FINANCE COMMITTEE MEETING
October 7, 2019
Committee Members Present: Jennifer Dumond-Chair; Michael Michaud, Amanda Olson
Board Members Present: Staci Fortunato, Edward Hastings, Pia Holmes, Kevin Lamoreau, Kati McCormick
Administrators Present: James Anastasio, Donna Madore, Kathy Casparius, Troy Alexander, Teresa Beaudoin, Sarah Landry
1. Draft of recent audit
Kathy Casparius went over the preliminary draft audit report. She said there were no questions from the auditors that require a response other than $34 in Title 1 which was reallocated and we have yet to receive reimbursement and a small deficit in the Title III grant. Auditors plan to present the audit report at the November board meeting. Ms. Casparius said the unassigned fund balance is $922,000 which is 3% of our budget. That is what the State has recommended. Mr. Anastasio said the new leadership in the DOE is hoping to get legislation passed to increase the unassigned fund balance to 10%.
Ms. Casparius said all scholarships were moved to the City.
2. Discuss possibility of one year extension with First Student
The committee discussed the possibility of two one-year contract extensions with First Student. The board will need to decide whether to use the same or updated busses, add one more camera in the middle of the bus, and whether to continue with a flat number of mileage threshold pricing approach.
The meeting adjourned at 6:50 p.m.