Elgin Math & Science Academy
Minutes
Finance Committee Meeting--Remote
Date and Time
Tuesday May 17, 2022 at 8:00 AM
Location
https://us06web.zoom.us/j/6308835013
Meeting ID: 956 9377 5063
Passcode: EMSA
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Meeting ID: 956 9377 5063
Passcode: 705920
Committee Members Present
A. Gray (remote), D. Alexander (remote), G. Swick (remote), J. Willer (remote), K. Kelly (remote), K. Rauschenberger (remote)
Committee Members Absent
None
Guests Present
M. Gibb (remote), Trish.Strong@quatrrobss.com (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the April 19 2022 Regular Meeting, and May 3, 2022 Special Meeting of the Finance Committee
II. Operations Update
A.
COO Report on Operations
B.
Internal Controls Policy
This item was deferred to a future Meeting.
III. Financial Report
A.
April 30, 2022 Interim Financial Statements
Trish Strong presented the April 30, 2022 Interim Financial Statements report, answering questions from the Committee.
B.
FY23 Budget (and aligned Five Year Financial Model)
Dan Alexander and Trish Strong presented the Admin-recommended FY23 budget (and accompanying FY24-26 forecast), as well as a second version which contained also an Executive Director position. Dan reviewed an explanatory narrative to introduce the issues, goals, and assumptions which informed the Budget proposal. Trish and Dan led a "tour" of the proposed Budget, answering questions.
Jacquelyn offered that the Enrichment Teacher position could be deferred in FY23, in all budget versions. The Committee discussed some staffing changes in the Budget model with Executive Director.
The Committee reached a consensus that it is crucial that the School successfully staff the Middle School.
IV. TRACKING ITEMS
A.
Enrollment, FRL, English Learners, Special Ed Numbers
Dan Alexander provided some information about enrollment at present.
B.
Finance Committee Goals
The goal of scheduling an Audit and Finance Committee Meeting for June 14th, was noted to be in progress.
V. Other Business
A.
Strategic Planning - "Pillars" discussion document
There was no update on Strategic Planning as yet.
B.
Next meeting(s)
The next Meeting of the Finance Committee was noted to be taking place on May 19, 2022 at 8:00 am.
Dan Alexander presented his COO Report.