School Board Finance Committee
Meeting Minutes
October 2, 2007
MC2 (Surry)
Approved
Committee members present: Jim Carnie (Chairman), Sue Oerman (Vice-Chairman), Tim Aho, Jane Fortson, Gene White, Phyllis Peterson, and Doug Lyman. Administrators Present: Katie Chambers, Business Manager and Dr. Kenneth Dassau, Superintendent. Public: None.
The meeting was called to order at 6:03 pm.
Meeting Time Discussion:
The committee had been asked at a prior school board meeting to
revisit the timing of the finance committee meetings, with a concern that there
was not enough time to complete the necessary business if they continued to
meet one hour prior to the regular board meetings. J. Carnie opened the issue for discussion. S. Oerman stated she liked meeting before the
regular board meetings, but thought an extra ½ might be beneficial. P. Peterson liked the time where it was. J. Fortson thought if the agenda were
received earlier, the committee would know whether the extra time was
necessary. J. Carnie noted that if the information to
discuss was received earlier and time given to review it prior to the night of
the meeting, less time reviewing new information during the meeting would be
needed, and we’d have an idea of how much meeting time is necessary. T. Aho made the motion to keep the
meetings at the same time and night.
Seconded by D. Lyman. Motion
passes: 6 Yes, 1 Abstention (S.
Oerman)
6:10 K. Chambers arrives.
1. Approval of Minutes: Motion to approve the September 16th minutes by D. Lyman, seconded by S. Oerman. Discussion: deletion of second adjournment time. Motion passes, with one abstention (P. Peterson).
2. Old Business: b. Debt Financing: (handout) K.
Chambers handed out a packet that detailed several different debt financing
scenarios for 20 and 30 year terms and explained the differences between the
three different ways of financing. K. Chambers explained that $5,000,000 was
the minimum amount presented to be financed due to the state aid requirements. K. Chambers explained the plans and how the
bond bank works. T. Aho asked about
going Nationally? S. Oerman stated we
should see what’s out there. J. Carnie
asked what the committee would like to do with this information? T. Aho stated it wasn’t our job to pick an
amount, that the amount should be provided based on need and then the finance
committee pick the best route. J. Carnie
stated that if we have concerns that we get them to K. Chambers. K. Chambers stated that this information is
good for the educational process to familiarize the committee with the
information, but that it’s premature as this point. The interest amounts will be the
variable. D. Lyman stated he would like
to have more information as to what’s available.
a. 2007/2008 DOE25 & MS25 (handout): K. Chambers
explained the workings of these
reports and explained
that these amounts all relate to the 06/07 year, not the 07/08.
New business:
3a. Financial Reports: (handouts) K. Chambers walked the committee through the status of assets report, the monthly expense report, the revenue worksheet, the status of the capital projects, and the food service accounts.
3b. Legal Bills: K Chambers handed out the detailed legal expense worksheet. T. Aho questioned the note regarding the Sullivan Early Retirement Issue. K. Chambers explained that this referred to the “General” line of the report and was explaining what the General charges were for.
4. Public Comments: None.
5. Next Meeting: Tuesday, October 16, 2007, at 6:00 pm at the Gilsum School.
6. Adjournment: T. Aho made the motion to adjourn at 7:00, seconded by P. Peterson. Unanimous for all present.
Respectfully submitted
Jane Fortson