site and the Home Office. A.Rubalcava, CEO & Superintendent, provided further context. Committee Members questions were addressed by staff. Committee Members also provided feedback for the staff to plan and implement. 

S.Budhraja, Chief Financial Officer, explained what ERC is which is an employee tax credit. For background he added that MPS was able to apply because the organization incurred expenses during the pandemic which includes payroll expenses and keeping the doors open for business/operations along with other factors. He added that during the search period they looked at different organizations that provided these services and vetted each one to ensure it fits the need of what MPS was searching for. He added the approximate ranges, the estimated time of seeing the funds and added that the fee was negotiated down to 9%. He also explained the due diligence that was done to inquire this company. CFOMW Tax, LLC has worked with charters before. Committee Members questions were addressed by staff.