Elgin Math & Science Academy
Minutes
Meeting of Finance & Operations Committee
Date and Time
Tuesday February 21, 2023 at 8:00 AM
Committee Members Present
D. Alexander (remote), D. DeJong (remote), G. Swick (remote), K. Kelly (remote), S. Egger (remote)
Committee Members Absent
A. Gray, J. Willer
Guests Present
Akshai Patel (RBC Capital Markets) (remote), M. Armstrong (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the January 17 2023 Meeting of the Finance Committee
II. Operations Update
A.
COO Report on Operations
B.
Bond Financing Update
Dan Alexander and Akshai Patel presented on the Moody's rating received by EMSA (Ba2), on the progress towards bond financing, and led a Committee discussion on the possibility both of a standard bond financing giving EMSA the ability to repay the bond at any point after 10 years, and also a bond financing where EMSA had the ability to repay the bond at any point after 5 years.
III. Financial Report
A.
January 31 2023 Interim Financial Statements
Shanan Egger presented the January 31, 2023 financial report, and answered Committee questions.
IV. TRACKING ITEMS
A.
Enrollment, FR Percentage
Dan Alexander reported that enrollment at the School was 412 students as of the meeting date, with about 55% of students Free or Reduced meal rate eligible.
V. Other Business
A.
Next meeting(s)
The next meeting of the Finance & Operations Committee is scheduled to take place on March 21, 2023.
Dan Alexander updated the Committee on the approximate FY24 PCTC rate, and also on the progress of the construction project.