Elgin Math & Science Academy
Finance Committee Meeting
Date and Time
Tuesday June 9, 2020 at 8:00 AM CDT
Location
Remote Meeting on Google Meets
Agenda
| I. | Opening Items | |
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Opening Items
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| A. | Record Attendance and Guests | |
| B. | Call the Meeting to Order | |
| C. | Approve Minutes | |
| II. | Finance | |
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Finance
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| A. | Review of Monthly Financial Statements and FY2021 Budget Draft 6 | |
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For all meetings:
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| B. | Review and Approval of Financial Policies | |
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Ongoing review/changes of EMSA's Financial Policies and Procedures. Vote to approve changes, when applicable. |
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| C. | Strategic Plan / Master Plan / Debt | |
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Review changes to EMSA Strategic Plan and/or Master Plan; Review/discuss debt options to fund Master Plan and, if applicable, determine what courses of action will require Board approval upon which to be voted.
For 6/9/20 Meeting: 1. Update on EMSA Acquisition of Leased Property from the City of Elgin 2. Status of Master Plan Pre-construction Phase Project
3. Finance Committee process for debt approval and final construction plans
4. Status of Walton Foundation loan ($5.5MM) 5. Sub-debt available through IFF (use for EMSA equity? Admin Bldg?) |
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| D. | Development, Reserve Fund, New Grants, Debt Reduction Plans | |
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1. Status update on Development Committee activities 2. Development Committee priorities (master plan Admin Bldg, operations, debt, etc.),
3. Creation/growth of a Reserve Fund for OPERATIONS and FACILITIES MAINTENANCE 4. New grant opportunities 5. Short & long term debt reduction plans (TBD) (Walton loan to take out IFF loan) |
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| III. | Other Business | |
| A. | Treasurer's Comments | |
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Opportunity for Treasurer to make summary comments on topics discussed or to provide strategic direction on future Finance Committee activities. |
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| B. | Illinois Charter School Commission | |
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Amendments to EMSA's Charter Agreement to be drafted and submitted. Does Finance Committee want to review or some other committee to review before submission? Set completion/submission date.
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| IV. | Closing Items | |
| A. | Adjourn Meeting | |