Lighthouse Community Public Schools
Minutes
Finance Committee Meeting
Date and Time
Wednesday May 25, 2022 at 4:30 PM
Location
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https://lighthousecharter-org.zoom.us/j/84322605337?pwd=QWM1RHB3aFhacGZKTmt2d1NTVmVNQT09
Meeting ID: 843 2260 5337
Passcode: 590330
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Meeting ID: 843 2260 5337
Passcode: 590330
Find your local number: https://lighthousecharter-org.zoom.us/u/kdGQP8gqP7
Committee Members Present
A. Moore (remote), M. Milner (remote)
Committee Members Absent
None
Guests Present
Aron Kidane (remote), L. Wu (remote), R. Harrison (remote), R. Torney (remote), Stacey Lawrence (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Public Comment
II. Recurring Financial Discussion Items
A.
Goals: today & upcoming meetings
Linda Wu shared the agenda for the committee meeting.
B.
Property Financing and Acquisition
Linda Wu presented an overview of preliminary thinking on the acquisition of of the Lodestar facility. The committee discussed the per student cost of acquisition and the impact of SB740 funding in this purchase.
C.
Discussion - AB2484
Staff presented an update on what AB2484 was and its impact on SB740, as well as an update on the current status of AB2484.
D.
Budget Development Update for the 2022-23 school year
Linda Wu presented an update on FY23 budgeting. The committee discussed this update, as well as current projections for Enrollment and ADA for FY23.
E.
Discussion - Increase of Credit Line to $2MM
Linda Wu discussed the increase of the LCPS Credit Line to $2MM. This line of credit is for worst case scenario and is appropriate for an organization of LCPS's size.
III. Recurring Consent Items
A.
Check Registry
The committee discussed 1-2 transactions on the check registry related to tech purchasing and student scholarships.
Hearing none and seeing none, public comment was closed.