Mercer County School District 404 Board of Education Finance Committee met July 17.
Here are the minutes provided by the board:
The meeting of the Mercer County School District Board of Education Finance Committee was held on Monday, July 17th, at 5:00 p.m., in the Unit Office. Persons present were Board Members Julie Wagner, Lori Nelson, and Supt Scott Petrie.
*Call to Order at 5:09 p.m. by Chairman Wagner, Roll Call: Wagner, Nelson, Supt Scott Petrie. Monson absent. Nelson moved, Wagner 2nd to approve the June 2023 Finance Committee meeting minutes. Passed.
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: Bruce Builders bill for $433,127.79 – materials, payroll, mostly Apollo; work on nurse’s room in HS; Curriculum Associates Math Curriculum – same or different NBE/Apollo?; IASA dues – state vs division; IXL Learning – for Jr High math curriculum; Joe Thompson’s work @ HS; Sign at Apollo Diamond; Wages for a summer programming teacher at YMCA; Nevco capital outlay – play clock or shot clock; Renaissance Learning – subscriptions K-12 for Star Reading, Star Math, AR, etc; Skinner Landscaping supplies at Apollo Diamond; US OMNI Compliance Services; Gas and Phone cards for homeless thru MCHS grant.
B. Expense Report /Revenue Report: - Did not review thoroughly since new budget numbers are not input yet (for 23-24). Those will be in for the August reports.
C. Fund Balance: Current (June 16) - $26,658,303.84 total fund balance. Per Fund: Ed (10) - $2,948,173.41; O&M (20) - $10,1717,444.04; Debt Service (30) - $14,939.46; Transportation (40) - $998,372.09; FICA (50) - $337,905.77; IMRF (51) - $453,462.32; Capital Projects (60) - $1,974,333.71; Working Cash (70) - $7,812,205.47; Tort (80) - $732,477.19; and Fire&Safety (90) - $668,990.38.
D. Activity Accounts/Imprest Fund: None
Review of Monthly Health Insurance Account – deposits this month – $246,571.78 (2 months of credits), with expenses of $111,998.89. Our balance has increased to $577,556.67 – compared to last month’s $442,983.78. Last year’s Health Insurance Fund Balance was $766,606.33. We are down significantly from last year’s ending balance.
Discussion Items
1. Health Insurance Renewal – Mr Petrie met with Bushue and our premium increase will be 14% for 23-24 year. Our high increase in premiums and decrease in Health Insurance fund balance are mainly due to 4 high cost members. Our Stop Loss has us cover the first $65,000 per individual, then the remainder is covered by BC/BS (which was about half of the total costs of those 4 individuals).
August Meeting – Monday, August 14th, 2023, 5:00 p.m.
Nelson made a motion to adjourn the meeting, Wagner seconded, motion passed at 6:12 p.m.
https://www.mercerschools.org/_files/ugd/6b636f_404a18a612b04f6f8cadb1362de58ed7.pdf
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