District 91 Finance Committee January 31, 2006
The District 91 Finance Committee met at 10:00 am on January 31, 2006 in the Superintendent's office.
Members Present: Marge Otis, Ann Lopez-Caneva, Mary Ann Murphy Members Absent: None Others Present: Donna Gray, Superintendent
The committee reviewed and discussed the District's Annual Financial Report and Financial Profile. It was noted that the District has improved their rating for the financial profile and that spending has been cut.
The committee discussed the District's long-term debt. The superintendent pointed out that the District has used most of its bonding power. The committee asked the superintendent to look into the possibility of restructuring some of the bonds currently extended.
The committee discussed the financial planning and investment services of PMA. Superintendent Gray suggested that a representative come in to discuss these services with the committee at their next meeting.
The committee established their meeting schedule and discussed the need to develop a one page "State of the District" newsletter to go out to all community members annually each September. The committee asked that Mrs. Gray discuss with Sharon Bruemmer (web master) the possibility of creating a web-based survey form on the District web page.
Pending TAW information was discussed. The committee asked that the Superintendent look into rates from all local banks before making a decision on which bank to do business with.
Mrs. Caneva volunteered to take a look at the current accounting software utilized by the bookkeeper. She stated she would like to see what types of reports could be generated for the Board to utilize.
The Superintendent discussed with the committee some of the costs which were nearing the budgeted amount and would probably be over budget for FY06. These included legal fees (pending litigation) and Vo Tech lease (payment not expected).
The committee adjourned at 12:14 pm.
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