Urban Montessori Charter School
Minutes
Finance Committee Regular Meeting
Date and Time
Thursday May 18, 2023 at 3:00 PM
Location
4551 Steele Street, Oakland, CA 94619. Ring the front bell or call/text 510-290-4005 for entry. Signage on campus will direct you to the correct room, generally the Head of School's Office.
The public may comment and participate via Zoom if they prefer. The public may also email comments to greg@urbanmontessori.org to be shared by the during the meeting. Please make that intention clear in your email.
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Meeting ID: 825 9285 5160; Passcode 510 842 1181
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Meeting ID: 825 9285 5160
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Members: Greg Klein (Chair), Ann Rhodes
Urban Montessori Charter School welcomes your participation at Board meetings. The purpose of a public meeting of the Board of Directors (“Board”) is to conduct the affairs of the organization in public. Your participation assures us of continuing community interest in our school and assists the Board in making the best decisions for our school. To assist you in the ease of speaking/participating in our meetings, guidelines are provided at the bottom of this agenda. All materials for all board and committee meetings, including audio recordings of Regular Board Meetings, are available on our BoardOnTrack public portal and also through the UMCS School Calendar.
Committee Members Present
A. Rhodes, G. Klein
Committee Members Absent
None
Guests Present
K. Feeney
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Vote on Minutes from prior Finance Committee Meeting
No public comments on this item.
D.
Review of Action/Discussion Items
E.
Presentations from the Floor
No public comments on items not on the agenda.
II. Finance
A.
Discussion Item: Monthly Fiscal Report
Josh shared the current year-to-date report through the end of April. Additional hold harmless funds came in related to last year along with increased costs for food services. Increases in expenses related to repairs around campus, which may end up as neutral on the budget if there is a decrease in rent payment as a tenant improvement. We are pushing $100k in ESSER funds to next year. Current year's operating income forecast now stands just over $50,000. Fund balance projected just over 29% of expenses. Cash flow is strong through the end of the fiscal year, above 3 months of expenses of cash on hand.
No questions or public comments on this item.
B.
Contracts, invoices, and payments above $15,000
Tabled.
C.
Local Control and Accountability Plan for 2023-2024
Krishna shared the links to the draft LCAP and Local Indicators document where staff continue to work and community may continue to suggest, comment, and offer their ideas. Both will come back to the Board again in May for an official public hearing.
No public comments on this item.
D.
Discuss draft budget(s) for 2023-2024
Josh presented the latest draft budget for next year, which also shows two additional fiscal years. The numbers are based on the proposals in the Governor's May Revise, except the following year's budget does not currently show the proposed clawbacks of previously-approved money from the state related to Arts and Music and Learning Loss Recovery. If those adjustments become law and dollars are indeed taken back from the state, then we would currently project a one-time operating loss two fiscal years from now.
Greg asked about fundraising plans. Krishna shared that next year would be final year of the current status of fundraising, above $150,000 each year, and that the school would then be able to shift a goal of under $50,000 from the one, along with a projected operating income above $50,000, effectively continuing to run the school on publicly-available dollars alone.
These documents are available on BoardOnTrack.
No public comments on this item.
III. Closed Session
A.
Closed Session Items
At 3:46pm Greg announced that the Committee would go into Closed Session on the topic of Public Employee Performance Evaluation - Head of School. No public comments on this item.
B.
Report out of Closed Session
At 4:26pm the Committee returned to open session. No actions were taken.
IV. Closing Items
A.
New Business
No new items collected.
No changes needed.