Former Finance & Insurance Committee

Agendas (2014-2015)

Year End Financials (updated periodically)

June 11, 2015

May 19, 2015
April 9, 2015
March 12, 2015
February 12, 2015
January 21, 2015
January 8, 2015
December 11, 2014
November 13, 2014
October 1, 2014
September 11, 2014
August 4, 2014



Minutes (2014-2015)
May 19, 2015
April 9, 2015
March 12, 2015
February 12, 2015
January 21, 2015 January 8, 2015
December 11, 2014
November 13, 2014
October 1, 2014
September 11, 2014
August 4, 2014




Agendas (2013-2014)
June 17, 2014
May 8, 2014
April 10, 2014
March 20, 2014
February 6, 2014
January 2, 2014
December 12, 2013
November 14, 2013
October 10, 2013
September 16, 2013
August 22, 2013


Minutes (2013-2014)
May 8, 2014
April 10, 2014
March 20, 2014
February 6, 2014
November 14, 2013
October 10, 2013
September 16, 2013
August 22, 2013

Agendas (2012-2013)
June 13, 2013
May 9, 2013
March 14, 2013
February 14, 2013
January 15, 2013 (Joint meeting with F&T Committee)
December 13, 2012
November 8, 2012
October 10, 2012
September 13, 2012
August 16, 2012

Minutes (2012-2013)
May 9, 2013
March 14, 2013
February 14, 2013
January 15, 2013 (Joint meeting with F&T Committee)
December 13, 2012
November 8, 2012
October 10, 2012
September 13, 2012
August 16, 2012
July 12, 2012

Agendas (2011-2012)
June 14, 2012
May 10, 2012 - MEETING CANCELLED
March 8, 2012
February 9, 2012
January 12, 2012
December 8, 2011
November 18, 2011
October 13, 2011
September 8, 2011
July 14, 2011

Agendas (2010-20
11)
June 16, 2011
May 12, 2011
April 14, 2011
March 10, 2011
February 10, 2011
January 31, 2011 (Special Meeting)
January 20, 2011
December 9, 2010
November 30, 2010 (Special Meeting)
November 18, 2010
October 26, 2010
September 9, 2010
August 12, 2010
July 8, 2010

Minutes (2010 - 2011)
November 30, 2010
November 18, 2010
August 12, 2010
July 8, 2010

Agenda for April 8, 2010

 

RSU 13

Agenda – Finance Committee Meeting

Thursday – April 8, 2010

6:00 pm

 McLain Building

 

Committee

Committee or Visitors

Committee/Visitors

 Brian Messing - Chair

 Ruth Anne Hohfeld

 

 Steven Dyer

 Peter Roche

 

 Gregory Hamlin

 Judith Lucarelli

 Josiah Wilson

 

 

Time IN:

Time OUT: 

 

Discussion

Results / Follow Up

Administrative:

 

 

Budget status update – current fiscal year (2009-2010)                  P. Roche

 

 

 

 

 

 

 

 

 

Discussion Items:

 

Grant Status:

TitleI/IDEA

 

 

Food Service Update

 

MSAD 50 Scholarships

 

 

 



 

 

 

Other:

 

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise

 

 

 

 

 

 

 

 

 

 

 

.

 

       

 

Agenda for December 10, 2009

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, December 10, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 

  Steven Dyer

 Toni Reed

  Gregory Hamlin

 CharlesButler

 

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN:

Time OUT:    

Discussion

Results / Follow Up

 

Administrative:

  1. Financial Review-Toni Reed

 

 

 

 

New Business:

 

 

Discussion Items:

 

  1. Food Service Discussion and review of financials-Toni Reed & Charles Butler
  2. Discussion of the 10-11 budget approval process

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agenda for February 11, 2010

 RSU 13

Agenda – Finance Committee Meeting

Thursday – February 11, 2010

6:00 pm

 McLain Building

 

Administrative:

 

·       Budget status update – current fiscal year (2009-2010), P. Roche

 

 

Discussion Items:

 

·       Grant Status:

ARRA/Stimulus

NCLB

 

·       Food Service Status, P. Roche

 

·       Utilities & Insurance

 

·       FY’10-11 Budget Update, J. Lucarelli

       Revenue Update

       Preparation Status

 

 

Other:

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

Agenda for January 14, 2010

THERE WILL BE A PUBLIC HEARING ON THE MacDOUGAL SCHOOL CLOSURE AT 6:00PM IN THE CONFERENCE ROOM.  THE FINANCE COMMITTEE WILL BE IMMEDIATELY FOLLOWING.

 

                   Agenda - RSU13 – Finance Committee Meeting 
                          THURSDAY, January 14, 2010

McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 

  Steven Dyer

 Toni Reed

 

  Gregory Hamlin

 CharlesButler

 

  Josiah Wilson

 Ruth Anne Hohfeld

 

Time IN:

Time OUT:   

 

Discussion

Results / Follow Up

 

Administrative:


1.     Financial Review – Judith Lucarelli

 

 

 

 

New Business:

       1.  Decision on per-pupil allocation

      

       2.  Budget review process

 

 

Discussion Items:

 

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agenda for March 11, 2010

 

RSU 13

Agenda – Finance Committee Meeting

Thursday – March 11, 2010

6:00 pm

 McLain Building

 

Committee

Committee or Visitors

Committee/Visitors

 Brian Messing - Chair

 Ruth Anne Hohfeld

 

 Steven Dyer

 Peter Roche

 

 Gregory Hamlin

 Judith Lucarelli

 Josiah Wilson

 

 

Time IN:

Time OUT: 

 

Discussion

Results / Follow Up

Administrative:

 

 

Budget status update – current fiscal year (2009-2010)                  P. Roche

 

 

 

 

 

 

 

 

 

Discussion Items:

 

Grant Status:

ARRA/Stabilization Fund

 

 

Food Service Status ,J. Lucarelli

 

Oil Bid Results

 

 

 



 

 

 

Other:

 

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise

 

 

 

 

 

 

 

 

 

 

 

.

 

       

 

Agenda for May 13, 2010

 

RSU 13

Agenda – Finance Committee Meeting

Thursday – May 13, 2010

6:00 pm

 McLain Building

 

Committee

Committee or Visitors

Committee/Visitors

 Brian Messing - Chair

 Ruth Anne Hohfeld

 

 Steven Dyer

 Peter Roche

 

 Gregory Hamlin

 Judith Lucarelli

 Josiah Wilson

 

 

Time IN:

Time OUT: 

 

Discussion

Results / Follow Up

Administrative:

 

 

Budget status update – current fiscal year (FY’09-’10) P. Roche                

 

 

 

 

 

 

 

 

 

 

Discussion Items:

 

FY’09-’10 End of Year Budget Projection

J. Lucarelli

 

Food Service/A La Carte Update P.Roche

 

 

 

 

 



 

 

 

Other:

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise

 

                                              

 

 

 

 

 

 

 

 

.

 

       

 

Agenda for November 12, 2009

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, November 12, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 PattyMoran Wotton

  Steven Dyer

 Toni Reed

  Gregory Hamlin

 John Spear

 

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN:

Time OUT:    

Discussion

Results / Follow Up

 

Administrative:

  1. Financial Review-Toni Reed

 

 

 

 

New Business:

 

 

Discussion Items:

 

  1. Audits-MSAD 50, final MSAD 5
  2. State Curtailment
  3. Updated 1st Quarter Spending Projections

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agenda for October 8, 2009

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, October 8, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 PattyMoran Wotton

  Steven Dyer

 Toni Reed

  Gregory Hamlin

 John Spear

 

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN:

Time OUT:    

Discussion

Results / Follow Up

 

Administrative:

  1. Financial Review-Toni Reed

 

 

 

 

New Business:

 

 

Discussion Items:

 

  1. Procedure for signing warrants

 

  1. Bus Leases

 

  1. Dr. Lucarelli 1st Qtr Spending Projections

 

 

 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agenda for Thursday, September 10, 2009

 

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, September 10, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 PattyMoran Wotton

  Steven Dyer

 Toni Reed

 

  Gregory Hamlin

 John Spear

 

  Josiah Wilson

 Ruth Anne Hohfeld

 

Time IN:

Time OUT:    

 

Discussion

Results / Follow Up

 

Administrative:

·         Financial Review-Toni Reed

 

 

 

 

New Business:

 

 

Discussion Items:

 

·         MSAD 5 Audit Report-Ron H. R. Smith, C.P.A.

·         MacDougal Boiler

·         Procedure for signing warrants

 

  

 

 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minutes for March 11, 2010

Finance Committee Meeting

March 11, 2010

 

Minutes

 

 

Committee:  Brian Messing [Chair], Steven Dyer, Greg Hamlin, Josiah Wilson

 

Other Attendees:  Judith Lucarelli, Peter Roche, Patricia Wotton

 

§  A status of the 2009/2010 budget was presented by Peter Roche and questions were answered.  There are no major problems with the current budget.  A separate analysis by Brian Messing came to the same conclusion.

 

§  The ARRA Stabilization Fund grant has been submitted and approved by the Department of Education.   Submittal included a list of expenditures that would be paid by the fund.  A request was made that the status of IDEA and Title I grants be included at the next meeting.

 

§  Data was presented by the Superintendent on the Food Service program.  The current financial problem has to do with a la carte sales.  Additional information will be supplied.

 

§  The new oil bid was awarded to Maritime Energy at $2.349/gallon.  The current rate is $2.055/gallon and the increase was not as great as anticipated.

 

The next meeting is Thursday, April 8, 2010.

 

Minutes of November 12, 2009

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, November 12, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 PattyMoran Wotton

  Steven Dyer

 Toni Reed

Don Choquette

  Gregory Hamlin

 John Spear

MSAD 50 Auditors-James Wadman & Associate

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN: 6:00pm

Time OUT:    8:00pm

Discussion

Results / Follow Up

 

Administrative:

Financial Review-Toni Reed

 

 

Brian raised concerns with the % remaining for the year.  Concerns of overrun & the need for contingency accounts.  Business manager went through some of the details of the current budget spending levels and how that affects the remaining balance. I.e.: already spent items like supplies, books, lease payments, contract services & summer maintenance work can affect the amount remaining even though these are onetime costs.  Some more reconciling and adjustments to come once federal grants are finalized and reviewed.  This should transfer some expenditures out of the local budget and increase balance remaining.

 

New Business:

 

 

Discussion Items:

 

  1. Audits-MSAD 50, final MSAD 5
  2. State Curtailment
  3. Updated 1st Quarter Spending Projections

 

 

 

 

 

1.     James W. Wadman presented final MSAD 50 audit report.  Ending balance for MSAD 50 minus assessment credit already applied is $512,588.00.  Approval of both MSAD 50 & 5 final audit reports will be brought to Dec 3rd Board Meeting by finance committee.

2.     Superintendent has no update for the state curtailment.  January is the expected timeframe for this news.

3.     Corrected handout from the Superintendent shows a projected ending positive balance of $405,479 come June 30, 2010.  Another balance projection will be done next quarter.

 

Other:

 

 

 

  1. Brian Messing-Wording for proposed warrant approval procedures handed out and reviewed by finance committee.  Will be brought to the Dec. 3rd Board Meeting for approval.

 

  1.  Greg Hamlin-Presented discussion items from the F & T meeting.  Items included were bus garage options, square footage error, possible intent of bus purchases paperwork for FY 2011. As well as discussion on future construction applications and that procedure/timeline.

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

Don Choquette-public comment on personal financial situation for RSU taxpayers and urges finance committee, superintendent & business manager to consider this hardship while preparing this year’s FY 2011 proposed budget.

 

 

 

 

 

 

Minutes of September 10, 2009

Agenda - RSU13 – Finance Committee Meeting  
THURSDAY, September 10, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 PattyMoran Wotton

  Steven Dyer

 Toni Reed

  Gregory Hamlin

 John Spear

 

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN: 6PM

Time OUT:   7:46 PM

Discussion

Results / Follow Up

 

Administrative:

  1. Financial Review-Toni Reed

 

 

  1.  At the end of August, district expense should be at 84%.  Currently at 82.76%.  Some posting errors have been discovered and corrected.  Some funds will be moved to Federal Grants once applied and approved by the DOE.  ARRA grants will also affect expenditure options. 

 

New Business:

 

 

Discussion Items:

 

  1. MSAD 5 Audit Report-Ron H. R. Smith, C.P.A.
  2. Procedure for signing warrants

 

  1. MacDougal Boiler

 

 

  1.  Ron Smith presented balance sheet & confirmed yearend balances for MSAD 5.  Discussion of use of those remaining balances for “obligations” from MSAD 5.
  2. Discussion with Ron regarding signing of warrants.  Waiting for more qualified opinion on legal steps for practical authorized procedures for signatures prior to check disbursement.
  3. Options available: Use any yearend MSAD 5 balances if allowed; lease/purchase for use of current budget funding and/or contingency funds.

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minutes of the Meeting of December 10, 2009

Minutes - RSU13 – Finance Committee Meeting  
THURSDAY, December 10, 2009 – 6:00PM - McLAIN BUILDING

Warrants Available at 5:30pm

 

Committee

Committee or Visitors

Visitors

  Brian Messing, Chair

 Judith Lucarelli

 

  Steven Dyer

 Toni Reed

  Gregory Hamlin

 Charles Butler

 

  Josiah Wilson

 Ruth Anne Hohfeld

Time IN: 6pm

Time OUT: 7:25pm   

Discussion

Results / Follow Up

 

Administrative:

  1. Financial Review-Toni Reed

 

 

Financials with explanations were emailed with finance packet prior to the meeting. 

 

New Business:

 

 

Discussion Items:

 

  1. Food Service Discussion and review of financials-Toni Reed & Charles Butler

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Discussion of the 10-11 budget approval process

 

 

 

 

 

 

 

1.     Review of food service financials for FY10.  As of November 2009 food service is     ($23,486.96).  This includes the $80,000 district transfer and any accounts receivables. Healthier foods, fresh fruits & veggies and decrease in a la carte revenues due to change in menu contributed to this balance.  A redesign in the menu to utilize $20,000 in commodities is going to be Charles Butler’s focus to help offset this negative balance.  Reviewing production and other ways to increase participation without increasing cost.  Participation numbers would have been helpful when reviewing the financials and will be provided at a later date.  Some meals have been made by the Tech center though the district still provided the ingredients.  Senior privileges at the high school level can effect participation in the kitchen, though the capability of handling the increase bodies in cafeteria is unlikely with current schedule and space available.

2.     Superintendent went through proposed budget development process. Finance committee approval item list, administration preparation lists, and proposed budget timeline for FY 10-11. Suggestion from the committee to review RIF action on March meeting instead of April. 

 

Other:

 

 

 

 

 

 

Comments, Questions, Concerns, Problems, or Praise:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Role of the Finance Committee

RSU13 Finance Committee

 

Role

The Finance Committee's role is to oversee the financial affairs of RSU13, and review and make recommendations to the Board about the financial affairs and policies of the RSU.

Membership

The membership of the Committee consists of board members, all of whom are to be free of any relationship that would interfere with his or her exercise of independent judgment. Other participants at regular Committee meetings are the Superintendent, Business Manager(s) and others who may need to present information sought by the Committee.

 

Operations

The Committee meets monthly, typically on the 2nd Thursday at 6:00 PM at McLain. This time may change if it becomes inconvenient for members. Additional meetings may occur as the Committee or its chair deems advisable. 

 

Authority

The Committee may form and delegate authority to subcommittees and may delegate authority to one or more designated members of the Committee.

 

Responsibilities

The principal responsibilities and functions of the Finance Committee are as follows:

1.

Establish such budget tracking and reporting standards as are appropriate to the needs of the committee.

2.

Monitor Expenditures and Income and report significant variances to the board.

·         Review and Monitor the approved budget expenditures monthly

·         Sign payroll and expense warrants

·         Review all major expenses not included in the currently approved budget.

·         Review quarterly projections provided by Superintendent and recommend corrections if needed

  • Act upon requests of the board as needed

3.

Review and provide guidance to the full Board and management about:

·         Policies or recommendations having potential financial implications

·         Financial strategies for major projects

·         Working capital and cash flow management

·         Recommend transfers from contingencies and other accounts

  • Other transactions or financial issues that management desires to have reviewed by the Finance Committee

4.

Annual Proposed Budget

·         The committee assumes that the board as a whole has the responsibility to review and approve the overall budget

·         The committee expects to have input into certain budget assumptions that are presented to the board. Examples would include projected rates of increase in electrical, oil usage and rates

  • It is the responsibility of the committee to dig deeper in areas where we can add value and where other board members don’t wish, nor have the desire or time to delve. Once done, this committee will make specific recommendations to the Board on its adoption, including where desirable, comments on expense levels and adequacy of provision for reserves.

5.

Other

·         Develop and Recommend long range financial objectives for the RSU

·         Select the Auditor, Review annual Audit results and report same to the board

·         Establish criteria for insurance (board, property, fleet) carriers, review and approve specifications for bids, participate in interviews of carriers

  • Examine / Review matters of interest to the Committee

Tracking and Reporting Standards

At each standing meeting, the committee will be provided with:

1) A high-level summary of the “bold type” categories within each Article showing the budget and current charges against the category with added columns showing percent expected versus actual percentage expended

2) The standard detailed Monthly budget listing showing each line item, budget, and current charges against the line items,

3) An explanation/analysis for any category that is above or below plan by a certain percentage. At the present time this threshold has been established at 5% for all summary-level budgets, and

4) A “Heads-up” briefing of up-coming known issues that will skew the financials in some significant manner.

 

Major Reviews

The Committee would not generally expect to be involved in financial matters that are within the parameters of an established budget, other than as a monitor function. Certainly, establishment of policies that impact finances, anything that would suggest the need to expend contingency or move funds between Articles, are within the realm of Committee purview. It would be our desire to review planned changes before taking them to the board. For example. where changes from the budget are proposed (even if the overall budget for the line will remain unaffected), e.g creating a new position not initially funded, deciding to add/eliminate a capital project, the Committee would expect to review and comment on the change to the board.