Making Waves Academy
Minutes
Finance Advisory Meeting
Date and Time
Wednesday November 15, 2023 at 11:00 AM
Location
You are invited to a Zoom webinar.
Topic: Finance Advisory Committee Meeting
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Committee Members Present
Alicia Klein (remote), Ken Blum (remote), Lori Crawford (remote), Sid Landman (remote), Steve Blass (remote)
Committee Members Absent
None
Guests Present
Alton B. Nelson Jr. (remote), Hung Mai (remote), Patrick O’Donnell (remote), Wallace Wei (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Finance
A.
FY24 1st Interim Budget
Government revenues decreased by $893K, while interest income increased by $373K.
Total expenditures decreased by $1.6M in the 1st interim budget, primarily caused by unfilled positions.
The Finance Committee recommends the 2023-24 First Interim Budget for approval by the MWA Board.
B.
2024 MWA Health Insurance Renewal Update
The CFO reported a projected 10% increase in the 2024 health insurance premiums, which will cost MWA approximately $220K.
Consideration is underway for the introduction of an HSA-Compatible High Deductible Plan, a spousal surcharge and Medical Opt-out for Employees to mitigate the impact of the premium increases.
C.
FY23 Financial Audit Update
The Director of Finance shared positive news on the FY23 Financial Audit.
MWA received a clean audit without any adjustments.
The CFO outlined significant changes in the FY'24 1st Interim Budget compared to the Original Budget.