Elgin Math & Science Academy
Minutes
September Meeting of Finance & Operations Committee
Date and Time
Tuesday September 20, 2022 at 8:00 AM
Committee Members Present
A. Gray (remote), D. Alexander (remote), K. Kelly (remote), S. Egger (remote)
Committee Members Absent
G. Swick, J. Willer
Guests Present
Douglas.DeJong@quatrrobss.com (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the August 16, 2022 Meeting of the Finance Committee
II. TRACKING ITEMS
A.
Enrollment, FRL, English Learners, Special Ed Numbers
B.
Finance Committee Goals - Recruitment of Committee members
Committee members discussed two possible additional Committee members.
III. Financial Report
A.
August 31, 2022 Interim Financial Statements
Douglas DeJong presented the August interim financial report with assistance from Shanan Egger, answering the Committee's questions.
Dan committed to following up with Jacquelyn on certain points, including enrollment updates.
IV. Operations Update
A.
Update on Expansion. Financing Report From Longhouse. Work with Wheeler Kearns Architects.
Dan presented a request from Admin for approval of some $44,800 in capital spending for the purpose of carrying forward the planning work for a bond-financed, Administration Building expansion project. The Committee discussed the proposed spending and the Expansion project. Adam Gray decided to present a request for authorization of the capital spending to the Board at its September 27th Meeting, directly.
B.
COO Report on Operations
Dan reviewed the Schedule for Charter School renewal and answered Committee questions.
V. Other Business
A.
Strategic Planning - "Pillars" discussion document
There was no discussion on this Agenda item.
B.
Next meeting(s)
Adam Gray agreed that the next Meeting of the Finance Committee would take place on October 19th at 8am (a Wednesday) in view of the Jewish holiday on Tuesday October 18th.
Dan reported on behalf of the School, the F/R percentages was 48.3%, ML percentage was 26%, and IEP percentage was 16.5%.
As of September 19th, enrollment was short of the 416 students in the Board-approved FY23 Budget, by twelve students: one in 5th grade, four in 6th grade, and seven in 7th Grade. Dan reported on what he knew of steps Jacquelyn was taking or considering taking, to fill these seats, and noted the financial impact of leaving 12 seats unfilled over the remainder of the school year (approx. $110,000).