Elgin Math & Science Academy
Finance Committee Meeting--Remote
Date and Time
Tuesday June 8, 2021 at 8:00 AM CDT
Location
Meeting ID: 956 9377 5063
Passcode: EMSA
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Passcode: EMSA
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Meeting ID: 956 9377 5063
Passcode: 705920
+1 312 626 6799 US (Chicago)
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington DC)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
Meeting ID: 956 9377 5063
Passcode: 705920
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 | |
| Approve minutes for Finance Committee Meeting--Remote on May 11, 2021 | ||
| D. | Approve Minutes | |
| Approve minutes for Special Finance Committee Meeting on May 18, 2021 | ||
| E. | Approve Minutes | |
| Approve minutes for Finance Committee Meeting--Remote on April 13, 2021 | ||
| II. | FY22 Draft Budget Presentation and Review | |
| A. | FY22 Draft Budget Presentation | |
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FY22 Budget presentation. The Committee may wish to vote on the proposed FY22 Budget, as a recommendation to the Board for action. The alternative is to postpone the vote until the June 15th Finance Committee meeting.
This Budget contains a 5 Year Projection, which for the first time includes a specific plan of finance & construction of the Administration Building. The assumption is that financing will close in the winter of 2021-22, and the Administration Building readied for SY2022-23, when EMSA is a K-7 School. An attachment from an investment banking firm, attached for reference, provides detail. What is contemplated is a base cost of $11.1 million, with additional cost for transactional fees and lean reserves, such that total borrowing is $12,366,075. This also assumes that $500,000 of Credit Enhancement Funds can be secured, alongside the bond financing - something Andrea Poole of IFF believes is a safe assumption. |
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| B. | Consideration of EMSA 403b benefit policy | |
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Illinois law requires EMSA to have a retirement plan for persons not eligible for the Teacher's Retirement System. This discussion is preliminary to a vote to recommend Board adoption of such a policy, at the June 15th Finance Committee Meeting.
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| C. | EAB Discussion | |
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Recent and exciting developments to share with the Finance Committee.
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| III. | CONSTRUCTION and FINANCING | |
| A. | Middle School Project: COO Report | |
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Construction in the Gym is on schedule and continues to track well under budget for defined scope of Gym Project plus Warm, Safe, and Dry. Asbestos remediation is complete. Roofing work on Admin Building will be completed in June. The Dining Hall WSD scope of work is being drawn by the architect and structural engineer, for pricing and completion this summer.
See attached COO Report, Budget Tracking Report.
Proposal to add certain interior Neil Building repairs to (financed) capital budget: Residence Driveway, North Road.
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| IV. | TRACKING ITEMS | |
| A. | Enrollment, FRL, English Learners, Special Ed Numbers | |
| B. | Financial Policies | |
| C. | Finance Committee Goals | |
| V. | Other Business | |
| A. | Next meeting(s) | |
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The next meeting of the Finance Committee will be held on Tuesday, June 8th. Another Special Meeting of the Finance Committee will be held on Tuesday, June 15th.
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| VI. | Closing Items | |
| A. | Adjourn Meeting | |