MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Friday September 22, 2023 at 11:00 AM
Location
For Remote Participants - Quorum must be present in person
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Committee Members Present
Jeff Barry, Julie Santosus, Lindsay Smith, Rodolphe Herve, Stephanie Brant
Committee Members Absent
Katie Holt, Molly Teets, William Rockwell
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
| Roll Call | |
|---|---|
| Stephanie Brant |
Aye
|
| Molly Teets |
Absent
|
| Rodolphe Herve |
Aye
|
| Lindsay Smith |
Aye
|
| William Rockwell |
Absent
|
| Julie Santosus |
Aye
|
| Katie Holt |
Absent
|
| Jeff Barry |
Aye
|
II. Financial Statements Discussion
A.
Committee review of Previous Month's Financial Statements
B.
Discussion on 2023/2024 Budget
| Roll Call | |
|---|---|
| Rodolphe Herve |
Aye
|
| Lindsay Smith |
Aye
|
| Molly Teets |
Absent
|
| Jeff Barry |
Aye
|
| Katie Holt |
Absent
|
| William Rockwell |
Absent
|
| Julie Santosus |
Aye
|
| Stephanie Brant |
Aye
|
The revised budget includes the following primary changes:
- revised budgeted enrollment from 195 to 179 students to reflect school start numbers. Overall revenues down ~$277K
- updated PPE to reflect July-Aug 2023 checks from $18,895 to $18.946 blended average per student
- reduced payroll by ~$160K to reflect open positions that will not be filled (HR, Admission admin, Special Ed assistant)
- reduce benefits expense (healthcare) by ~$66K to reflect lower staff enrollment into the MCCPS plan
In all, the new 2023-2024 budget considers of loss of ~$59K for the year, likely to be absorbed by the 2022-2023 surplus.
Should this budget loss present difficulties for the school in dealing with third-party partners (banks, donors etc), Fincom will consider adding a revenue donation from the Board-restricted account.
III. Other Business
A.
Finance Committee members should agree date of next meeting
The next Fincom meeting is scheduled for October 20th, at 11am. Auditors will present their annual report for the 2022-2023 financial year.
IV. Closing Items
A.
Adjourn Meeting
- FinCom notes JulyAug 23.pdf
- MCCPS-Aug-2023-Financial Statements v1.xlsx
- 2024 Budget Comparisons.xlsx
The discussion tracked with the notes provided. As it is only the second financial month of the year and DESE checks currently still reflect previous-year enrollment numbers, monthly results will take a few months to normalize.