April 6, 2021 at 5:30 PM - Finance Committee Meeting
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I. Call to Order
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II. Discussion Items
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II.A. Recommendation for Award - District Financial Audit Services
Description:
Following a in-depth RFP process and evaluation, the Business Office has selected the firm of Baker Tilly as their auditor for the 2021, 2022 and 2023 years.
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II.B. Discussion of EBC Insurance Rates
Description:
The EBC Board of Directors held their renewal meeting on March 18th. Districts were given the opportunity to attend virtually to discuss the final renewal projections and rates for the upcoming plan year. The rate sheet and overview have been attached for your review.
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II.C. Direct Certification Update & Fee Discussion
Description:
The Administration is aware of the ongoing financial challenges for many of our families. As a district, we have been under increasing local pressure to "share" the additional Federal revenues with impacted families. To that end, we have included a recommendation for the reduction of student fees for the 2021-22 school year as well as a clarification on the assessment of fees for low-income students that currently receive State/Federal benefits.
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II.D. Furniture Updates
Discussion:
After budgetary evaluation, the $50,000 Board allocation for furniture was released at the end of February and building principals have been working to determine their plans for year-end purchases. Final proposals have been included for the Committee’s review. The total cost of these orders is $77,680 and represents the full BOE allocation as well as remaining funds from the various building budgets.
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II.E. Fund Transfer & Summer School Status
Description:
In January, the Board approved the transfer of $100K from the Transportation Fund to the Education Fund to cover the costs of the Summer Bridge Program for at-risk students. As we are unable to offer the program due to staffing obstacles, we are asking for direction from the Committee on how best to proceed.
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II.F. Sale of Student i-Pads
Description:
The Technology Department will again, be offering families the option to purchase their 8th grade i-Pads at a cost of $50 each. This is approximately the cost that the District would receive if we were to recycle them and allows students to retain their devices following Graduation.
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II.G. April, 2021 Grant Information and Update
Description:
Dr. Amy Zaher has provided an update on the status our our State and Federal grants. Of note are the new Federal allocations under the Elementary and Secondary Emergency Education Relief (ESSER) Fund.
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II.H. ESSER Discussion
Description:
As the District has received additional allocations under the Elementary and Secondary Emergency Education Relief (ESSER) Fund, we work to prioritize and categorize needs based on several criteria.
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II.I. TIF Update - Lexington Homes
Description:
Attached is a brief update on the status of current negotiations between Districts 23 & 214 and the City of Prospect Heights and Lexington Homes.
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II.J. Financial Reporting to the Committee
Discussion:
Monthly review of Year to Date Revenue and Expenditures
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III. Old Business
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III.A. Approval of Minutes - Finance Committee Meeting of March 1, 2021
Description:
The Finance Committee recommends approval of the minutes from the March 1, 2021 meeting as written.
Discussion:
The Finance Committee recommends approval of the minutes from the March 1, 2021 meeting as written.
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IV. New Business
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V. Adjournment
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