Alma del Mar
Minutes
Finance Committee Meeting
Date and Time
Monday February 26, 2024 at 9:00 AM
Christine Fisher is inviting you to a scheduled Zoom meeting.
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Meeting ID: 822 4429 3015
Passcode: 643534
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Meeting ID: 822 4429 3015
Passcode: 643534
Find your local number: https://us02web.zoom.us/u/kuvZlZcGv
Committee Members Present
C. Fisher (remote), C. Holley (remote), J. McDonough (remote), P. Ditchfield (remote), T. DeLoach (remote)
Committee Members Absent
E. Darrow
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
5 Year Projections
B.
Surplus Spending Proposals
Reviewed the Surplus Spending Proposal broken down by three funding sources (Operating Surplus, Release of Contingency, and ESSER funds).
The Operating Surplus would support adding two new positions to the Network (CAO & HR Director) as well as increasing all staff salaries retro to 7/1.
The release of Contingency Expense in the operating budget would provide Staff Appreciation Bonuses for FY24.
The surplus ESSER funds would be added to the Capital Reserve fund.
C. Fisher presented the 5 Year Projections noting the growth of the large surplus to the 1.2 DSCR .