MCCPS Board of Trustees
Minutes
Finance Committee Monthly Meeting
Date and Time
Friday March 24, 2023 at 8:30 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
Please note that the in-person meeting will not be suspended or terminated if technological problems interrupt the remote connection.
Committee Members Present
Andrea Barlow, Jeff Barry, Julie Santosus, Rodolphe Herve
Committee Members Absent
Karl Smith, Molly Teets, Peter Cohen, Tim Wadlow
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
| Roll Call | |
|---|---|
| Jeff Barry |
Aye
|
| Peter Cohen |
Absent
|
| Molly Teets |
Absent
|
| Julie Santosus |
Aye
|
| Tim Wadlow |
Absent
|
| Karl Smith |
Absent
|
| Andrea Barlow |
Aye
|
| Rodolphe Herve |
Aye
|
II. Financial Statements Discussion
A.
Committee review of Previous Month's Financial Statements
B.
Review of draft 2023/2024 Budget
The 2023/2024 budget is still a work in progress as salaries and insurance payments are being finalized. The Finance Committee will review an updated version next month.
III. Other Business
A.
Discuss Banking crisis and impact on MCCPS
Rockland Trust has no exposure to the SVB, First Republic and Signature fall out. 52% of their deposits are covered by FDIC.
There does not seem to be an immediate risk with the bank
B.
Discuss Investing / Savings account policy in light of MHD school district reports
After discussions from Jeff Barry with Rockland Trust, the interest rate of the Board-certified account was raised from 0.9% to 3% annually.
The interest rate of the Marblehead Charter Education Fund will also be increased to 3% shortly.
MCCPS will have the option to move funds in and out of the operating checking account and MCEF account at will to get the benefit of the higher interest rate.
C.
Finance Committee members should agree date of next meeting
Not covered, and will be covered via email
IV. Closing Items
A.
Adjourn Meeting
- 2023_02_17_Fincom_meeting_minutes.pdf
- FinCom notes Feb '23.pdf
- MCCPS-Feb-2023-Financial Statements v1.xlsx
- FY24 Proposed Budget.xlsx
Due to other events unfolding at the school, this discussion was not held.