Elgin Math & Science Academy
Finance & Operations Committee Meeting
Date and Time
Location
Admin Building, Office 101
1600 Dundee Ave
Elgin, IL 60120
Agenda
| Purpose | Presenter | Time | |||
|---|---|---|---|---|---|
| I. | Opening Items | 7:45 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 | Adam Gray | 1 m | |
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This Meeting is being held in person. |
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| C. | Approve Minutes of the October 20 2023 Meeting of the Finance Committee | Approve Minutes | Dan Alexander | 2 m | |
| II. | Financial Report | 7:49 AM | |||
| A. | October 31, 2023 Interim Financial Statements | Douglas DeJong | 30 m | ||
| B. | Change in banking relationship | Discuss | Dan Alexander | 5 m | |
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BlackHawk Bank will merge with FirstMid Bank effective today, December 1, 2023.
EMSA is following First Mid's process to estabish new secure online banking portals, which should be accomplished by EOD 12.4, based on First Mid's calendar for emails and processes.
EMSA's bank accounts will change, but there will be no interruption of EMSA's banking capabilities. |
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| C. | Update to Five Year Financial Model | Discuss | Dan Alexander | 10 m | |
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Staff are preparing an update to the Five Year Financial Model which will incorporate FY24 personnel cost information (still in process) as well as non-personnel detail.
Staff would propose to bring forward a revised Financial Model for the January Committee Meeting, for initial discussion.
Dan will make a brief presentation on expected FY25 and FY26 PCTC funding levels.
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| III. | Operations Update | 8:34 AM | |||
| A. | COO Report on Operations | Discuss | Dan Alexander | 10 m | |
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1. Facility Funding for FY24 - Rep Moeller agreed to contact Speaker Welch's office
2. DCEO capital grant funding - DCEO has agreed to accept WKA documentation for payment of final portion of 300k grant. Just waiting on that email from WKA.
3. Student Recruitment outreach. The Front Office has created student recruitment flyers, published these on our website, and through social media. Outreach to previously contacted community organizations has been done, with three organizations choosing to receive flyers via email, and eight organizations agreeing to distribute flyers (to be delivered early the week of Dec. 4th). Student applications received through Nov. 30 total 16 for kindergarten, and 58 applications overall, K-8.
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| IV. | TRACKING ITEMS | 8:44 AM | |||
| A. | Enrollment, FR Percentage | FYI | Dan Alexander | 10 m | |
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Current student demographics of the School as of November 30, 2023 are as shown in the attached report.
Current student wait list of the School as of November 30, 2023 is as shown in the attached report.
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| V. | Other Business | 8:54 AM | |||
| A. | Next meeting(s) | Vote | Dan Alexander | 1 m | |
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The next Meeting of the Finance & Operations Committee will be on Friday, January 19, 2023 in person in the Admin Building. |
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| VI. | Closing Items | 8:55 AM | |||
| A. | Adjourn Meeting | Vote | Adam Gray | 1 m | |