This Meeting is being held remotely due to the COVID public health emergency.  

Shanan Egger and Douglas DeJong will present the interim financial statements for October 31, 2022.

Lindsay Wall will join us to discuss Longhouse's RFP response from potential bond underwriters (including suggested bond underwriter choice), recent developments in the bond market, suggested strategy to control bond costs for EMSA.  

Vote on Longhouse's recommendation of an Underwriter for a bond financing.  The underwriter will not charge EMSA any fees unless/until there is a bond closing, so early work to advise EMSA in November/December has no cost.

EMSA is seeking Board approval for the following additional capital planning costs (Committee recommendation vote):

•  $5,000 - Environmental Design for Admin Building to TEM environmental
• $5,000 - Kindergarten outdoor learning environment

Current Project Schedule:

Pre Construction Services, CD Development                                                                       October 17 - November 18, 2022

RFP to three GCs                                                                                                                 November 8 -18, 2022

Special Meeting Finance and Master Planning Committees                                                 November 23, 2022

Bid Review and Scope of Work Determination by EMSA    (Board vote)                              Nov. 29 2022

Vote on financing & Expansion Project (Board vote)                                                            Nov. 29 2022

Value Engineering Process                                                                                                   Dec. 2 - Dec. 16th 2022

Board Decision to "Go or No Go" & if Go, Capital Budget and Project Schedule approved   Dec. 19 or 20, 2022

If "Go", EMSA proceeds to sign contracts, start demolition/construction                             Early January

Financing Closing                                                                                                                 February/early March 2023

Construction Completion                                                                                                     Approx. August 1, 2023  

See attached.

Charter Renewal:

What seemed to be a very successful Charter Renewal site visit occured on October 27, 2022.

Since October 27th, ISBE has asked for some further information about EMSA's Special Education and ML programs, which Jacquelyn provided.  No other questions have been asked.  

As of the October 13th Second Enrollment Certification, EMSA had 410 students enrolled.  This is six short of the budgeted 416 students.  Katie Taylor supported a social media campaign which helped to generate new enrollments for 5th, 6th, and 7th grades.  

Every students brings $12,251 to EMSA in PCTC revenue over the course of a year.  EMSA had 414 students at the Q1 census, two short of our full enrollment, 416.  This resulted in a revenue shortfall for EMSA of $6,125 for Q1.  The second enrollment certification of 410 students results in a revenue shortfall of $18,750 for Q2.  $24,875 then is the total revenue shortfall to date.  

EMSA's Free/Reduced rate percentage, so far unofficial, now stands at 54%.  ISBE certification of this is expected in mid-December.   

The next regularly scheduled Meeting of the Finance & Operations Committee will be Tuesday December 20th.