No Freedom of Information Requests had been received as of September 20, 2022.

Copies of the Charter Renewal Application are attached.

ISBE has scheduled its on-site review of the School for October 27th  This will also be the date of the Public Hearing, to be held at EMSA, after the school day.  

Update and next steps.  

The Board is asked to approve three new capital spending items, needed to keep the Administration Building Expansion project on schedule for completion by end of July 2023.  These are:

1.  $22,300 for re-do of MEP engineering plans, so that all utility connections and all mechanical rooms are in the Administration Building Garage and none are under the Library.  The team is confident this will result in net construction savings, better protect the heritage oak trees southwest of the Admin Building, and be a better program outcome.

2.  $12,500 for pre-construction services.  Three proposals were obtained from qualified general contractors.  WKA drew up its own analysis of the proposals.  Admin, concurring with WKA, recommends that Bulley & Andrews be chosen as bringing the best approach and team to this crucial pre-construction services work. 

3.  $10,000 for development of RFPs for potential bond underwriters, bond counsel, trustee.  This fee was disclosed in Longhouse's agreement with EMSA (attached).   

Board-approved capital spending to the end of November would then total as shown in the attached Table (September Preliminary Capital Budget).

EMSA's financial advisor, Longhouse Capital Advisors, has provided a September update to the Board (attached), which among other things finds that EMSA's bond financing scenario is realistic.

EMSA's Charter Renewal Application followed its FY23 Budget to lay out a bond financing in which the following is projected:

1.  EMSA's ratio of Debt Service and Occupancy Cost to Total Revenue, which should be 15 - 18 % as a Best Practice ratio per IFF, would peak at 16.5% in FY26 declining to 15.4% by FY28 under the Bond scenario presented to ISBE.

2.  EMSA's Days of Cash On Hand rise over the period FY24-FY28 to a level of 75-85 Days Cash On Hand under the Bond scenario presented to ISBE.

3.  EMSA's annual debt service would be approximately $940,000 annually under the Bond scenario presented to ISBE - some $250,000 more than it would be with the existing, $7.2 million IFF loan.

4.  EMSA's philanthropy targets can be managed through the annual budgeting process, particularly with regard to staffing positions.  Having a full-time Development Director may cause the School to adjust the $150,000 - $200,000 philanthropy target contained in the Charter Renewal Application (which assumed $50,000 in expense for a part-time grant-writing coordinator). 

Future meetings to encourage staff to join us.

Highlights of COO activity since our June Board meeting are described in the attached August COO Report.

The EMSA Board proposes a closed session to discuss specifically items enumerated below and in accordance with the Open Meetings Act which provides:

(c) Exceptions. A public body may hold closed meetings to consider the following subjects:
        (1) The appointment, employment, compensation, discipline, performance, or dismissal of specific employees, specific individuals who serve as independent contractors in a park, recreational, or educational setting,***