MCCPS Board of Trustees
Minutes
Finance Committee Monthly Meeting
Date and Time
Friday August 26, 2022 at 8:00 AM
Location
At school - 17 Lime Street, Marblehead, MA 01945
For Remote Participants - Quorum must be present in person
Join Zoom Meeting
https://zoom.us/j/99625637131?pwd=cWdFODd1b2FvZ3dEOXVtbDZhNHRJUT09
Meeting ID: 996 2563 7131
Passcode: MCCPSfinco
Committee Members Present
Andrea Barlow, Artie Sullivan (remote), Jeff Barry, Julie Santosus, Peter Cohen, Rodolphe Herve
Committee Members Absent
Karl Smith, Tim Wadlow
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
| Roll Call | |
|---|---|
| Karl Smith |
Absent
|
| Peter Cohen |
Aye
|
| Artie Sullivan |
Aye
|
| Julie Santosus |
Aye
|
| Rodolphe Herve |
Aye
|
| Tim Wadlow |
Absent
|
| Andrea Barlow |
Aye
|
| Jeff Barry |
Aye
|
C.
Approve minutes
| Roll Call | |
|---|---|
| Julie Santosus |
Abstain
|
| Jeff Barry |
Aye
|
| Artie Sullivan |
Aye
|
| Tim Wadlow |
Absent
|
| Peter Cohen |
Aye
|
| Karl Smith |
Absent
|
| Rodolphe Herve |
Aye
|
| Andrea Barlow |
Abstain
|
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
B.
Review of Final 2022 Statements
There was very limited changes to the FY 2021/2022 financials but at this point, it looks like the solid results are confirmed, with no significant movements triggered by a DESE adjustment.
Audited reports are due in October for posting to the State by Nov 1, 2022.
The financial audit for 2021/2022 has started and is on schedule.
C.
Revise 2022-2023 Operating Budget
The budget submitted in preparation of this review is already outdated as key assumptions need changing:
- enrollment will be closer to maximum of 230 than to the 218 that was reforecast
- there may be needs for additional staffing depending of the needs of the student population
Because of these moving pieces, and as we await confirmation of enrollment numbers at the start of the school year, Fincom decided to not submit a revised budget to the Board and will do so in the September or October Board meetings.
III. Other Business
A.
Other discussion points
The Finance Committee acknowledges the resignation of Ndack Toure from the Finance Committee and would like to thank Ms. Toure for her contributions to this committee in the past two years.
IV. Closing Items
A.
Adjourn Meeting
- FY22 P&L Gen Fund.xlsx
- FY22 Balance Sheet.xlsx
- FY23 Operating Budget changes.pdf
- Fincom notes July '22.pdf
Financials for July were not discussed as they are not representative of normal operations and no immediate issue/concern was raised. The Committee will resume normal review of financials in September (July-Aug financials).