Alma del Mar
Finance Committee Meeting
Published on June 19, 2020 at 12:51 PM EDT
Date and Time
Friday April 17, 2020 at 11:00 AM EDT
Location
Remote-Zoom invitation to follow.
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Agenda
| I. | Opening Items | |
| A. | Record Attendance | |
| B. | Call the Meeting to Order | |
| C. | Approve Minutes | |
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February Minutes were not approved at the March Meeting.
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| Approve minutes for Finance Committee Meeting on February 10, 2020 | ||
| D. | Approve Minutes | |
| Approve minutes for Finance Committee Meeting on March 20, 2020 | ||
| II. | Finance | |
| A. | FY20 Q3 Financials | |
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Changes to the Forecast are based on 7 week school closure and assumes re-opening of School in May.
Highlights:
Balance Sheet-
$40k Chromebook purchase for remote learning. Purchase is capitalized.
Revenue-
March Tuition rates resulted in a $20k shortfall from the December rates. Overall, tuition is still projected $115k higher than originally budgeted.
Private Fundraising includes $72k of COVID19 emergency funding.
Wellington Management $25k
CSGF $20k
Louis Calder Foundation $27k
Expenses:
No major changes to the forecast. Increased depreciation expense for Chromebook purchase.
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| B. | COVID19 Re-Forecast | |
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FY20 Consolidated financials with a forecast that assumes that School is closed for the remainder of this fiscal year.
Changes are highlighted in Red.
Nutrition Revenue and Expense will be adjusted at end of April after invoices and reimbursements are analyzed, most likely resulting in a breakeven scenario.
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| C. | FY21 Budget Update and Timeline Discussion | |
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Notes from a call with Mass Charter Public School Association re: FY21 Planning and Budgeting:
-FY21 Tuition Projections released by DESE based on the Governor's proposed budget in January are now null and void
-State will have significant revenue shortfalls and an increase in costs in FY20 & FY21. State officials met to begin discussions on projecting the gap.
-Unknown how much Federal Stimulus $ will be received to fill the gap.
-Timing: Governor's proposed FY21 budget from January will be revised in coming weeks however final passage likely won't occur until AFTER June 30th.
-4 Scenarios re: Foundation Rate (Tuition Rate):
1. FY20 Foundation Rates remain flat for FY21
2. FY20 Rates + Inflation rate
3. Partial funding of Student Opportunity Act (SOA) resulting in an increase over FY20 rates
4. Full funding of first year of SOA resulting in rates Governor proposed in his January budget
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| III. | Other Business | |
| A. | Update on Construction Project/EFF Financing | |
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Project will most likely be delayed, see attached Progress Report prepared by Ed Haddad.
This delay has been communicated to EFF and was well received given all the uncertainty. They also assured us that EFF is not going anywhere and that they want to be our financing source for the project when the project is back on track.
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| IV. | Closing Items | |
| A. | Adjourn Meeting | |