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
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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
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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:
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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:
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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
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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:
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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
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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
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9. Public Comments
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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.