Laureate Academy Charter School Board of Directors
Minutes
Finance Committee Meeting
Date and Time
Wednesday February 23, 2022 at 4:00 PM
The matters listed are those reasonably anticipated by the Chair to be discussed at the meeting. Not all items listed may, in fact, be discussed. Other items not listed may be brought up for discussion to the extent permitted by law. All agenda items are informational unless otherwise denoted, though all committee reports require a vote for acceptance. Unless otherwise stated due to COVDI-19 precautions, the meeting will be held on the campus of the school (2115 Oakmere Drive Harvey, LA 70058).
Remote Attendance information:
Join Zoom Meeting
https://zoom.us/j/95075974212
Meeting ID: 950 7597 4212
Passcode: 329646
Committee Members Present
Claire Heckerman-Whitehead (remote), Jake Krupa (remote), Nicholas Aucoin (remote), Shawn Williams (remote)
Committee Members Absent
Lisa Rebowe
Guests Present
Bjorn Carter (remote), Michael Buerger (remote), Sabrina Buerger (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
Review Financials
- Michael Buerger presented the results of operations as of January 31, 2022.
- All ratios above agreed-upon benchmarks (green), except enrollment is 14 students lower than the target (yellow). However, an additional $400 state funding per pupil than projection makes the overall budget impact negligible.
- Operating margin is at 11% for the academic year thus far.
B.
Re-forecasting Update
- Michael Buerger presented "2021-2022 Reforecast at a Glance" to show how the newly re-forecasted budget compares to the previous board-approved budget
- Additional ESSER funding may be accelerated in this academic year
- Per pupil update in March could increase amount of funding received per pupil from JP
- Overall, projecting an approximately $177,000 higher net surplus than the board approved budget with this reforecast
- Discussed how best to visualize spending ESSER money and making sure to forecast whether recurring costs can be absorbed in the budget after ESSER funding ends
- Claire Heckermen noted that - due to a deficit in math skills for 4th, 5th, 6th, and 7th grade learners - summer school will be most likely needed. Extra stipends for staff are needed to pick up the additional responsibilities related to catching learners up to the skills needed. Thus, the surplus in the Wages row will go towards these stipends most likely. Additional ESSER funds can go towards Mathnasieum to catch students up as well.
C.
2022-2023 Budget Prep Timeline
Finance Committee Meeting on March 21st @ 5pm to review a first draft of proposed budget
III. Other Business
A.
Head of School Evaluation
- Will use metrics from spreadsheet as HoS evaluation