MCCPS Board of Trustees
Minutes
Finance Committee Monthly Meeting
Date and Time
Friday September 23, 2022 at 10:00 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
Artie Sullivan, Jeff Barry, Julie Santosus, Karl Smith, Peter Cohen, Rodolphe Herve, Tim Wadlow
Committee Members Absent
Andrea Barlow
Guests Present
Sara Pouladian (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve minutes
Julie Santosus suggested an edit to the proposed minutes which was made in the final approved version
Roll Call | |
---|---|
Jeff Barry |
Aye
|
Karl Smith |
Aye
|
Julie Santosus |
Aye
|
Tim Wadlow |
Aye
|
Rodolphe Herve |
Aye
|
Andrea Barlow |
Absent
|
Artie Sullivan |
Aye
|
Peter Cohen |
Aye
|
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
B.
Revise 2022-2023 Operating Budget
Fincom discussed the proposed amended budget and in the end made the following recommendations:
- the Budget stays as originally approved
- By November, a reforecast will be be finalized and presented to Fincom by Jeff Barry and the monthly review will then show variances of Actuals to Budget and to this Reforecast
- Fincom direction for this Reforecast is to remain conservative and in particular:
- show more limited surplus (between $100-150K) compared to proposed version
- Maintain enrollment assumption at 224
- Assume inflation impact in personnel and utilities bill
III. Closing Items
A.
Adjourn Meeting
- August 22 FinCom Notes.pdf
- MCCPS-Aug-2022-Financial Statements v1.xlsx
- FY23 Operating Budget changes 92022.xlsx
The discussion followed the notes provided ahead of the meeting.
Main items of discussion related to:
- Increase in personnel cost of 52.8% compared to previous year. Jeff believes this will normalize with reversal of accruals but will provide an explanation at the next Fincom
- HR software (Frontline) was selected by new HR Manager after a review of several options. MCCPS entered into a 3-year agreement. The annual expense is $4K but there were start-upcosts of $3,500 ($4,400 reflected in August). Because the overall value of the contract exceeds $5K, Fincom will receive details of the contract and officially discuss/vote on approving the expense
- Teaching Force program has resumed and new payments was made, reflecting increased scope
- The new fire panel is complete (and passed inspection) and work was remaining for the roof and kitchen projects. The occupancy permit of the school will need to be renewed by October 31
- Enrollment remains strong at 226. Down from 229 as 3 kids from Peabody dropped out, reflecting challenges with commuting to school