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Alma del Mar

Finance Committee Meeting

Published on September 17, 2020 at 8:35 AM EDT
Amended on September 20, 2020 at 1:00 PM EDT

Date and Time

Friday September 18, 2020 at 11:00 AM EDT

Location

 
Christine Fisher is inviting you to a scheduled Zoom meeting.

Topic: Finance Committee
Time: Sep 18, 2020 11:00 AM Eastern Time (US and Canada)

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Meeting ID: 834 0986 0661
Passcode: 055909
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Meeting ID: 834 0986 0661
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Agenda

     
I. Opening Items
  A. Record Attendance
  B. Call the Meeting to Order
  C. Approve Minutes
    Approve minutes for Special Meeting on August 14, 2020
II. Finance
  A. New Member Introduction - Joe McDonough
   
Welcome to Finance Committee, Joe!
  B. FY21 Finance Update
   
Monthly financial statements will be included in packet beginning next month.  At next month's meeting, we will review Q1 financials.  The Q1 financials will include revenue and expense lines for COVID related funding/expenditures that are outside of the operating budget.

 

Finance Highlights:
DESE has published updated tuition projections for FY21 this week which includes a 1.9% adjustment for inflation.  The overall impact is an increase of $345k in tuition over budgeted.

 

Governor's budget will likely be approved in October and if any additional federal relief funding is available, there will be an adjustment made to tuition.  This adjustment would occur in December when DESE typically adjusts rates.

 

On the expense side, the main driver is salaries.  As of now, there are 4 unfilled positions at Douglass Campus and 3 unfilled positions at Ottiwell Campus.  These positions will likely remain unfilled until the School resumes in-person learning.  The forecast in the Q1 financials will be adjusted for this cost savings.

 

There will be a slight increase in Human Resources contracted services.  Due to working remotely, the School incurred software expenses for online on-boarding of new staff.

 

 

 

 

 
  C. FY20 Audit Update
   
FY20 Audit went very smoothly.  No issues/findings reported.  The auditors are working on the draft report and it should be available early next week.  The report will be distributed to the committee via email.   
III. Other Business
  A. EFF Financing Update
   
Closing is scheduled for next Friday 9/25 with a "soft" close on 9/23.  Legal calls have been very productive and the Team (Affirmative Investments, Partridge Snow & Hahn, EFF attorneys, Title Co., and Boston Private) has worked together collaboratively to pull together and review all the necessary documents.  Signature packets are scheduled to be sent to signers on Friday 9/18!
  B. Construction Project Update
   
Ed Haddad will be joining the meeting to provide an update on the Douglass Campus construction project.  Attached is an updated Budget with final GMP figures showing a savings of $382k from estimated budget.  The $382k has been transferred to contingency.
IV. Closing Items
  A. Adjourn Meeting