MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Thursday February 22, 2024 at 8:00 AM
Location
https://us06web.zoom.us/j/98355446062?pwd=bVg2VzE4bEZUVXJqY0R4UlJnVmZ1dz09
Meeting ID: 983 5544 6062
Please note that the in-person meeting will not be suspended or terminated if technological problems interrupt the remote connection.
Committee Members Present
Emily Promise (remote), Jeff Barry, Julie Santosus, Lindsay Smith (remote), Paul Baker, Rodolphe Herve (remote), Stephanie Brant
Committee Members Absent
Katie Holt, Melinda Way, William Rockwell
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Financial Statements Discussion
A.
Committee review of Previous Month's Financial Statements
The note tracked with the notes provided. Current enrollment stands at 174 due to a student going to spend the remaining school year in Europe. This student has expressed an intention to return next year.
B.
Discussion of Draft 2024-2025 Budget
The discussion tracked with the notes provided.
Some key assumptions were made including:
- enrollment at 190 which given the current pipeline of prospective students (51 from sending districts + 15 from acceptable towns in grade 4) and what the Head of School knows about the intentions of returning students seems to be a sensible (G4: 46 students, G5: 46, G6: 46, G7: 40, G8: 25)
- Assumption of health insurance cost increase of 10%, which we hope to confirm in mid/late March
- Payroll increase of 3% on average
- Interest rate resetting on 7/28 and locked for 10 years. Right now assuming increase to 5% based on current 10-20 rates from Rockland Trust.
III. Closing Items
A.
Adjourn Meeting
- FinCom notes Jan 24.pdf
- MCCPS-Jan-2024-Financial Statements v1.xlsx
- FY25 draft budget .pdf
Due to the lack of quorum of participants present during the January Fincom meeting, the vote for approval of these minutes will be postponed until the next Fincom meeting in March.