T Maue reviewed the various financial statements.  EMSA's IFF loan is now being recorded on the balance sheets.  The Committee discussed the valuation of the land donation by the City.  The issue was tabled to allow S Egger and D Alexander to review further and make a recommendation to the Committee next month.  K Rauschenberger noted that the value of the property at the time of transfer reflects the value that EMSA put into it; this includes the improvement to all buildings such that all are at least warm, safe and dry.

Regarding the Income Statement--the variance for occupancy expenses is high in reflection of the light fixture donation.

Regarding the Dashboard--EAB recommends that the Committee revisit the debt ratio.  EMSA is within the ISBE debt ratio recommendation but beyond its own internal goal.  EMSA was "green" on all of its ISBE metrics.

Regarding the Forecast (which does not reflect the land donation yet)--PPP is not yet included.  The net income is showing approx. $635K, having been forecast at $617K, and showing a $220K variance from last FY.

 A discussion ensued regarding cash flow forecast and cash reserves.  The Committee discussed setting a goal for cash on hand.

A discussion ensued regarding teacher salaries in light of L Fuhr's ability to hire teachers.  The Committee discussed that a multi-year (5 year, e.g.) salary plan needs to be put in place for guidance.  In the interim, the possibility of offering a signing bonus was discussed as a way to address salary shortfall.  D Alexander will review this possibility with EAB and report to L Fuhr.

Committee discussed S. Egger's budget timeline for approval by June 17, 2021.

The committee discussed at length salary options for FY22 and in the next five years.    

On schedule and under budget--everything is under roof now, so there should be no more unplanned expenses.  Savings in asbestos remediation among other areas.  D Alexander reviewed items that will result in a return of funds (approx. $212K) from the loan as well as items outside the scope of the gym construction project that he recommends are undertaken:  Neil building roof repair, Art Barn sewer hook-up, and intercom system between the campus buildings.

K Rauschenberger commended the tracking document and suggested for future consideration that unspent construction funds be used to seed the next capital project or a development plan.

L Fuhr reported the most recent statistics.

Looking forward to discussing these in May.

Three items identified today:  Liabilities to assets ration; debt ratio; and goals for cash on hand.  K Kelly will distribute spreadsheet outlining goals/promises combined from EMSA's application, EMSA's contract with its authorizer, and ISBE renewal metrics.  These will help shape additional goals for the committee.

May 11 unless EAB wants to push back to the 18th.