Odyssey Charter Schools

Public Board Finance Committee Meeting

2251 South Jones Blvd.

Las Vegas, NV  89146

Phone:  (702) 257-0578       Fax:  (702) 312-3259       E-mail:  Odyssey@odysseyk12.org

Tuesday, April 20, 2021

Minutes

Open Session – 5:00 PM

Call to Order:

          Time: 5:14 p.m.

     1.  Roll Call                         Michelle Battle – Board Secretary               Absent/Present

Board Finance Committee Members:

Larry Moulton

Present

Richard Douglas

Present

Staff:

Tim Lorenz

Superintendent of Schools

Present

Shelli Guthrie

Executive Director of School Operations

Present

Robert Handwerker

Director of Business & Employee Services

Present

Michelle Battle

Board Secretary

Present

2.  Pledge of Allegiance:           Richard Douglas             

3. Introduce Guests:                  None

For Possible Action:

4.  Accept Agenda

Motion:

2nd:

Board Discussion:

Vote:

Information/Discussion:

5.  Public Comments - None

For Possible Action:

6. Approval of January’s Minutes

                                                                                                 Attachment #1   

Motion:

Richard Douglas

2nd:

Larry Moulton

Board Discussion:

The minutes were reviewed and approved.

Vote:

Unanimous

For Possible Action:

7. Approval of March’s Minutes

                                                                                                 Attachment #2   

Motion:

2nd:

Board Discussion:

Vote:

Richard Douglas

Larry Moulton

The minutes were reviewed and approved.

Unanimous

Information/Discussion:

8. Review of Cash Management and Treasury

                                                                                                 Attachment #3   

Motion:

2nd:

Board Discussion:

Vote:

Because interest rates have declined dramatically, OCS is no longer earning interest income and bank fees are running approximately $9,000 annually.  Wells Fargo stated that they are not able to reduce or waive fees on our current products.  The only opportunity they offered to improve OCS's financial position was to move our excess cash to a Money Market sweep fund that has lower fees and functions like a demand account.  As a money market account has additional risk, it was decided that OCS will research other offerings from banks and credit unions to determine if an improved financial position can be achieved without additional risk.  OCS will also need to determine if they are permitted to invest funds in a money market account.  The results of this research will be discussed at the next meeting of the Finance Committee.

Information/Discussion:

9. Review of 2021 – 2022 Tentative Budget    

                                                                                                 Attachment #4

Motion:

2nd:

Board Discussion:

The 2021-2022 Tentative Budget is based on an Average Daily Enrollment of 2,395; this is approximately 95 students below the current 2020-2021 average ADE.  As no update or guidance to per pupil funding rates for the 2021-2022 school year has been made available to date, funding per pupil is based on the 2020-2021 rates.

OCS is budgeted to have an operating surplus of approximately $409,000 for FY 2022.  This will be offset by capital projects for tenant improvements of approximately $500,000--this will be funded from the general reserve fund.  The combination will result in deficit spending of approximately $90,000.  

The Final Budget is required to be filed on June 15, 2021.

Vote:

Information/Discussion:             10. Citizenship Participation - None

(Please limit comments to three minutes)

For Possible Action:                    11. Adjournment

Motion:        Richard Douglas

2nd:        Larry Moulton

Board Discussion:

Vote:        Unanimous

Time:        5:38 p.m.