Welcome and Call to Order

The meeting was called to order and a quorum ascertained at 6:30 p.m.

Approval of Agenda

So that there is agreement between board members on the agenda, and the amount of time spent on the meeting, the board shall vote to approve an agenda for the meeting. To the best of its ability, it will follow that agenda, and allow for the chair to move the board through the agenda as specified.

Approve Minutes

Approve minutes from the last meeting.

Review January Financial Statements

Ms. Lee presented the January Financial Statements with the committee. She shared the profit and loss statement (incomes and expenditures). Gross profit was $678k. Ms. Young asked if field trips were included in this budget. Ms. Lee confirmed that, while DPA no longer covers the cost of field trips, there are some line items that fall in this category.Total expenditures were $585,032.55. There was a surplus of $92,972.34. Next, Ms. Lee provided a review of the Balance Sheet ending January 31, 2025. There is currently 215 days of cash-on-hand. Year to date revenue is $4.9 M. Year to date expenses is $5M. There is currently an anticipated $200k deficit. Details to address the deficit will be included in the budget amendment. Vendor payments over $5k were shared with the committee. Ms. Young asked if the budget amendment had been submitted yet. Ms. Lee explained that the budget amendment has not been completed but it is in process.

Financial Policy Review.

Ms. Lee sent the draft financial policies to the committee but since the document is so extensive, she would like to send a summary of revisions to the Finance Committee members and the full board. Ms. Lee explained the changes and explained the urgency to get the policies updated, reviewed and approved. Due to the letter of concern received from the authorizer and the corrective action plan to address the audit, the board-approved updated policies have to be shared with DCSD by February 28, 2025. Ms. Lee will send all policies and rationales for changes to the Finance Committee and Governing Board members on tomorrow.

Additional discussion centered around changes being made to address title changes and the grants tracking process.

Ms. Young stated the Finance Committee and Governance Committee would need time to review and consider the policies for approval prior to being able to vote during the February Governing Board meeting on Tuesday, February 25, 2025. The Finance Committee agreed to have a brief Special Called Finance Committee meeting on Wednesday, February 19, 2025 to discuss the policy revisions prior to the Governance Committee convening on February 19, 2025, at 6:00 p.m.

Review Draft Budget

Ms. Lee stated that there is no draft budget to review today. She stated that the the enrollment numbers is 507. The budget amendment will be centered around enrollment and the mid-term adjustment. The mid-term adjustment will come after the March FTE count on March 6, 2025.

Other Business

Dr. Bostic asked that the minutes reflect that DPA needs to discuss engaging the auditor during the Finance Committee meeting in March. She requested that the auditor engagement be placed on the March Finance Committee agenda.

Ms. Young asked clarifying questions regarding job postings. She specifically asked if a job has been posted and the staff member returns their contract, is the person's job secure. Dr. Merritt explained the process and timelines for removing job postings.

Adjournment

The Meeting was Adjourned

The meeting adjourned at approximately 7:16 pm