Local Services Previous Forecast: $840,075 /Current Forecast: $865,875 with a Variance of $25,800. The variance is due to an increase revenue for the after school program. All expenses are in line with the forecast except for Benefits and Insurance which is +49,679.

Total expenses are ($103,171) versus projected expenses. Operating income is $77,371 less than previously forecasted. Ending Fund Balance as % of Expenses is at -2.5%. SCSC Dashboard is tracking positively trending toward 90 points out of 100.

Dorian proposed taking half of the current balance from Truist Bank(approximately $500K) and opening a checking account with $125K and $125K in a high yield money market account at Georgia Own Credit Union. This is to keep the $250K FDIC insured accounts viable.

Dorian also recommended closing the account at Capitol City Bank and adding it to one of the accounts at Georgia Own Credit Union.

The finance committee agreed to bring the banking recommendations to the full board for approval at the January board meeting.

Henry Lust informed us that the General Counsel at SCSC stated MACS has to have a surety bond in amount of $100K. Henry has made the application with Access Surety Bonds. The cost is 1-4% of the bond amount. The deadline for submission to the SCSC is 12/18/23 @ 5 p.m.

Dorian made the motion to move forward with the Surety bond. Ed second and the motion passed.

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