Urban Montessori Charter School
Minutes
Finance Committee Regular Meeting
Date and Time
Thursday March 21, 2024 at 10:30 AM
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
D. Bissonnette, J. Kemp (remote), 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 comments on this item.
| Roll Call | |
|---|---|
| A. Rhodes |
Aye
|
| G. Klein |
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 fiscal report. A few small changes to the forecast this past month. There were updated special education rates from our SELPA, which increased Federal Revenue. Overall the forecasted operating income is now at $65k for the year. Fund balance now projected to end at 30% of expenses and at $1.67M. Cash flow remains strong through then of the fiscal year, above three months of expenses on hand.
Josh reviewed the Second Interim Financial Report, that shows modest operating incomes in the draft multiyear budgets. The committee discussed and recommended this for approval to the board for the upcoming Regular Board Meeting.
Josh reviewed the various recent one-time fund sources, and how the school has used and plans to use the funds for this current fiscal year.
Josh reviewed the recent lease agreement rates.
Josh reviewed the state's historical and project cost of living adjustment rates.
Josh shared at a high level about Charter Renewal, including how AB1505 established a new renewal tier system. Edtech will provide a budget and cash flow for the charter renewal period. The committee asked and Josh answered clarifying questions of Josh about the tier systems.
There were no public comments on the report by the committee or the public.
B.
Head of School Transition discussion
The committee shared with Daniel that they hope to be of service to him and the school as he steps into the role of Head of School, pending the full board's approval of the contract. Daniel shared that he looked forward to working with the committee, and nothing beyond the regular multiyear financial modeling was needed at this time.
No public comments on this item.
C.
Updates on School Policies and Required Documents
The committee reviewed the LCAP 2024-2025, the Board Book, and the Fiscal Management and Control Policy. For LCAP, Krishna expects to bring more goals to the next meeting. Greg shared his review of the Board Book which were only small edits and annual updates. The committee discussed raising the contract limit from $15,000 to $25,000 that must come before the Board of Directors, along with some other language updates to streamline the policy. The committee will review the policy again before sending it to the Board for a vote.
There were no public comments on this item.
D.
Discuss Proposal for new Investment in Growth and Development Capacity
Daniel shared his support of the ideas being considered for additional investment. Greg asked for the team to bring back to the committee a multiyear draft budget that included the additional expenses, along with modest revenue assumptions in terms of the new potential fundraising and grants capacity. The committee discussed the need to invest in a multiyear plan that aligns the entire budget to the improvements required for renewal and specific student outcomes; and that if that budget needed to run a mid term deficit, that might still be in order if it's what makes impact in the short term and sets up the school up for success in the longer term.
No public comments on this item.
E.
New Business
None at this time.
III. Closed Session
A.
Closed Session Items
At 11:33a, Greg shared that the Committee would go into closed session on two topics:
- Public Employee Performance Evaluation - Head of School
- Public Employment - Head of School
At 11:36a, Krishna and Daniel left the closed session of the meeting.
B.
Report out of Closed Session
At 11:46a, the committee returned to open session. No actions were taken.
IV. Closing Items
A.
Adjourn Meeting
- 2023-2024Second Interim Report.xls
No changes needed.