Finance Committee Meeting Minutes

The audit report of Dohn Community High School's basic financial statements are available for public inspection at 608 E. McMillan Street, Cincinnati, Ohio, 45206 between the hours of 10am- 2pm Monday through Friday. 

BOARD OF TRUSTEE FINANCE COMMITTEE MEETING MINUTES:  October 29, 2012 meeting

 Members Present: Mike Bauer, Grant Hesser, Rick Wagner. Non-Members in Attendance: Superintendent Ken Furrier, Treasurer Mike Ashmore.

 Financial Report September: Treasurer Mike Ashmore gave the financial report for the month of September. Our state foundation payment for September was $101,794 with total operating income $310,020. Total operating expenditures for the month came to 137,229, which exceeded income by $33,700. For the first three months of the school year, operating income is slightly under budget (23.23% instead of 25%) and total operating expenditures are slightly over budget (27.45% instead of 25%). This unbalance can be traced to costs associated with the start of the school year (paper, textbooks, etc.). These figures do not include non-operating receipts and disbursements.

 When all funds are projected to the end of the year, and when both operating and non-operating receipts and disbursements are included, our fund cash balance at the end of the fiscal year is projected to be $173,847, which is slightly higher than our beginning cash balance of $166,835. This assumes an average FTE of 173 and no unanticipated disbursements. Our average FTE last school year was 166.6; so far this year, it is 171.57. Currently, it is 175.4. If our FTE remains at 175.4 for the balance of the year, our average FTE will be 174.1

 Five Year Forecast: State law requires school districts to submit three years of actual financial reports and five years projected. FY2010 through FY2012 actual and FY2013 through FY2017 projected. The Five Year Forecast includes all funds, not just general fund income and expenditures. Treasurer Ashmore discussed the Forecast in detail, pointing out projecting receipts and disbursements five years down the road is difficult to do with any degree of accuracy. The assumptions with the Forecast are: State Foundation Payments, Fees and Other Income will increase 1% annually for the next five years; Salaries and wages are projected to increase by 2% annually, fringe benefits will equal 21% of salaries and wages, purchase services, supplies and materials, and other expenditures will increase by 1%, with capital outlay set at $25,000. Federal and state grants will also increase by 1% annually.

 Using these assumptions, our operating and non-operating revenue and disbursements will increase annually, with our cash ending balance for FY2017 equally $487,470. It must be remembered that there is no guarantee that state and federal funding of education will increase over the next five years. Copies of the Five Year Forecast will be available at the November board meeting, scheduled for Thursday, November 8, 2012.

 990 Financial report: Copies of the 990 federal tax report for FY2011, prepared by Fraunfelter Accounting, was distributed to board members.  

 Personnel Updates:

The finance committee discussed and had no objections to the following recommendations by Supt. Furrier:

  1. Hire Brianna Clifton to replace Jeanette Wischrath as Transition and Success Academy teacher, effective October 16
  2. Change Janet Eggleston’s assignment, from receptionist to Intervention Specialist effective October 15, replacing Brandon Taylor, who resigned.

Agreed to the following supplemental contracts

  1. Hired Andrea Allen as Saturday School supervisor.
  2. Hired Carlos Snow as physical education assistant.
  3. Hired Donald Bush as basketball coach.

All of the above salaries and positions are the same as last year.

  1. Hired Heather Johnson as our Web Master with the responsibility of keeping up to date our new web site. This is a new position

Enrollment Update:

September 15, 2012 enrollment: 167 students; FTE 167. (Last year 163.78)

October 15, 2012 enrollment: 177 students: FTE of 173.82 (Last year 169.24)

October 29, 2012 enrollment: 179 students; FTE of 175.4 (Last year’s Dec FTE was 168.48

 Break-in costs and insurance:

Replace SMARTboard: $3,081

Replace two lap top computers: $600 ($300 each)

Replace and update 8 security cameras: $880

Total cost (does not include repairing the wall): $4,561. While our insurance will cover the loss, we have a $1,000 deductible, and the agent guessed our rates will go up “no more than 20%” or about $1,000 per year.

It is my recommendation that we do not replace the lap tops and not submit an insurance claim for the loss. The school will explore raising the deductable on our insurance. The culprit was caught and is well known to the police. He is not a current or former student.

 

The board will have to confirm the above at their regular November 8 board meeting.