Making Waves Academy
Minutes
Finance Advisory Meeting
Date and Time
Wednesday March 6, 2024 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), Sid Landman (remote), Steve Blass (remote)
Committee Members Absent
Ken Blum, Lori Crawford
Guests Present
Alton B. Nelson Jr. (remote), Hung Mai (remote), Patrick O'Donnell (remote), Siobhan McCarthy (remote), Wallace Wei (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Finance
A.
Governor’s January Budget Proposal
- The CFO briefed the committee on the state revenues outlook and the Governor’s January budget proposal for 2024-25.
- Under the governor's assumptions, it is projected that the state will face a budget deficit of $38 billion. However, K-12 education is expected to be largely spared from the cuts.
- The governor proposed a minimal Cost of Living Adjustment (0.78%) for K-12 education.
B.
FY24 2nd Interim Budget
- The CFO highlighted the major changes from the FY’24 1st Interim Budget to the FY’24 2nd Interim Budget.
- Government revenues decreased by $506K, while the total expenditures decreased by $834K in the 2nd interim budget.
- MWA plans to “right-size” the budget by $1.5-2M over the next two fiscal years, starting in FY24-25.
- The committee recommended the 2023-24 2nd Interim Budget to the MWA Board for approval.
C.
Special Education Finances Overview
- The CFO provided the committee with an overview of the economics of the special education program.