Welcome and Call to Order

The meeting will be called to the order.

Review of YTD Financial Performance Budget vs Expenditures, Contracts

Wright provided review of years to date performance budget vs expenditures. Wilhite asked for clarity for the following items: janitorial services, types of textbooks purchased (thus far Pearson 3-5 Reading and K-8 Math), title I (May revenue) - number represents accrual that came in - recognized in March - Wilhite stated that revenue recognized in modify accrual - wright stated that report was done to match bank statements (for auditing purposes - to ensure that there is alignment with statements); CPA stated that funds are booked when you request; Title I will be moved over to March. Request will be made for Title I from May- June 30. Wilhite asked about transfers of contingency fund and month it occurred - money was moved 50K at a time. Adjustments will be seen in April and May. June has not been adjusted. only 5 transfers will be done per week. took at month to move $350K. 50K is still awaiting move for June, Wright requested bank statement authority to see paper/online delivery. Wright does not have access to contingency account. has paper statements but can not view online. Can see it going out, yet can not see coming in. Has to wait for statement to come out in July. Wilhite question asked re: projection for accruals up to date (revenues up to date). Wilhite request to get budget amendment (Wright stated that it will be increased $500K and will come through QBE). Wilhite stated that any line items and revenue (approved at 5.1) - projection @ 5.5 is why amendment is needed. Wright will not adjust anything on backend...budget amendment is needed in revenue and expense. Estes reflect on what is spent monthly (400-500K) - requested that amendment not be overextended. Wright will move below expense line (showing transfers in and out) - amendment won't be as large. Question re: account receivables (statement of financial, notes re what is YTD re: field trips to tune of 14K?)

Discussion for Proposed Draft Budget Question is what assumption is in the figure? Board requested appropriate information to ensure that. justifications regarding positions questioned by board. there will be 3 new people that will be on boarded. Board requested justification for electronic pricing - stated that it would be helpful to look at information as a budget packet (to include all requested items/per quote). Rationale for adjustment requested for proposed draft budget FY2019 provided based on YTD and/or noticed adjustments in expenditures or changes to overall academic or facility needs.

Request from Woods: budget should automatically take out 350K for contingency, delineate the explanations of approvals. Should provide the pertinent drivers and discuss with clarity larger expenses of budget. Revise current year forecast.

Wilhite: justification and rationale packet of budget - narrative description in form of booklet needed. What is missing is the why. Board will need backup documentation

Update on IT contract: awaiting update on IT vendor, the only extraction was to remove the maintenance of website. Board stated goal was to have IT contract in place by July 1. Copy of all contracts needed, request to send by Thursday from all vendors in PDF format.

The Meeting was Adjourned

The meeting adjourned at approximately 8:49 pm