Making Waves Academy
Minutes
Finance Advisory Meeting
Date and Time
Wednesday April 24, 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), Lori Crawford (remote), Sid Landman (remote), Steve Blass (remote)
Committee Members Absent
Ken Blum
Guests Present
Alton B. Nelson Jr. (remote), Elizabeth Martinez (remote), Hung Mai (remote), Wallace Wei (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Finance
A.
FY25 Original Budget (1st Draft)
B.
MWA Cash Balance Discussion
• The committee discussed MWA’s cash balance and the ways to manage it.
• The CFO will send a memo to the committee regarding the new cash management
approach with the aim to reduce the cash balance.
C.
Supplemental College Access and Targeted Support Budget Paid by MWEF on behalf of MWA
• The committee approved the Supplemental College Access and Targeted Support
Budget Paid by MWEF on behalf of MWA.
• The CFO highlighted the significant changes from the FY'24 Original Budget to FY'25
Original Budget, including a reduction in expenses of more than $1.8M due to the
budget right-sizing effort.
• The CFO also highlighted the changes from the FY’24 2nd Interim Budget to the FY’25
Original Budget.
• Government revenues are projected to increase by about $800K with a COLA of 0.76%,
and the attendance rate is projected to increase from 92% to 94%, while the total
expenditures are projected to increase by about $605K compared to the FY’24 2nd
Interim Budget.
• The committee conditionally recommended the FY’25 Original Budget to the MWA
Board for approval barring no significant changes in government revenues from the
Governor’s May Revision Budget.