September 3, 2019 at 5:30 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. Presentation of FY20 Budget
Description:
Discuss the process for approving the final budget and any issues which are different from previous BOE meeting presentation of tentative budget. In accordance with past practice, anticipated expenditures will be presented and will be discussed along with a discussion of budgeted revenues.
Attachments:
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II.B. Registration Fees Update
Description:
As of 8/28, we have accounted for 82.6% of all registration fees. Our next phase will include invoices for families who have registered after 8/10 and follow-up letters to families with past due accounts. Also, MacArthur XC and VIM programs have set cut off dates for "pay to play" collections.
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II.C. Financial Reporting to the Board
Description:
Monthly reports are unavailable at this time as the budget is not yet set.
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II.D. 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 bring forth the proposed contract extension for the review of the Finance Committee with a goal of presenting to the full Board at our September meeting. Administration is recommending approving the contract extension as presented.
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II.E. Audit Update and Timeline for Completion
Description:
The auditors were out for the final review of District financial documents and information on August 21st. The auditors wrapped up their review on Friday, August 23th. Aside from some supplemental documentation that has been provided, the District's part of the audit is complete except for the Management Discussion & Analysis being drafted. Jeff would like to attend the October meeting of the Finance Committee to present his findings.
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II.F. ESSA Site Based Reporting
Description:
New this year, Districts were required to submit a report to ISBE that disaggregates expenses by site. This "Site Based Reporting" will be included on the updated Illinois School Report Card as a measure of equity. Our report was filed on time and is attached for your reference. You will notice that our expenditures at Eisenhower stand out as above the other schools. This is a factor of a higher faculty to student ratio. As staffing accounts for the greatest percent of all expenditures, this is the primary factor.
Ike: 49 staff/365 students = .134 Ross: 32 staff/292 students = .109 Sullivan: 36 staff/329 students = .109 MacArthur: 54 staff/529 students = .102
Attachments:
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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 - July 29, 2019 Finance Committee Meeting
Description:
The Finance Committee recommends approval of the minutes from the July 29, 2019 as written.
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V. Adjournment
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