July 29, 2019 at 3:00 PM - Finance Committee Meeting
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I. Call to order
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II. Discussion item(s)
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II.A. Draft FY20 Tentative Budget
Description:
Amy McPartlin will provide an overview of the Tentative FY20 Budget highlighting variance over 10% in any fund area. The tentative budget was prepared by former Assistant Superintendent, Micheal DeBartolo with input and participation of the leadership team. It was then reviewed by Mrs. McPartlin and refined prior to presentation. At this time, it is presented as a DRAFT for review by the Finance Committee. Further revision and updates will occur following the committee meeting and prior to release to the full board. The overall impact of the Tentative budget is a slight increase over FY19 which is expected given negotiated raises and increased costs. The budget as presented is a comprehensive plan for spending based upon targeted assumptions using trend data and financial forecasting.
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II.B. Registration Fees Update
Description:
Members will remember that last year, a split process of registration and payment was implemented to clean up accounting confusion across fiscal years. This year, that process was again used. Additionally, this year we utilized an electronic notification system to email invoices home, thereby reducing costs for mailings and increasing use of our electronic payment system. Amy McPartlin will provide an overview of fees collection to date as well as our plan for the start of the school year.
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II.C. Financial Reporting to the Board
Description:
Members will remember that one of our Strategic Goals is to improve clarity of financial reporting, enhance transparency, and increase use of financial reporting tools. To that end, we have identified reports that will be shared monthly with the Finance Committee and at each Trimester Update to the whole Board. We will discuss the reports and seek input from the Finance Committee regarding this process.
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II.D. District Audit Update
Description:
Annually, our District undergoes an audit of our financial practices and review of accounts. Mrs. McPartlin will provide an update regarding the financial audit to be presented to the Board this Fall.
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II.E. Transportation & Title Grant Audit Update
Description:
An update regarding the Title Grants and Transportation Audit that was conducted by the Illinois State Board of Education will be provided.
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II.F. Transportation Update & Contract Extension Discussion
Description:
In collaboration with our Tiering partner, District 21, we have engaged in discussions with First Student to extend our transportation contract for the allowable 2 additional year period. We will discuss proposed rates and requested language adjustments and the recommendation of administration.
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III. New business -- Item(s) to be discussed at future Finance committee meeting(s)
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IV. Old business -- Item(s) discussed at previous Finance committee meeting(s)
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IV.A. Approval of Minutes - June 3, 2019 Finance Committee Meeting
Description:
The Finance Committee recommends approval of the minutes from the June 3, 2019 as written.
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V. Adjournment
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