Finance Advisory Meeting – August 24, 2006 - Draft

Submitted by: Christi Zeller

The Finance Advisory Committee (FAC) met with Diane Doney. Members in attendance, Christi Zeller, Judy Abercrombie, Kimbrough Hall, and Todd Rodas.

The minutes of July 10, 2006 were approved.

EL-8 was discussed due to Julia’s notes: #2, board recommendation to add reserve at the end of the sentence. #3, Julia at Bondi is to be called, regarding #5, significant was determined to be a threshold that is deferred to the auditors. #7, sample testing is fine, but disclosure should be noted by Julia. #9, sample testing is fine, but disclose. #10, a recommendation to the Board is appropriate, $5,000 is a low opinion by the auditors and this committee. #12, the word aggressively could be deleted with board recommendation and approval, however, the administrative policy has sample testing. Discussion centered around aggressively pursuing collections when it comes to feeding children. #18 is back to the FAC because it is outside the scope of the audit. #22, the board attorney should review, add fiscal before the legal liability portion of policy; policy change recommendation by attorney.

EL-9, #3, back to the FAC, appears that the safety officer/facility manager is the most suited to help with the monitoring report. #6, needs an attorney review and possible policy change recommendation by attorney; recommend deletion. #4, tabor reserve of 3% is the allowable minimum, board language or state mandated reserve could be recommended. CRS 22-54-110 Tabor.

El-7 is the complete responsibility of the FAC.

Diane reported on the bond refunding and presented the Savings for review by the FAC. $800,000.00 is saved the 1996 debt is called back and resold at a lower rate.

65% ballot issues was discussed. Referendum J and Amendment 39 were discussed and spreadsheets were reviewed. School Matters a Service of Standard & Poor’s was reviewed along with Fund 10 General Fund operating statement with the budget for the period of 7-1-06 to 6-30-07. Public support as part of the instructional costs is important. This would include counselors and healthcare providers but not food services or transportation. With Amendment 39, the district is close to reaching 65%. This includes getting students into the building with pupil support. The financial coding is the issue. Both attempts and draft appear to want to destroy public education. Can CSAP be married into the spreadsheets for comparative on performance? The public understanding is important, do we in 9-R value having a principal in the building?

Next meeting: September 27,2006 with the auditors at 2 PM. October 10^th the board will receive the final budget

Old Business: Todd talked about the Association School Business Officials and provided statistics that 444 out of 454 nationwide received certification. The Government Officer Association is a better organization according to Todd. The first choice is the GFOA married to the ASBO because the GFOA is not as geared to education. The GFOA is catered to special districts. There was no firm recommendation by this committee.

ATTACHED TO MINUTES: Policy Detail and Spreadsheet responsibilities