Motion to adjourn
By: Douglas McRae Seconded by: Jessica Weissinger
There was no notable discussion on the motion.
| Name | Status | Arrival Time | Departure Time |
|---|---|---|---|
| Douglas McRae | present member | On Time | At Adjournment |
| Tyler Skelton | not present chair | ||
| Jessica Weissinger | present member | On Time | At Adjournment |
| Keith Pettiway | present secretary | On Time | At Adjournment |
June 20 Highlights: Operations: -MTD we finsished 161K above budget. It should be noted that we have a 98K accrual for bonuses to be paid in fiscal year 2021. The remaining amount can be attributed less spending due to school closure. YTD we finished 310K above budget expectations. Minus the 98Kaccrual the gain can be attributed to 83K in annual donations; 21K unrealized gain on investments; Create offset in instructional salaries and of 42K. -Received PPP Funds for 750K; Update on forgiveness
Capital: No activity for the month, 388 dollars have been collected YTD.
Investments: Unrealized gain for the month of June 2020 totaled 7.6K MTD. YTD-22K gain on original investment of 800K
Cash Position: As of July 2020 we are projecting a cash balance of 939K, net of cash reserves of 900K. Cash reserves represent approximately two months of operating expenses.
20/21 Preliminary Budget Highlights: -Still awaiting funding sheet from APS. -State funding cut reduced from original estimate of 14% to 10%; Will receive Cares Act Funding of 132K in addition to QBE Funding; With new APS Final Adoption of Local Property Tax, Other Local Revenue and Fund Balance of 2021 bottom-line deficit reduced from previous estimate of 426K to 274K -Per our projections we should be able to cover the deficit from operating fund without using our reserves.
The meeting adjourned at approximately 12:36 pm
Motion to adjourn
By: Douglas McRae Seconded by: Jessica Weissinger
There was no notable discussion on the motion.