MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Tuesday January 19, 2021 at 10:30 AM
Committee Members Present
Artie Sullivan (remote), Jeff Barry (remote), Julie Santosus (remote), Karl Smith (remote), NDack Toure (remote), Richard Doron (remote), Rodolphe Herve (remote), Susan Hauck (remote)
Committee Members Absent
None
Guests Present
Peter Cohen (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Karl Smith made a motion to Call the meeting to order.
Julie Santosus seconded the motion.
In light of the ongoing COVID-19 coronavirus outbreak, Governor Baker issued an emergency Order on March 12, 2020, allowing public bodies greater flexibility in utilizing technology in the conduct of meetings under the Open Meeting Law. This committee makes a motion to accept this Executive Order for this meeting of the Finance Committee, on January 19th, 2021. The committee VOTED to approve the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Artie Sullivan |
Aye
|
| Rodolphe Herve |
Aye
|
| NDack Toure |
Aye
|
| Susan Hauck |
Aye
|
| Jeff Barry |
Aye
|
| Julie Santosus |
Aye
|
| Karl Smith |
Aye
|
| Richard Doron |
Aye
|
| Peter Cohen |
Aye
|
C.
Approve Outstanding previous Finance committee meeting minutes
Richard Doron made a motion to approve the minutes from Finance Committee Meeting on 12-18-20.
NDack Toure seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Richard Doron |
Aye
|
| Susan Hauck |
Aye
|
| Karl Smith |
Aye
|
| Artie Sullivan |
Aye
|
| NDack Toure |
Aye
|
| Jeff Barry |
Aye
|
| Rodolphe Herve |
Aye
|
| Julie Santosus |
Aye
|
| Peter Cohen |
Aye
|
D.
Approve minutes
Richard Doron made a motion to approve the minutes from Finance Committee Meeting - Joint Meeting with the Board on 10-21-20.
NDack Toure seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Artie Sullivan |
Aye
|
| Rodolphe Herve |
Aye
|
| Richard Doron |
Aye
|
| NDack Toure |
Aye
|
| Susan Hauck |
Aye
|
| Peter Cohen |
Aye
|
| Jeff Barry |
Aye
|
| Julie Santosus |
Aye
|
| Karl Smith |
Aye
|
II. II. Discuss adoption of Board Restricted Financial Fund
A.
Discussion & Vote
Richard Doron made a motion to approve setting up a Board Restricted Financial Fund.
NDack Toure seconded the motion.
These funds may only be used with the recommendation of the Finance Committee and approved by a majority vote of the
Trustees present at a Board Meeting.
This Restricted Fund is to be funded annually at the time of the adoption of the annual audit, starting with the 2020-2021 school year, with a minimum 40% of surplus revenues as determined by the annual audit. Other funds can be designated into this fund upon acceptance by the Board of Trustees.
This fund is to be placed in a separate account from the operating accounts.
This account is to be set up upon Board approval, with an initial deposit of $5,000.
The committee VOTED to approve the motion.
Trustees present at a Board Meeting.
This Restricted Fund is to be funded annually at the time of the adoption of the annual audit, starting with the 2020-2021 school year, with a minimum 40% of surplus revenues as determined by the annual audit. Other funds can be designated into this fund upon acceptance by the Board of Trustees.
This fund is to be placed in a separate account from the operating accounts.
This account is to be set up upon Board approval, with an initial deposit of $5,000.
| Roll Call | |
|---|---|
| Rodolphe Herve |
Aye
|
| Richard Doron |
Aye
|
| Julie Santosus |
Aye
|
| Karl Smith |
Aye
|
| Susan Hauck |
Aye
|
| NDack Toure |
Aye
|
| Jeff Barry |
Aye
|
| Artie Sullivan |
Aye
|
| Peter Cohen |
Aye
|
III. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
IV. Closing Items
A.
Adjourn Meeting
Jeff Barry made a motion to adjourn meeting.
Karl Smith seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Jeff Barry |
Aye
|
| Richard Doron |
Aye
|
| Artie Sullivan |
Aye
|
| Karl Smith |
Aye
|
| Rodolphe Herve |
Aye
|
| Susan Hauck |
Aye
|
| Julie Santosus |
Aye
|
| Peter Cohen |
Aye
|
| NDack Toure |
Aye
|
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:01 AM.
Respectfully Submitted,
Rodolphe Herve
Documents used during the meeting
- Board Restricted Fund.docx
- FinCom notes December.pdf
- MCCPS-Dec-2020-Financial Statements v1.xlsx
DESE adjusted its enrollment numbers to 208, which is short of the actual enrollment of 211.
When their assumed enrollment was 222 at the beginning of the year, monthly proceeds were $287K and with enrollment of 208, December's proceeds were $259K suggesting that the new PPE rate used increased.
HVAC unit replacement cost of $12.5K was approved, of which 50% was initially paid.