The Museum School

Finance Committee

Regular Meeting - Thursday November 14th, 2019 @7:00 PM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Katie Cota present chair On Time At Adjournment
Shelina Ali present member On Time At Adjournment
Judith Wohl present member On Time At Adjournment
Danielle Royden present member On Time At Adjournment
Tamara Richards present member On Time At Adjournment
Tish Craig present member On Time At Adjournment
Laci Hood not present member
Mike Stewart not present member

Additional Attendee

Lillian Galicia, TMS Vice Principal, joined the Finance Committee to learn about more about the school's finances and budgeting process.

Monthly Financials

Revenue: QBE will be over until budget amendment is approved; Other revenue included a new $2,500 grant (November adjustment: $1,450 will be moved to auction revenue; the remainder will be moved to fundraising); Lunch revenue over budget due to timing and more free/reduced lunches; Before Care revenue higher than expected. Expenses: Personnel: Staff increases continue to be over until budget amendment is approved; Sports/after school stipends higher than budgeted (end of season stipends paid); Substitutes higher than budgeted (large training that required additional substitutes). Other expenses: Medical benefits leveling off from Sept. 1 start date (Sept was low); Timing differences of budget vs. actual on big line items (Textbooks, Assessments, Computer, Technology). YTD will balance out; Extra lawn care budgeted in Sept but expensed in October (timing difference); 2nd quarterly payments for access control (timing difference); Sept & October internet charges (timing difference); Campus Engineer over budget; Tish will look at expedition costs to see if a budget amendment is needed. Balance Sheet: Accrued payroll will go up each month until January, which is a three-payroll month; deferred revenue increased due to end-of-the-year trip deposits in October.

The Meeting was Adjourned

The meeting adjourned at approximately 8:32 pm

Motion to adjourn

By: Katie Cota Seconded by: Judith Wohl

There was no notable discussion on the motion.