No committee member communication.

Mr. Lewis shared that Christy White Associates was on-site on Thursday, April 20 to begin work on our 2016-17 audit.  They reviewed attendance compliance, as well as HR compliance.  Once we close the books, they will return to review our financial compliance.  He also shared that Lisa Fishman, Director of Operations, and he completed COB training through the CSDC.  They will both become certified once they submit key assignments, which are due by the end of July.  Training topics included attendance accounting, budget development and monitoring, charter school auditing, personnel & labor, and more.  This was a three (3) month program with both in-person and online modules.

No public comment.

Mr. Lewis led the committee in a review of the 2015 Form 990.  He shared that the information is from July 1, 2015 through June 30, 2016 and that the Form 990 was completed by Christy White Associates.  The Form 990 has been filed and also posted to our Guidestar profile.

Mr. Lewis and Mr. Scott Warner, School Business Manager from CSMC, led the committee in a review of the April financials.

Mr. Lewis led the committee through a review of the initial Executive Compensation Study.  CSMC shared their 2016-17 Executive Director Salary Regression chart for charter schools they manage, which reflects salary verse ADA, without listing the names of schools.  He also shared details on the study itself, which is information gathered from peers in the CSDC CBO cohort mentioned in the earlier Staff Report.  The study shows the name of the school, school type, enrollment, annual salary and other important details.  We do not yet have three (3) peer schools listed, and will bring additional information back to the Finance Committee at the June meeting.

Mr. Lewis and Mr. Scott Warner, School Business Manager from CSMC, led the committee in a review of the 2017-18 draft operating budget.  The budget is built on enrollment at 1,300; ADA at 97%.  Expenses are consistent with current year projections.  There was a section added for the CMO, as there will be a second year of legal settlement which should not affect the budgets for the three (3) charters that will be operating next year.  We have also not budgeted the one-time block grants from the Governor's May Revision as those funds are not set to be disbursed until the 2018-19 fiscal year, if at all.  The beginning and ending fund balances will also change as we continue to close out the current year.  It was also noted the salary line includes a five percent raise for staff, though the raise is contingent on individual performance plans so those numbers may change based on final staff evaluations.