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Meeting Agenda
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I. Call to Order
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II. Discussion Items
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II.A. Resolution for Funds Transfer of Bond Proceeds
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II.B. Organic Life Renewal
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II.C. Workers Compensation Insurance Renewal
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II.D. Summer Furniture Updates
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II.E. Preliminary Audit Status
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III. Financial Reporting to the Committee
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IV. Old Business
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IV.A. Approval of Minutes - Finance Committee Meeting of Monday, May 3, 2021
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V. New Business
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VI. Adjournment
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Agenda Item Details
Reload Your Meeting
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| Meeting: | June 2, 2021 at 5:30 PM - Finance Committee Meeting | |
| Subject: |
I. Call to Order
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| Subject: |
II. Discussion Items
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| Subject: |
II.A. Resolution for Funds Transfer of Bond Proceeds
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Description:
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Discussion:
Chapman and Cutler is in the process of preparing the transfer resolution for Board approval at the June 9th meeting. We will receive the resolution early next week and will share it with the Committee at our upcoming meeting. We will be moving the bond proceeds from the Working Cash fund into Operations and Maintenance and then to Capital Projects for project scheduling and payment.
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| Subject: |
II.B. Organic Life Renewal
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Discussion:
The Illinois State Board of Education (ISBE) requires districts to renew their food service contracts on an annual basis.The proposed renewal with Organic Life reflects an overall increase of 3.9%. A detailed overview has been included for the Committee's review.
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Attachments:
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| Subject: |
II.C. Workers Compensation Insurance Renewal
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Discussion:
The District has currently received two proposals for its Workers Compensation Insurance program for FY22. Both proposals provide a savings from the FY21 amount. Following review, Administration is recommending renewing with its current provider (Illinois Counties Risk Management) for an overall savings of 7% from the FY21 rates.
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Attachments:
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| Subject: |
II.D. Summer Furniture Updates
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Discussion:
In accordance with our ongoing plan to address furniture replacements at each building, the FY22 Budgetary Guidelines articulated the need for the continued allocation of funds through two non-discretionary line items. An update on those purchases has been attached for the Committee's review.
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Attachments:
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II.E. Preliminary Audit Status
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Discussion:
The Business Office has been working with the auditing firm of Baker Tilly to provide initial documentation and work through our internal controls and transactional testing in preparation for the final audit in August.
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III. Financial Reporting to the Committee
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Discussion:
Monthly review of Year to Date Revenue and Expenditures
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Attachments:
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| Subject: |
IV. Old Business
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IV.A. Approval of Minutes - Finance Committee Meeting of Monday, May 3, 2021
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Discussion:
The Finance Committee recommends approval of the minutes from the May 3, 2021 meeting as written.
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Attachments:
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V. New Business
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| Subject: |
VI. Adjournment
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