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Voices College-Bound Language Academies

Minutes

Finance Committee Meeting

Date and Time

Thursday February 28, 2019 at 9:30 AM

Location

14271 Story Road San Jose, CA 95127, 252 Devonshire Blvd San Carlos, CA 94070, 9320 Tech Center Drive Sacramento, CA 95826
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Committee Members Present

D. Richards (remote), E. Lee, J. Quesada

Committee Members Absent

A. Miller

Guests Present

M. Kelly, Ruby Chiu

I. Opening Items

A.

Record Attendance and Guests

B.

Call the Meeting to Order

E. Lee called a meeting of the Finance Committee Committee of Voices College-Bound Language Academies to order on Thursday Feb 28, 2019 at 9:40 AM.

C.

Public Comment

No one on David's end, no one on Ed's end.

D.

Approve Order of Agenda

E. Lee made a motion to Move.
J. Quesada seconded the motion.
The committee VOTED unanimously to approve the motion.
Roll Call
D. Richards
Aye
E. Lee
Aye
J. Quesada
Aye
M. Buerger
Absent
A. Miller
Absent

II. Consent Item(s)

A.

Approve October Minutes

E. Lee made a motion to approve minutes from the Finance Committee Meeting on 10-31-18 Finance Committee Meeting on 10-31-18.
J. Quesada seconded the motion.
The committee VOTED unanimously to approve the motion.
Roll Call
M. Buerger
Absent
A. Miller
Absent
D. Richards
Aye
J. Quesada
Aye
E. Lee
Aye
Ed also seconds to approve.

B.

Finance Committee Member Nomination

E. Lee made a motion to Nominate Mackenzie Kelly as a member of the Finance Committee.
J. Quesada seconded the motion.
The committee VOTED unanimously to approve the motion.
Roll Call
M. Buerger
Absent
D. Richards
Aye
E. Lee
Aye
A. Miller
Absent
J. Quesada
Aye
Ed also seconds to approve.

III. Discussion

A.

Financial Results

  • YTD through January
  • CMO Cash flows
    • Updates:
      • Aggressive philanthropic target for CMO for year
      • Cash flow challenges around this time of year
Metrics:
  • Reforecasting
  • Attendance challenges - ADA
  • Enrolling TK students
YTD Actuals:
  • Tracking relative to budget
  • Other State - Revenues
Expenditures:
  • Unfilled positions at all sites
  • Expenses are also down - salaries and benefits: 800k below expectation
  • CMO mgmt. fee - immaterial and timing issue

B.

Budgeting Assumptions for 19-20

  • Reference ADA from this year
  • Ideal vs actual enrollment
  • TK students that are just over the cutoff date
  • Not necessary to exclude, if they are in that 3 month range
  • Tracking lower than historically we have been doing
  • WCC might have shortfall next year
  • More conservative on number of students
  • Centralize SPED - more eyes on it
    • Past year overspending
    • Limited bandwidth at school sites (approvals/confirmations)
    • Hard time proving services have been rendered
    • eyes at school sites not central office

IV. Closing Items

A.

Adjourn Meeting

E. Lee made a motion to adjourn the meeting.
D. Richards seconded the motion.
The committee VOTED to approve the motion.
Roll Call
M. Kelly
Aye
M. Buerger
Absent
D. Richards
Aye
J. Quesada
Aye
A. Miller
Absent
E. Lee
Aye
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:31 AM.

Respectfully Submitted,
E. Lee