KIPP Memphis Public Schools
Minutes
Finance Committee Meeting
Date and Time
Wednesday November 2, 2022 at 3:00 PM
Committee Members Present
A. Anderson (remote), D. Hopson (remote), H. Coleman (remote), L. Sweet (remote), M. Davis (remote), S. Meeks (remote)
Committee Members Absent
None
Guests Present
A. Burt (remote), A. Carr (remote), J. Ward-Gill (remote), J. Worles (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
D.
Approve Minutes
II. Committee Actions
A.
Henry Campus Roof Renovation|Insulated Roofing Systems, Inc.
B.
Henry Campus Windows Replacement|Barnes & Brower, Inc.
It is recommended that KIPP Memphis Public Schools Board of Directors ratify the emergency contract to Barnes & Brower, Inc. for the Windows Replacement Project at the Henry Campus.
The funding sources for the project are both ESSER, Capital Facilities Grant, and School Nutrition Program.
Board Member Hopson: suggested reviewing the language again at the next Governance Committee to ensure the proper language is presented.
III. 2022 - 2023 Adjusted Budget
A.
2022-2023 Enrollment
Chief Carr reviewed and discussed the following:
- KMCE, KMAM, KMCM, KMCH Enrollment for 2022-23 Approved Budget, Adjusted Budget, and Variance
- KMCE, KMAM, KMCM, KMCH Capital Allocation, Basic Ed Program, Total Basic Ed Program: Approved Budget, Adjusted Budget, and Variance
- Overall Approved and Adjusted Budget for All Schools, KIPP Forward, SST, and KMPS
- 2022-2023 Budget Expense Adjustments for KMCE, KMAM, KMCM, KMCH, KF, and SST
- 2022-2023 KMPS Revenue Adjustments for BEP, KIPP Forward, SST, ESSER Funds, Title I Revenues, and other Grants
- 2022-2023 KIPP Memphis Adjusted Budget vs Actual for All Schools, KIPP Forward, SST and KMPS Consolidated
- FY 2023 Cash Projection: 52 days projected cash on hand at June 2023
- 2023-24 Budget Calendar
- The initial budget will be presented to the Finance Committee on April 5, 2023 and to the full Board on April 20, 2023
- Enrollment will be based on actual enrollment as of the 3rd enrollment period which ends on November 7, 2022, minus 10%.
- The Finance Committee meeting has been moved to May 24, 2023
- The Proposed Budget will be presented to the Finance Committee on May 24, 2023 and to the full Board on June 8, 2023
- 2023-2024 Budget Priorities
- Career and Technical Education (CTE): Provide access to high-quality CTE programs and courses
- School Facilities: Address deferred maintenance needs
- Social and emotional support for students
- Expanded academic intervention and support
- Staff Professional Development
IV. Committee Questions
A.
Finance Committee Questions
Board Member Hopson: In reference to the budget process in the past, does KIPP engage families and give them a chance to review and comment on feedback?
Chief Carr: Yes. A meeting was held where parents and students could provide input into the budget process.
V. CEO Comments
A.
Dr. Burt - Comments
Dr. Burt gave an overview of the Finance Presentation and is excited about the upcoming work from the Finance Department.
VI. Finance Chairperson Comments
A.
Board Chair Sweet Comments
Board Chair Sweet polled the committee to see if everyone is in agreement with the 3 pm Finance Committee start time.
- The Committee agreed to continue with the 3 pm start time and the meetings can be adjusted in the future if needed.
The next scheduled Finance Committee Meeting is January 4, 2023, at 3 pm.
It is recommended that KIPP Memphis Public Schools Board of Directors ratify the emergency contract to Insulated Roofing Systems, Inc. for the Roof Renovation Project at the Henry Campus.
The funding source for the project is the Capital Facilities Grant.