Elgin Math & Science Academy
Meeting of Finance & Operations Committee - 1st Budget Meeting
Date and Time
Agenda
| Purpose | Presenter | Time | |||
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| I. | Opening Items | 8:00 AM | |||
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Opening Items
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| A. | Record Attendance and Guests | Discuss | Dan Alexander | 1 m | |
| B. | Call the Meeting to Order | Discuss | Dan Alexander | 1 m | |
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This Meeting is being held remotely due to the COVID public health emergency. |
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| C. | Approve Minutes of the March 21 2023 and April 18 2023 Meetings of the Finance Committee | Approve Minutes | Dan Alexander | 5 m | |
| II. | Financial Report | 8:07 AM | |||
| A. | April 30, 2023 Interim Financial Statements | Discuss | Shanan Egger | 30 m | |
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Douglas DeJong and Shanan Egger will present the interim financial statements for April 30, 2023.
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| III. | FY24 Draft Budget Review | 8:37 AM | |||
| A. | Review of FY24 first draft Budget | Discuss | Shanan Egger | 45 m | |
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Shanan Egger, Douglas DeJong and Dan Alexander will present the first draft of the FY24 Budget.
This reflects extensive feedback and input from Jacquelyn Willer. |
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| IV. | Operations Update | 9:22 AM | |||
| A. | COO Report on Operations | Discuss | Dan Alexander | 5 m | |
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1. Expansion/Construction
Construction continues to progress well - on schedule, and on budget.
We have targeted August 10th as the date for completion, in advance of the August 20th opening of School.
2. ISBE Financial Audit
We are working to provide a few additional items to ISBE.
3. ISBE Food RFP
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| V. | TRACKING ITEMS | 9:27 AM | |||
| A. | Enrollment, FR Percentage | FYI | Dan Alexander | 3 m | |
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Every student 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. The third enrollment certification on January 3, 2022 of 412 students results in a revenue shortfall of $12,375 for Q3. EMSA had 414 students as of the fourth certification, resulting in a revenue shortfall of $6,125 for Q4. Total revenue shortfall from enrollment was $43,375.
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| VI. | Other Business | 9:30 AM | |||
| A. | Next meeting(s) | Discuss | Dan Alexander | 1 m | |
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The next regularly scheduled Meeting of the Finance & Operations Committee will be Tuesday June 20, 2023. |
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| VII. | Closing Items | 9:31 AM | |||
| A. | Adjourn Meeting | Vote | Adam Gray | 1 m | |