MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Tuesday December 17, 2019 at 7:45 AM
Committee Members Present
Artie Sullivan, Jeff Barry, Jeremy Bumagin, Julie Santosus, Karl Smith, Peter Cohen, Rodolphe Herve, William Sullivan
Committee Members Absent
David Hausler, Richard Doron
Guests Present
Ndack Toure, Rebecca Whidden
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 Dec 17, 2019 at 7:51 AM.
C.
Approve Minutes - previous meetings
Jeff Barry made a motion to approve the minutes from Finance Committee Meeting on 11-19-19.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
III. Other Business
A.
Other discussion points
A) Long-Term Liability
MCCPS has received a Notice of Certified Assessment from the state regarding long-term monies due for unemployment fund contributions. The amount requested by the state is $13,942.90 for contributions dating to 2013.
MCCPS believes that contributions made in Q1 and Q2 2016 are not adequately recorded by the state and is disputing part of the monies requested, along with related interest. When both parties agree on the amount due, approval from the Board will be sought to pay off this liability. Expected timing for resolution is H1 2020
B) Board-restricted account
The Finance Committee discussed the possibility of setting up a separate Board-restricted account to hold potential liability monies and also create a vehicle for funding capital projects and other investments.
On this day, a motion to make a recommendation to the Board to set up a Board-restricted fund was brought by Artie Sullivan, seconded by Karl Smith with all attendants voting in favor.
C) Line of credit
MCCPS's $300K line of credit expires on Dec 31 every year. East Boston Savings Bank agreed to extend it to Mar 30, 2020, in anticipation of Q1 discussions with the school to keep it open for the full year 2020
MCCPS has received a Notice of Certified Assessment from the state regarding long-term monies due for unemployment fund contributions. The amount requested by the state is $13,942.90 for contributions dating to 2013.
MCCPS believes that contributions made in Q1 and Q2 2016 are not adequately recorded by the state and is disputing part of the monies requested, along with related interest. When both parties agree on the amount due, approval from the Board will be sought to pay off this liability. Expected timing for resolution is H1 2020
B) Board-restricted account
The Finance Committee discussed the possibility of setting up a separate Board-restricted account to hold potential liability monies and also create a vehicle for funding capital projects and other investments.
On this day, a motion to make a recommendation to the Board to set up a Board-restricted fund was brought by Artie Sullivan, seconded by Karl Smith with all attendants voting in favor.
C) Line of credit
MCCPS's $300K line of credit expires on Dec 31 every year. East Boston Savings Bank agreed to extend it to Mar 30, 2020, in anticipation of Q1 discussions with the school to keep it open for the full year 2020
Artie Sullivan made a motion to make a recommendation to the Board to set up a Board-restricted fund.
Karl Smith seconded the motion.
The Finance Committee discussed the possibility of setting up a separate Board-restricted account to hold potential liability monies and also create a vehicle for funding capital projects and other investments.
On this day, a motion to was brought by Artie Sullivan, seconded by Karl Smith with all attendants voting in favor
The committee VOTED unanimously to approve the motion.
On this day, a motion to was brought by Artie Sullivan, seconded by Karl Smith with all attendants voting in favor
IV. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:45 AM.
Respectfully Submitted,
Jeff Barry
Proceeds from the state still reflect enrollment of 230 students, despite updated numbers having been provided to the state in mid October. An adjustment from the state is pending and will be reflected in future check receipts, possibly in December
December raffle tickets netted $5141, a slight increase on last year's
B) Expenses
HVAC unit has been malfunctioning and has required a new fan unit $1500 (reflected in Nov financials) and a new ignitor ($600 to be reflected in December financials)
Benefits line is showing a ~$40K positive variance compared to budget but this is a timing issue and it will normalize.
Similarly, the personnel expense is trending $30K over budget but this also reflects timing and will normalize
C) Enrollment
# students is currently 207.5, reflecting a student not expected back in January 2020. Starting January enrollment of 207 is above budget of 205
Open House was very positive with 33 families in attendance. One more open house will take place in January and the lottery will be held in February