Alma del Mar
Finance Committee Meeting
Date and Time
Agenda
| Purpose | Presenter | Time | |||
|---|---|---|---|---|---|
| I. | Opening Items | 11:30 AM | |||
| A. | Record Attendance | Christine Fisher | 1 m | ||
| B. | Call the Meeting to Order | Charles Holley | |||
| C. | Approve Minutes | Approve Minutes | Charles Holley | 1 m | |
| Approve minutes for Finance Committee Meeting on February 17, 2023 | |||||
| II. | Finance | 11:32 AM | |||
| A. | Draft - FY24 Budget | Discuss | Christine Fisher | 25 m | |
|
Budget Highlights: -Budget was created with a target DSCR of 1.25x, covenant is 1.2x. Surplus is $1.018 million, $368k above the 1.25x ratio -DESE released projected tuition for FY24-10% increase -Re-aligned expenses with actual expenditures from the past 18 mos. Many of Douglass Campus budget lines were calculated based on number of staff/scholars. -2% contingency at Ottiwell. 3% contingency at Douglass. -IC Lease eliminated, Fisher College lease and operating expenses moved to Network. -ESSER is not included in Budget (~$1.7million available in FY24) -Staffing-Matt Marko will provide more context at the meeting -Stipends have moved to separate line -7.5% increase for Lead Teachers, Sped Teachers, and Co-Curric Teachers -5% for all other staff -Other compensation for high performing staff (Level Leads, Mentors, Mgmt opportunities -$30k contingency at each campus, $150k contingency at Network
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| III. | Other Business | ||||
| IV. | Closing Items | ||||
| A. | Adjourn Meeting | Vote | Charles Holley | ||