Will County Gazette

Cary School District 26 Board of Education Finance Committee met Sept. 21.

Here is the minutes provided by the committee:

1. Organization

Procedural: 1.1 Call to Order

The meeting was called to order by Ron Demkowicz at 7:00 p.m.

Procedural: 1.2 Roll Call

Members present: Ron Demkowicz, Jason Janczak, Robert Bridge,

Other members present: Julie Jette

2. Approval of Previous Meeting Minutes

Action (Consent), Minutes: 2.1 Approval of the August 17, 2020 Finance Committee Meeting

Recommended Action: Recommend motion to approve the minutes as attached.

The minutes from the August 17, 2020, Finance Committee were approved as presented.

3. Discussion

Discussion: 3.1 Review of Bills

Mr. McConahay presented this month's bills to the committee and answered questions by the Board.

Committee and Board agreed to present this in Section 7 at the September 28, 2020, Regular Board of Education Meeting.

Discussion: 3.2 Treasurer's Report

Mr. McConahay reported Year to Date Operating Funds Revenue included: 96% Local, 1% EBF, 1% State, and 2% Federal. Year to Date Expenditures included: 60% Salaries and Benefit, 24% Purchased Services, 4% Supplies and Materials, 6% Capital Outlay, 4% Bond and Interests, 2% Tuition and other. Committee and Board agreed to present the Treasurer’s Report in Section 7 at the September 28, 2020, Regular Board of Education Meeting.

Discussion: 3.3 Tentative FY21 Budget Update

Mr. McConahay presented to the Committee the FY20 Tentative Budget Updates.

The Tentative Budget for fiscal year 2021 presented on August 24, 2020, has had updates in the expenditures. The update was an increase in Fund 30 which is due to the Series 2011C Bond being callable on February 1, 2020. The Board passed a resolution to set aside funds through the sinking fund to call the 2011C bond in order to save on future interest payments.

4. Informational Items

Information: 4.1 Set Next Meeting Agenda

1. Approval of Minutes

2. Review of Bills

3. Treasurer's Report

5. Public Comment

None

6. Adjournment

Ron Demkowicz adjourned the meeting at 7:26 p.m.

https://go.boarddocs.com/il/cary26/Board.nsf/Public#