KIPP SoCal Public Schools
Minutes
Finance Committee Meeting
Date and Time
Wednesday March 6, 2024 at 2:00 PM
Location
1933 S. Broadway St., Suite 1144, Los Angeles, CA 90007
https://kippsocal.zoom.us/j/84665938499?pwd=YzhWRTI1dU9vaVk4VjJMc25zcUJXQT09
Committee Members Present
C. Bermudez (remote), E. Kavounas (remote), J. Miller (remote), N. Arastu (remote)
Committee Members Absent
None
Guests Present
D. Chao (remote), K. Salyer
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Public Comment
A.
Public Comment: Agenda & Non-Agenda Items
III. Financial Update
A.
KIPP SoCal FY24 Q2 YTD Results
D. Chao led a discussion on KIPP SoCal's financial results through Q2 FY23-24.
IV. FY2024-25 Budget Preview
A.
FY2024-25 KIPP SoCal Public Schools Budget Preview
K. Salyer and D. Chao presented the FY2024-25 Budget preview and discussion ensued. Topics included the Governor's January State Budget Proposal and risks to the State Budget, enrollment outlook, key budget assumptions, and preliminary estimated financial results for each school.
V. Real Estate Financing
A.
Real Estate Financing Update and Discussion
K. Salyer presented an update on current loans that will require refinancing, a discussion of a possible refunding of the 2014 bonds, indicative loan terms from Equitable Facilities Fund, and refinancing risks that face the organization.
VI. Banking Update
A.
Update on Banking Transition
K. Salyer presented an update on the banking transition from First Republic Bank to PNC. Discussion also ensued about the possibility of maintaining an emergency operating account with Chase Bank and there was general agreement that it would be advisable to maintain such an account.
There were not any members of the public at the meeting.