Shawnee Community College District No. 531 Board Finance Committee met June 24.
Here are the minutes provided by the committee:
A special meeting of Shawnee Community College District No. 531 Board Finance Committee was held on March 21, in the Founders Room. The meeting was called to order by Chairperson John Windings at 4:42 pm.
I. Call to Order
II. Pledge of Allegiance
III. Roll Call
The roll call was as follows:
| Trustee | Trustee | ||||
| √ | Mr. James Darden | Ms. April Moore | |||
| √ | Mr. John Windings, Chairperson | ||||
| √ | Dr. Tim Taylor, President | √ | Chris Clark, VP of Administrative Services | |
| Brad McCormick, Consultant | √ | Tina Dudley, Exec Assist to the President | ||
| √ | Tammie Schallmo, PMA Securities |
There were no public comments received.
V. Presentation, Discussion and Action Items
A. Tammie Schallmo, PMA Securities, LLC
1. Debt Scenario/Bond Issue Presentation
2. Timetable
3. Working Cash Fund
4. Parameters Resolution
B. Discussion on Assumptions
C. Discussion on Corporate Tax/What has Changed
D. Review of Fund Balance Goals & Related Transfers
E. Review Preliminary Information Presented June 6
1. Enrollment Plans, Insurance & Salary Scenarios
2. Capital Projects & Facility Maintenance Requests
3. Strategic Plan and CQI Initiatives Addressed
F. Final Recommendations for Inclusion in the Budget
V. A. Presentation, Tammie Schallmo, PMA Securities, LLC
Tammie provided a brief presentation to inform the Committee, on the existing debt service on bonds, debt certificates-to-funding bonds for capital projects, treasury rates comparative to tax-exempt interest rates, and debt service payments.
In addition, the method of sale of those bonds or debt certificates and an overall timeline of these events was shared. PMA Securities, LLC will ensure our timeliness and overall success in this process. The overall deadline for completion is February of 2023. Presentation concluded at 5:18 pm.
V.B. Discussion on Assumptions
The following assumptions to build the budget were shared with the Committee: 5% Enrollment Increase, 11% Insurance Increase, Salaries at FY22 levels, Using Tax Levy estimates for All Funds, CPPRT – $575K ($402K/$173K) + FY22 Accrual (≈$150K), Reduce Grants & Waivers by $200K (≈8%).
V.C. Discussion on Corporate Tax/What has changed
Corporate tax dollars will be split 70% (Education Fund) and 30% (Operations & Maintenance Funds).
V.D. Review of Fund Balance Goals & Related Transfers
Discussion included Education Fund and the conservative approach to spenddown Operations & Maintenance (Fund 2) and Liability, Protection, Safety (Fund 12) currently on hold due to undertaking the Bond project.
V.E. Review of Preliminary Information Presented June 6
1. Enrollment Plans, Insurance & Salary Scenarios
2. Capital Projects & Facility Maintenance Requests
3. Strategic Plan and CQI Initiatives Addressed
If Budget is approved for First Read, a 30-day marker will be established, followed by a Public Hearing held on campus and conducted by Chris Clark, CFO, with the potential of formal acceptance of the final budget by the September 6 Board of Trustees meeting.
V.F. Final Recommendations for Inclusion in the Budget
Dr. Taylor expressed his final recommendation that the Board Finance Committee give the final budget to the Board of Trustees during the July 5 meeting, and approve for First Read.
MOTION NO. 1
VI. ADJOURNMENT
A motion was made by James Darden and seconded by John Windings to adjourn at 8:00 pm.
On roll call vote, the members voted as follows: J. Darden and J. Windings all voted Yea, A. Moore was absent. The Chairperson declared the motion carried.
https://shawneecc.edu/wp-content/uploads/2022/07/22.06.24-Special-Board-Finance-Committee-Minutes.pdf
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