Elgin Math & Science Academy
Minutes
Special Finance & Operations Committee Meeting
Facility Expansion, Budget and Financing
Date and Time
Thursday May 19, 2022 at 8:00 AM
Committee Members Present
A. Gray (remote), D. Alexander (remote), G. Swick (remote), J. Willer (remote), K. Kelly (remote), K. Rauschenberger (remote)
Committee Members Absent
S. Egger
Guests Present
M. Gibb (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
D. Alexander called a meeting of the Finance Committee of Elgin Math & Science Academy to order on Thursday May 19, 2022 at 8:00 AM.
C.
Approve Minutes
II. Finance
A.
Review Purpose of Meeting
B.
Consideration of Summer 2022 Capital Project items
K. Kelly made a motion to Recommend the Board of Directors approve $47,316 in spending on plumbing improvements, and enhancements to the Middle School Building for the purpose of better accommodating three grade levels of students.
A. Gray seconded the motion.
The committee VOTED unanimously to approve the motion.
C.
Consideration of Administration Building Capital Budget
The Committee had a full and open conversation about the Administration Building project budget, the path forward towards financing EMSA's expansion, and the choices facing EMSA. Several members commented it was a healthy, productive dialogue.
D.
Approval of Longhouse Capital Advisors as EMSA Municipal Financial Advisors
K. Kelly made a motion to recommend the Board approve the Engagement Letter with Longhouse Capital Advisors.
G. Swick seconded the motion.
The committee VOTED unanimously to approve the motion.
E.
Provision for Further Discussion of FY23 Budget
The Committee engaged in further conversation about the FY23 Budget and the choices facing EMSA in the near and medium term future. Several members commented it was a productive discussion.
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:00 AM.
Respectfully Submitted,
D. Alexander
Dan reviewed the purposes of the Special Meeting.