Elgin Math & Science Academy
Finance Committee Meeting
Date and Time
Location
Admin Building
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 January 19 2024 Meeting of the Finance Committee | Approve Minutes | Dan Alexander | 2 m | |
| II. | Financial Report | 7:49 AM | |||
| A. | January 31, 2024 Interim Financial Statements | Douglas DeJong | 35 m | ||
| B. | Second Presentation of Draft FY24 Budget and Five-Year Financial Model | Discuss | Dan Alexander, Ron Manderchied, Douglas DeJong | 15 m | |
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The Committee will briefly review a draft budget presented at the January meeting, for FY25 and beyond. |
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| III. | Operations Update | 8:39 AM | |||
| A. | COO Report on Operations | Discuss | Dan Alexander | 7 m | |
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1. Food Program. ISBE has approved EMSA's bid documents for, respectively, the Breakfast/Lunch/Snack, and Supper programs. Bid documents have been released to a wide subset of possible bidders. Bids are due by April 4th.
2. Banking Change. The Wintrust account has been closed; First Mid Bank is now being used, exclusively.
3. Construction Payout. The Admin Building is fully complete. Payment #8 was processed in February, and likely two further payments will be made this spring to fully pay out the escrow. EMSA has requested the $110,855 deposit from the City of Elgin, required for permit, be returned and has submitted the necessary documentation for this purpose.
4. PowerSchool. EMSA's consultant has released a workplan for the remaining work needed for full transition from her, to EMSA's Front Office staff, and Director of Technology.
5. Intercom Project. Our Director of Technology was successful in establishing complete connection between all school buildings, and almost all devices are working fully as they should. A small number of parts and pieces need to be ordered at an insignificant expense to complete this project. |
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| IV. | TRACKING ITEMS | 8:46 AM | |||
| A. | Enrollment, FR Percentage | FYI | Dan Alexander | 5 m | |
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The School's demographic profile for Feb. 22, 2024 is attached.
There were 464 students enrolled. 55.1% of students were documented to be Free/Reduced eligible. 22.8% of students had an Individual Education Plan (IEP). 32.4% of students received Multilingual Services. |
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| V. | Other Business | 8:51 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, March 22, 2024 in person in the Admin Building. |
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| VI. | Closing Items | 8:52 AM | |||
| A. | Adjourn Meeting | Vote | Adam Gray | 1 m | |