City on a Hill Charter Public School
Minutes
February Finance Committee Meeting
Date and Time
Wednesday February 28, 2018 at 4:00 PM
Location
15 Allerton Street
Committee Members Present
Greg Vasey (remote), Matt Shaw (remote), Wanda Nascimento
Committee Members Absent
Johanna McCarthy
Guests Present
Ginger Parker (remote), Sally Bachofer
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Matt Shaw called a meeting of the Finance Committee of City on a Hill Charter Public School to order on Wednesday Feb 28, 2018 at 4:04 PM.
C.
Approve Minutes
II. Review Financial Statements
A.
FY2018 Financial Statements
CFO reviewed the summary of the YTD combined school and foundation financial statements. Target spending is at 58% for calendar year, 50% for school year. Finance Committee members asked questions about cash positions, and variance on line items at mid-year point in the year. Finance Committee members asked for additional explanation/notes to be available at the March board meeting in case board members have additional questions about current year positions. Committee members asked for end-of-year cash flow projections for each of the three schools and the Foundation by March 16th.
III. FY2019 Budget Timeline
A.
FY 2019 Budget Timeline
Committee members and staff reviewed the DRAFT timeline for FY2019 budget review. Discussion centered around ability to produce accurate and robust drafts; and how much time committees need to review and provide input. Matt and Sally will update the timeline and share back out with the committee.
IV. Closing Items
A.
Adjourn Meeting
For the next meeting: March 21, 4:30. Will review February financials and year-end cash projections.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 4:52 PM.
Respectfully Submitted,
Sally Bachofer