No members of the public were in attendance.

NMcGowan reported that enrollment is stable at 244.

Reimbursement rates from school districts are still outstanding and make forecasting our financial situation somewhat difficult. RSchumm expects them to be released by the end of January. School Districts are asked to report what reimbursements should be to them, but these calculations are not mandatory to report to State Dept of Ed. Only 2 of 6 of 'sending' districts for Vida completed those reports (GASD did not). Accordingly, we will have wait for the state's calculations for more accurate predictions.

Recent news of $600M budget shortfall should not be an issue as the state has already eliminated most direct contributions to charter schools.
 

The committee discussed the monthly financials from November. RSchumm indicated that income is likely very accurate on and may be up by a few percentage points (depending on final reimbursement rates).

The deficit prediction in the financials synopsis for the month is quite conservative - may be overstated by about $75k. This is mostly due to some savings in health insurance, personnel costs, and some additional savings with LIU due to changes in services provided.

The committee reviewed current expenditures and concluded that there are few and relatively small opportunities for savings (transportation being one - MDavis will report on this in January).

RSchumm expressed that the board ought not to exert pressure on to the Administration to save money as the issue we are facing is one of underenrollment, not a expenditures.

The committee debated the possiblilties of re-enrolling students who moved to Chambersburg. The financial implications of this were discussed in terms of income vs. expenditures (transportation, supplies, etc.). RSchumm also offered other considerations, chief among them the issue of equity and legal/financial implications.

MDavis reported that, according to Amelia Contreras, there has been an efflux of Latino families from Adams Cty. to the Chambersburg area. This may be an important consideration in terms of student recruitment in the mid to long term.

RSchumm reported that the audit is still not completely processed. Reasons: 1) Auditor got a late start; 2) calculations of GASB68 (governmental accounting standards board - PSERS retirement cost) presents additional work which had to be outsourced and caused a delay. Vida will not incur any extra cost due to this outsourcing.

JBrandauer requested that Charter Choices recommend an auditor which is able to handle this in house for next year's audit.

NMcGowan led a discussion of how the revision of the financial procedures manual is progressing. Currently, the Finance committee's target is to re-do overview by the January meeting.

Further goals:
- Accounts payable by February meeting
- Accounts receivable by March meeting
- Purchasing by April meeting
- Review remaining items in May and determine a suitable course of action with a goal of having a new manual in place by the start of new school year.

The committee reviewed existing contracts with an eye towards potential savings. Overall, the committee found very little flexibility in expenditures.

The committee discussed the scope and value of a risk manual.

NMcGowan is still requesting Quickbooks from Charter Choices and having difficulty with the installation. The committee explored ways to get this issue resolved.

MDavis asked how we should reflect the approved marketing budget in the present budget. RSchumm layed out two options:

1) Revise budget now;
2) Capture students that are being recruited by marketing plan and update budget in the spring. This would simply require consistent and clear communcation with the board.

The committee also discussed potential changes in the administrative structure of Vida and discussed the financial implications of such changes.

The committee discussed the value of a conversation of board members with teaching and administrative staff regarding the budgeting process.

The committee reviewed the annual goals set earlier this year and discussed progress on those goals, as well as potential changes. None were suggested.

NMcGowan reported that the dental insurance rollover is complete and synchronized with rollover of other programs.

The committee briefly discussed agenda items for the January meeting.