March 25, 2015 Board Finance Committee Meeting
FINANCE COMMITTEE MEETING Merit School of Music 38 S. Peoria, Chicago, IL 60607 Elluminate Link: http://snipurl.com/hoselluminate Conference Line: 888-824-5783, passcode 57 872 609 then # WEDNESDAY, MARCH 25, 2015 MINUTES OPEN SESSION 5:30 P.M. Call to Order: ROLL CALL Time: 5:35 P.M. ABSENT/PRESENT Board Members: Michael Lucci - President LaShonda Milton – Treasurer Austin Berg Renee Nash Staff: Present Present (Telephone) Present Present Amy Biasbas Head of School Present Farland Jenkins Board Administrator Present Introduce Guests: Sarah Berger, K12, Edward DePersis, K12 Finance. Discussion 1. Public Comments on Agenda Items • None. These minutes have been posted on Chicago Virtual Charter School’s Web Page - http://www.k12.com/cvcs. Discussion & Action 2. Accept Agenda Motion: LaShonda Milton – Accept the agenda. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries. Discussion: Discussion & Action • None 3. FY2015 February, 2015 Financial Reports Motion: LaShonda Milton – Request that management reflect the anticipated spending of the prior year Board surplus as a surplus to fund balance on the current year’s forecasted financial reports. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries. Discussion: • • • • • • • • • • • • • • There is very little change in the month over month forecast. Curriculum delivery expense is slightly negative for February. The forecast shows that the expense should be on track by year end. The reporting of educational services fees were being adjusted to allow for the projected deficit at year end due to the anticipation of spending of Board designated funds. The financial reporting would actually like to see the deficit reflected in the financial reports. Title I funds of $162 thousand are forecasted to be spent in entirety by fiscal year end. Year to date expenditures are $86 as of February. K12 assesses a charge of 22% of the Title I revenue for management and technology fees. The forecast 8 + 4 report does not reflect the $78 thousand anticipated deficit due to the reduction of last year’s increase in fund balance. The reports will reflect the anticipated spending of the surplus beginning next month. The Board Treasurer wants to be sure that the discretionary funding be kept track of and reported as a budgeted surplus. The fund should not be rolled up into any other reporting line. The Board surplus will not be a component of the year end management fee write-off. The net assets report shows a change of minus $45 thousand year to date. February key ratios for the month have not changed from January. These minutes have been posted on Chicago Virtual Charter School’s Web Page - http://www.k12.com/cvcs. Discussion & Action 4. Board Discretionary Fund Motion: LaShonda Milton – Remove this item from the agenda until the Board is able to make a decision on what will be done with the funds and develop a plan. 2nd: Michael Lucci Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries. Discussion: • • • Discussion The item should not be included every month without any discussion or action. The Board has not developed a definitive plan as to the use of the funds. The list of management suggestions has not changed for 4 months. 5. Teacher Salary Analysis • • • • • • • • • • • • • • • The analysis is preliminary as the budget season begins. Salary and benefits are projected on the report. A 2% salary increase is projected for next year with a few exceptions. A column listing years worked with CVCS has been added per the Committee’s request. That information will be collected for the next presentation. Management is projecting a need for a part time English Language Learner (ELL) teacher next year. The high school Spanish teacher took on the ELL duties this year. The final projection will be presented next month. The 2% increase is a cost of living increase. Two positions are projected to receive greater than a 2% increase to get them up to the salary scale. The Head of School will provide a copy of the salary scale. The next presentation will include a notes section to explain the increases and a comparison to the salary scale. CPS teachers are paid a significantly higher amount than CVCS teachers. The Board is concerned that the school does not have the best teachers because teachers can work for CPS at a significantly higher salary. The pay disparity will be a significant issue as the budget for next year is developed. Discussion & Action 6. FY 2016 Budget – Staffing Assumptions Discussion & Action 7. CPS Compliance Reports Motion: • Staffing assumptions were discussed under the previous agenda item. LaShonda Milton – Accept the ETL report which has been submitted and the school year calendar which will be submitted prior to April 1st. These minutes have been posted on Chicago Virtual Charter School’s Web Page - http://www.k12.com/cvcs. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries. Motion: LaShonda Milton – Accept the student code of conduct election document which is due on April 1st. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries. Compliance Items: Discussion & Action • • • FY15 February, 2015 ETL Report, Due 3/16/15, Submitted 3/16/15 SY 16 School Year Calendar, Due 4/1/15 SY 16 Student Code of Conduct, Due 4/1/15. Board signature is requested. 8. Consent Agenda Motion: LaShonda Milton – Accept the consent agenda items.. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries Consent Items: Discussion • • • • 9. Public Comments • Action: Board Administrator Expenses, March, 2015 - $90.00 Credit Card Fees – February, 2015 - $1,453.80 Legal Fees, January, 2015 - $1,620.00 K12 Invoices, February, 2015 - $380,314.00 None. 10. Adjournment Motion: LaShonda Milton – Adjourn the meeting. 2nd: Austin Berg Vote: Voice Vote – LaShonda Milton, Austin Berg, Michael Lucci; Aye, Motion Carries Time: 6:11 P.M. These minutes have been posted on Chicago Virtual Charter School’s Web Page - http://www.k12.com/cvcs. Respectfully Submitted: ~retary These minutes have been posted on Chicago Virtual Charter School's Web Page- ht!D://www.k12.com/cvcs.
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