Mercer County School District 404 Board of Education Finance Committee met June 20.
Here are the minutes provided by the board:
Minutes of the June 2023 Finance Committee Meeting
The meeting of the Mercer County School District Board of Education Finance Committee was held on Tuesday, June 20th, at 4:30 p.m., in the Unit Office. Persons present were Board Members Julie Wagner, Lori Nelson, and Supt Scott Petrie.
*Call to Order at 4:32 p.m. by Chairman Wagner, Roll Call: Wagner, Nelson, Supt Scott Petrie. Monson absent Nelson moved, Wagner 2nd to approve the May 2023 Finance Committee meeting minutes. Passed.
Old Business
Reviewed the Financial Information on the Consent Agenda – asked questions concerning the Bill List / P-card List, Activity Accounts, Building Accounts, Imprest Fund, Financial Reports, and Treasurer’s Reports. Mr. Petrie offered answers at the meeting.
A. Bill List and PCard: Requested information on abatement process for yearly debt payments, Midwest Bus Service payments were fees for damage/wear & tear on returned buses, “assigning fees” for VB/BB, Ranger Pro for pesticide application.
B. Expense Report /Revenue Report: - Questions on Looser Flake (page 10) “services” – reimbursement to parents for Dual Credit course fees.
C. Fund Balance: Current (June 16) - $27,696,369.82 total fund balance.
Per Fund: Ed (10) - $3,527,075.13; O&M (20) - $11,125,568.85; Debt Service (30) - $9,351.57; Transportation (40) - $1,071,603.09; FICA (50) - $356,662.02; IMRF (51) - $461,605.45; Capital Projects (60) - $1,923,351.47; Working Cash (70) - $7,797,443.90; Tort (80) - $757,493.88; and Fire&Safety (90) - $666,214.46.
D. Activity Accounts/Imprest Fund: None
Review of Monthly Health Insurance Account – deposits this month – none (didn’t clear until after June 1st) with expenses of $146,803.11. Our balance has decreased to $442,983.78 – compared to last month’s $588,263.45.
Discussion Items
1. Budget Amendment – O&M – Expected more expenses but projects came in under budget and only 1 invoice for current projects have come in before end of fiscal year. Debt Service – Had a reserve and needed to spend it down. Plus abated $75,000 from Capital Projects into Debt Service. Retirement/SocSec – needed to spend that reserve down (asked county for less than used). Total Revenue up $1 million due to one-time grants and CPPRT revenue. Can’t guarantee we will have those funds in the future.
**Finance Committee recommends approval of budget amendments as presented.
2. MCEEA Negotiations TA – See handout of final discussion and financial items.
3. Non-Union Wages and Salaries – See handout. Went over the proposed administrative, non-union salaried, and non-union hourly individuals.
**Finance Committee recommends approval of Wages and Salaries as presented.
4. Investments – no update
July Meeting – Monday, July 17th, 2023, 5:00 p.m.
Nelson made a motion to adjourn the meeting, Wagner seconded, motion passed at 5:35 p.m.
https://www.mercerschools.org/_files/ugd/6b636f_9f2d736bcabb497f8b8511a840d8b82e.pdf
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