McLean County Unit School District 5 Board Finance Committee met Sept. 15.
Here are the minutes provided by the committee:
COMMITTEE ATTENDEES: Stan Gozur, Alex Williams, Marty Hickman, Tommy Hoerr, Dr. Kristen Weikle
COMMITTEE ABSENTEES: None
OTHER UNIT 5 ATTENDEES: Julie Hagler
1. 2023-2024 BUGET
● Mr. Hoerr went over a report showing the fiscal year-to-date (YTD) revenues and expenditures ending 8/31/2023. Overall, YTD figures were tracking as anticipated. Administration plans to provide this report at each monthly Finance Committee meeting.
2. COMMERCE PAY UPDATE
● Mr. Hickman gave a quick update on Commerce Payment Hub. Administration has a kick-off meeting scheduled for the end of this week.
3. FUND BALANCE POLICY DISCUSSION
● Mr. Hickman shared an example of a fund balance policy that was adopted by another district. This example is more general and high-level, and is more of a guiding principle to maintain a healthy fund balance. The Committee seemed to like how this example policy was laid out. Some members were concerned about not creating a policy that could potentially put the Board in a difficult situation where it had to take drastic measures to maintain fund balance. Flexibility needs to be built into the policy. There was also some discussion on whether this should instead be an administrative procedure, since Administration would primarily be maintaining fund balances.
4. PUBLIC COMMENTS
● No members of the public were present for comment.
The meeting adjourned at 3:49 PM.
https://meetings.boardbook.org/Documents/CustomMinutesForMeeting/1482?meeting=601920
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