MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Tuesday August 20, 2019 at 7:45 AM
Committee Members Present
Artie Sullivan, Jeff Barry, Jen Jewell, Jeremy Bumagin, Julie Santosus, Karl Smith, Peter Cohen, Rodolphe Herve, William Sullivan
Committee Members Absent
David Hausler, Richard Doron
Committee Members who arrived after the meeting opened
Karl Smith
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Rodolphe Herve called a meeting of the Finance Committee of MCCPS Board of Trustees to order on Tuesday Aug 20, 2019 at 7:48 AM.
C.
Approve Minutes - previous meetings
William Sullivan made a motion to approve minutes from the Monthly FinCom meeting on 06-20-19 Monthly FinCom meeting on 06-20-19.
Julie Santosus seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
B.
Committee Review of 2020 Budget
The current FY 2020 budget includes enrollment numbers for 205 students. We will know the enrollment level for the 2019-2020 by Sep 9, 2019 and will finalize the 2019-2020 budget then.
At this juncture, a recap of budget moves will be presented to the Board for review on 8/27
At this juncture, a recap of budget moves will be presented to the Board for review on 8/27
III. Other Business
A.
Policy Discussion - review proposed updates and if needed, approve for board review
Karl Smith arrived.
The changes to the 2019 Fiscal Policy were reviewed by the Finance Committee.
After discussion of these changes, a motion was made by Artie Sullivan, with secondment by Karl Smith, to approve the revised Fiscal Policy and submit for Board review and approval on 8/27.
The motion passed unanimously
After discussion of these changes, a motion was made by Artie Sullivan, with secondment by Karl Smith, to approve the revised Fiscal Policy and submit for Board review and approval on 8/27.
The motion passed unanimously
B.
Other discussion points
When the 2019-2020 budget is finalized, a meeting with the bank that holds our mortgage will be scheduled to introduce the new treasurer and review projected financials and covenant ratios.
IV. Closing Items
A.
Adjourn Meeting
Karl Smith made a motion to adjourn the meeting.
Julie Santosus seconded the motion.
The committee VOTED unanimously to approve the motion.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:00 AM.
Respectfully Submitted,
Rodolphe Herve
Karl Smith made a motion to adjourn the meeting.
Julie Santosus seconded the motion.
The committee VOTED unanimously to approve the motion.
- Health benefits expense is redcued because that line item (5141) will now be accrued (like salaries) per request from the auditors. This specific line item will normalize during the year
- Technology expenses (5242) include $1500 of unbudgeted expenses related to upgrading the PowerSchool S/W so it automatically links up with State systems. This is necessary for the state to monitor enrollment, teacher licenses etc
- MCCPS signed up for IXL (Math, Reading), 3-year contract for $5200
- Clifford Electronics needs to check and replace emergency lights and alarms before building inspection in September ($4000)
- Vacation programming actuals will be finalized soon
- $10K income from movie shoot will be booked in August