Finance Committee Meeting
Date: 11/30/15
MINUTES
Members Present: Josephine Charnock, Frank O'Donnell
Members Absent: Walter Brown (chair)
Others Present: Brian Pawling, Curt Dietrich, Carmen Italia
Meeting called to order at: 6:43 p.m.
Prior meeting minutes: 10/26/2015
NEW BUSINESS
COMMENTS
Mr. Carmen Italia , a representative of Turn 14, addressed the committee regarding the
discussion of a clawback provision in the LERTA contract. A clawback provision would allow
the District to collect the full amount of the assessed property if Turn 14 vacates the property
LERTA Proposal - Carmen before the end of the 10 year LERTA agreement. At the time of the meeting, the clawback
Italia provision language was being reviewed by the District's solicitor. Dr. Dietrich read the
provision aloud for the committee and they agreed to move the provision forward to the
December 17th board action meeting for approval dependent on solicitor review and
approval.
Mr. Pawling reviewed the status of the state budget with the committee. The budget
framework as of 11/24/15 included an additional $350 million in basic education funding, $50
State Budget Update million in special education funding, pension reform, liquor privatization, new revenue in
potential sales tax and gaming changes, and cyber charter tuition rate changes.
Mr. Pawling discussed the 2016-17 budget calendar and some important dates contained
within the calendar. The deadline to post the preliminary budget for public inspection is
12/31/15 with board adoption of the preliminary budget occuring at the 1/21/16 action
2016-17 Budget Calendar meeting. The adoption of the proposded final budget will occur at the 5/10/16 worksession
and the final budget adoption would occur at the 6/16/16 action meeting. Mr. Pawling also
stated that the ACT 1 index for the 2016-17 school year was 2.4%.
INFORMATIONAL ITEMS
COMMENTS
Revenues/Expenses &
No discussion.
Balance Sheet
Ms. Charnock asked why there were receipts from federal revenue sources reported. Mr.
General Fund Financial
Pawling explained that the District was receiving federal funds from prior years grants but that
Reports
no money was received for the 2015-16 school year federal grants.
Salary Schedule No discussion.
EIT, Transfer and
No discussion.
Delinquent Property Tax
Community Education Fund
No discussion.
Statements
Extended Care Fund
No discussion.
Statements
Nutrition Services Fund
No discussion.
Statements
Investment Reports No discussion.
Monthly & YTD
Short Term Capital Projects
No discussion.
Cash Forecast
Hatfield Construction
No discussion.
Project Costs
Budgetary Reserve Report No discussion.
Special Education Report No discussion.
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Items for Worksession/Action meeting
October Budget Transfers - December 17 Action Meeting
Summary of Items Moved to LERTA proposal - December 17 Action Meeting
Worksession and/or Action
Meeting
Turn 14 Clawback Agreement - December 17 Action Meeting
2016-17 Budget Calendar - December 17 Action Meeting
Public Comments:
None
Meeting Adjourned at:
7:20 p.m.
The next meeting will be on Monday, January 25, 2016 at 6:30 p.m. at ESC
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