MONADNOCK REGIONAL SCHOOL DISTRICT

FINANCE COMMITTEE

Minutes of Meeting of June 6^th, 2006

The Finance Committee meeting was held starting at 6:00 pm on June 6^th, 2006 at Camp Takodah. Attending were Chair Bruce Tatro, Vice-Chair James Carnie, Gene White and Phyllis Trask Peterson. Jonathan Kenyon, Board member, also attended. Staff in attendance was Superintendent Kenneth Dassau, Larry Biron, Business Manager, and Mrs. Karen Craig, Principal Emerson School. Absent from the Committee was Bruce McCulley. Items covered were:

a. The Committee was informed of the bequest from Mrs. Jenness Phillips. Mrs. Phillips left her estate to the Monadnock Regional School District, the Pittsburgh School District and the Milford School District. The funds are to be kept in Trust and the proceeds are to be used to help in the music and audiovisual programs. The Trust is known at “The Mark and Sadie Carlton Fund”. To date, $220,000 has been sent to the Trustees of Trust Funds at the Town of Swanzey for their management for the District. After legal and tax fees have been paid, another $20,000 is anticipated to be added to the Fund.

b. Minutes of the previous meeting were presented. On a motion by Mr. White and seconded by Mrs. Phyllis Trask Peterson, the minutes of May 16^th, 2006 were approved on a vote of 4 yes; 0 – no; 0 – abstention.

c. Public Comments: None

d. The Financial Status Report and Status of Asset sheet was presented and the details were discussed. The District funds continue to be stable and the communities are making their payments on time making cash management easy this year. No short term borrowing has had to be done. As of this date, some 13% of the budget remains, however, balloon payments and two more paydays will quickly take that percentage down.

e. A draft of the comparison of costs relative to MC2 at Antioch versus Surry School was again shared with the Committee. There were many questions that were answered and a motion by Mr. White to recommend the move from Antioch to Surry to the full Board and seconded by Mr. Tatro was eventually withdrawn. After additional discussion, Mr. White made another motion to have the Finance Committee accept the moving of MC2 from Antioch to Surry pending satisfactory answers regarding a grant funding issue. This was seconded by Mrs. Trask Peterson and the vote was 3 yes, 1 no, 0 abstention. This would be presented to the full Board meeting following this meeting.

f. A draft of the budget adjustments in account number sequence recommended by the Administrators for the 2006-07 budget was handed out. Dr. Dassau covered each line with a brief explanation and answered questions. The discussion again centered on the elimination of a teacher in the middle school in favor of another Sped teacher. No decision was reached and the issue was tabled until the next meeting on June 20^th.

f. Public Comments: None.

g. The meeting adjourned at 7:15 PM.

h. Future Agenda: The next meeting will be held June 20^th, 2006 at 6 pm, at MRHS Board Room. Discussion will include the decision on recommending to the Board about moving MC2 to Surry and action on 2007 Budget adjustments.

Respectfully submitted,

Laurent J. Biron

Business Manager