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Research Triangle High School

Minutes

Finance Committee Monthly Meeting

Date and Time

Thursday June 13, 2024 at 9:00 AM

Location

RTHS Board of Directors is inviting you to a scheduled Zoom meeting.

Topic: RTHS Board of Directors' Zoom Meeting
Time: This is a recurring meeting Meet anytime

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https://rthighschool.zoom.us/j/93566460638

Meeting ID: 935 6646 0638

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Meeting ID: 935 6646 0638

Find your local number: https://rthighschool.zoom.us/u/ahcfCIgHb

The RTHS Board of Directors meets monthly on the Third Wednesday of each month, except for December and July. Meetings are held onsite at 5:30pm until 7pm, at the school.   There is frequently a virtual option posted, as well.

Committee Members Present

A. Drake (remote), C. Coia (remote), M. Babb (remote), N. Lightner (remote)

Committee Members Absent

G. Rodgers

Guests Present

A. Griffin (remote)

I. Opening Items

A.

Record Attendance

B.

Call the Meeting to Order

M. Babb called a meeting of the Finance Committee of Research Triangle High School to order on Thursday Jun 13, 2024 at 9:01 AM.

C.

Approve Minutes

M. Babb made a motion to approve the minutes from Finance Committee Monthly Meeting on 05-14-24.
C. Coia seconded the motion.
  • edit required to a section title to be April Financials (not March Financials) - edit made
The committee VOTED to approve the motion.

II. Finance

A.

May 2024 Financial Review

Revenue

  • State funding ~30k supplemental fund received, non-recurring
  • Slight increases Chatham, Durham, and Wake county funding
  • Sales and use tax decreased - less expenditures with sales tax (nets out in expenses)
  • Donations decreased because we moved club accounts revenue to their own accounts and there is now a new process to get those in the club accounts directly

Expenses

  • Long term substitute increased to help with testing - not anticipated for next year
  • Potential ~$3900 club reimbursement needed in this school year
  • $12K psychoeducational assessment for the last 6 months - the Committee has requested that Staff sends more information on this process for EC to understand how expenses may be incurred next year to prevent surprise costs
  • $37K in construction in progress - HagerSmith (architect) site plan and schematic designs for multipurpose fields and gym - if we need to expense this, we will not use expense line item surpluses to spend ahead

The Finance Committee has requested a true up before the Board meeting to present for budget approval

III. Other Business

A.

Other Items

  • SRSA Funds (~$71K) - Akiba is owning this so that we can account for these funds in the school year and anticipates to have this wrapped up this school year. Will not impact DSCR.
  • Enrollment - the Finance Committee has requested projections on enrollment for upcoming years to accurately predict volume

IV. Closing Items

A.

Adjourn Meeting

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:20 AM.

Respectfully Submitted,
C. Coia