ERCSD Finance Committee Meeting

February 2, 2005 – 5:00 PM

SAU Office 

 

MEMBERS PRESENT:                   Greg Kann, Patty Lovejoy

 

ADMINISTRATION PRESENT:    Walter Pierce, Nathan Lunney 

 

Chair opened the meeting at 5:00 PM.  The following agenda items were discussed.

 

1.      January 2005 Financial Statements:  The financial report was presented and reviewed.  Adjustments since last meeting include correction of curriculum coordinator encumbrance and complete encumbrance of buy-out and debt service expenditures.  Nathan reported that there have been no significant budgetary concerns arise thus far in this fiscal year.  Nathan expects to complete a first draft fund balance analysis for the March meeting. 

 

2.      FY 2004-05 Revenue Projections:  Nathan reviewed a revised copy of the revenue projections that had been discussed in the budget development process.  A letter from the NH Municipal Bond Bank was distributed which notes an upcoming $197,000 payment to the district from a refunding of the 1996 bonding.  This brings the projected total revenues for the current year to $650,000 beyond budget. 

 

3.      Trust Funds Balances Update:  The committee reviewed the statement of trust fund balances for December 31, 2004.  Questions were raised about the status of fund investments, rates of return, and timeliness of account information reporting.  Nathan will research and report back.  The committee directed that the East Kingston Trustee of Trust Funds, who is also trustee for the Cooperative trusts, be asked to report to the Committee at its March meeting.  Nathan will contact Roby Day about that meeting. 

 

4.      Capital Project Bond Proceeds – Interest Earnings Update:  Nathan introduced a summary of interest earnings from the high school project bond proceeds.  The report itemized 2003-04 actual earnings, 2004-05 year-to-date and accrued earnings, and estimated earnings to the end of the project.  The total of over $1.4 million, net of the appropriated $400,000, will require further discussion and action in the next annual meeting cycle. 

 

5.      Preparation for Deliberative Session:  The committee reviewed the conversation from the last Board meeting about which board members would speak to which warrant articles at the Deliberative Session.  Nathan will confirm with Skip and the Board about this preparation.

 

6.      Next Meeting Date:  The following upcoming meetings were noted:

a.       Deliberative Session:  Thursday, February 10, 2005 at 7:00pm in the EHS Talbot Gymnasium.  Board will meet prior to the Session at 6:00pm and again following the Session if necessary.

b.      Finance Committee:  Wednesday, March 2, 2005 at 5:00pm at the SAU.

 

The meeting was adjourned at 6:05 PM.

 

Respectfully submitted, 

Nathan Lunney