Amy McPartlin will provide an overview of the Tentative FY21 Budget highlighting significant variances in any fund are. 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 FY21 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.

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.

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. 

Annually, our District undergoes an audit of our financial practices and review of accounts. Amy McPartlin will provide an update regarding the financial audit to be presented to the Board this Fall. 

The Finance Committee recommends approval of the minutes from the June 1, 2020 as written.