Urban Montessori Charter School
Minutes
Finance Committee Regular Meeting
Date and Time
Thursday January 18, 2024 at 3:30 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 (remote), G. Klein
Committee Members Absent
None
Guests Present
J. Kemp, K. Feeney
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Vote on Minutes from prior Finance Committee Meeting
No questions or public comment on this item.
| Roll Call | |
|---|---|
| G. Klein |
Aye
|
| A. Rhodes |
Aye
|
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 monthly report. The forecasted operating income is now adjusted to approximately $26,000. The main driver of the most recent adjustment is aligning our most recent ADA to the budget forecast, and pulling out the attendance contingency hedge expense line item.
The ending fund balance is now forecast at just over $1.6M and 29.1% of expenses. Fundraising is on track for the year, with a new grant expected later in quarter 1. Cash flow forecast remains strong and above three month's worth of expenses.
Josh shared about the 2024-2025 budget adoption cycle timeline, including the Governor's January budget proposal. The Finance committee can expect a full draft budget in April, a revised draft budget in May after the Governor's revise, and then final budget in June, with June approval by the Board.
Currently forecasting a .76% COLA because of current state budget deficit. The state plans to use the rainy day fund so no cuts are projected, but also no new funding is proposed.
No public comments on this item.
B.
Discussion on the 2022-2023 School Accountability Report Card (SARC)
Krishna shared that this year Daniel is leading the work of readying the SARC for approval. The draft is nearly finished, and Daniel can email it out to the Board prior to next week's board meeting. Most of the information is auto-populated by the State and then Edtec is supporting Daniel on completing the financial information. The committee discussed placing the SARC's approval on the upcoming General Consent Report.
No public comments on this item.
C.
Head of School Transition discussion
Greg appreciated Krishna for what will be six years of service as the Head of School. The committee discussed the financial implications of an executive officer search, which can include hiring a search firm, or additional coaching or support may be needed after there is someone in the role. Krishna discussed how she is supporting the administrative and operations teams to build their capacity around the budget, compliance, and Human Resources.
No public comments on this item.
D.
New Business
Krishna requested that the Board agendize a Mid Year LCAP update discussion at the upcoming regular board meeting.
III. Closed Session
A.
Closed Session Items
The committee chair tabled this item. The committee did not go into closed session.
B.
Report out of Closed Session
The committee did not go into closed session.
No changes needed.