Galesburg Reporter

Mercer County School District 404 Board of Education Finance Committee met Feb. 18

Here are the minutes provided by the committee:

The February 2025 meeting of the Mercer County School District Board of Education Finance Committee was held on February 18th, 2025. Those in attendance were Committee Members, Jason Monson, Lori Nelson and Supt. Tim Farquer.

1. Call to Order at 4:05 p.m. by Wagner.

2. Roll Call: Committee members Lori Nelson, Julie Wagner and Jason Monson were present.

3. Public Comment

4. District Office Update

5. Monthly Financial Review

5.1 Finance Committee Minutes: January 21, 2025.

5.2 Bill List

5.3 Treasurer’s Report

5.4 Imprest Report

5.5 P-Card Report

5.6 Activity Accounts

5.7 Expense Report

5.8 Fund Balances

ED: $6,135,880.66

O&M: $3,637,759.01

Debt Service: $169,398.86

Transportation: $990,585.50

FICA: $379,344.98

IMRF: $483,355.89

Capital Projects: $1,948,933.10

Working Cash: $6,274,396.25

Tort: $1,151,897.54

Fire & Safety: $409,840.79

Total fund balance: $21,581,392.58

5.9 Health Insurance Account: Balance of $529,693.97, down from $592,669.38.

5.10 Revenue Report

6. Discussion Items

6.1 FY24 Annual Financial Report update. Completed.

6.2 ESSER III Liquidation Extension Review update.

6.3 Building referendum update.

6.4 Advanced Coursework Incentive Program update.

7. Action Items

7.1 Approval of Recommendations to the BOE

7.1.1 Approve BOE Finance Committee Minutes from January 21, 2025.

7.1.2. Approve February Financials (Bill List & Reports).

7.1.3. Approve FY24 AFR.

Move, second, Passed.

Monson moved, Nelson seconded, to make the recommendation listed above. Motion carried.

Next Meeting – Monday, March 10th, 2025, 5:00 p.m.

Monson made a motion to adjourn the meeting, Nelson seconded, motion passed. Meeting adjourned at 5:33 p.m.

https://www.mercerschools.org/_files/ugd/61ee79_8a9def182ade467296e34f347e2432f6.pdf