MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Tuesday January 28, 2020 at 7:45 AM
Committee Members Present
Artie Sullivan, Jeff Barry, Jeremy Bumagin, Julie Santosus, Karl Smith, NDack Toure, Peter Cohen, Rodolphe Herve
Committee Members Absent
None
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 Jan 28, 2020 at 7:51 AM.
C.
Approve Minutes - previous meetings
Karl Smith made a motion to approve the minutes from Finance Committee Meeting on 12-17-19.
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
December was the first month this year for which receipts from the state reflected enrollment of 205 students (current enrollment is 207). As a result, monthly net income should show a ~$20K loss from now on and our current $162K net income at the half-year mark should start to normalize closer to budget. In December, the PPE was adjusted to a level that is close to the PPE mark we had put in our 2019-2020 budget
That PPE will be further revised in March
Expenses at the half-year are exactly in line with budget
All in all, at the half-year, we are tracking in line with expectations and can expect to meet our target 2019-2020 budget
Some recent attrition news (Chef, Assistant Head of School) will provide some short-term relief as well.
Large December expenses included:
- Board on Track (~$7k)
- Term 1 enrichment payments ($3200)
- Snow plowing, scraping, sanding ($1300)
The 2021 budget is being drafted and a first cut will be reviewed by Fincom in February
That PPE will be further revised in March
Expenses at the half-year are exactly in line with budget
All in all, at the half-year, we are tracking in line with expectations and can expect to meet our target 2019-2020 budget
Some recent attrition news (Chef, Assistant Head of School) will provide some short-term relief as well.
Large December expenses included:
- Board on Track (~$7k)
- Term 1 enrichment payments ($3200)
- Snow plowing, scraping, sanding ($1300)
The 2021 budget is being drafted and a first cut will be reviewed by Fincom in February
III. 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 8:39 AM.
Respectfully Submitted,
Jeff Barry
Documents used during the meeting
- MCCPS-Dec-2019-Financial Statements v1.xlsx
After checking with our payroll company, Jeff Barry was able to confirm that the amount requested by the state is accurate. The ~$13K requested includes interest, which Jeff is hopeful we can waive, based on auditor feedback. He will reach out to the state to finalize the amount and agree on a payment plan. An update is expected at the next Fincom
Re: the Line of Credit mentioned in the previous minutes
Our bank has traditionally needed to see 6-month financials to approve an extension of the LOC to 12/31 every year. Now that financials have been reviewed by Fincom, Jeff and Rudi will start this conversation with the bank.