Finance Committee - Documents

Meeting Minutes - 2024-25

ELPS Finance Committee Minutes - February 19, 2025

ELPS Finance Committee Meeting Minutes

Minutes of the Finance Committee of the EastLansing Board of Education East Lansing High School – Board Meeting 509 BurchamDrive, East Lansing, MI

February 19, 2025

1. Opening of Meeting

Finance committee member Kath Edsall called the meeting to order at 1:05 p.m.
Roll Call
- Members present: Kath Edsall, Estrella Torrez, and Abbie Tykocki
- Non-members present: Dori Leyko (Superintendent) and Rich Pugh (Director of Finance & Operations)
Approval of Agenda
- Moved by Estrella Torrez and supported by Abbie Tykocki, the agenda for the February 19, 2025, Finance Committee meeting be approved as presented. The motion carried 3-0.
Approval of Minutes: January 6, 2025
- Moved by Estrella Torrez and supported by Abbie Tykocki, the minutes of the January 6, 2025, Finance Committee meeting be approved as presented. The motion carried 3-0.

2. Public Comment

None

3. Items of Discussion

a. Consensus Revenue Estimating Conference (CREC) held January 10, 2025. Received information on the revenue forecasts for Michigan’s General Fund and School Aid Fund.
b. Governor Whitmer’s 2025-26 budget. Received an overview of the Governor’s proposed education funding.
c. ISD report with all 6/30/24 fund balances. Reviewed the report of the fund balances of the various districts within Ingham County ISD.
d. Reviewed and updated the proposed 2025-26 budget calendar.
e. Reviewed and highlighted the updates presented in the 2024-25 First Budget Revision.
f. Received information provided by Clark Construction on their proposed awards for several construction categories from Bid Package #1.

4. Adjournment

Kath Edsall declared the meeting adjourned at 2:10 p.m.

ELPS Finance Committee Minutes - January 6, 2025

ELPS Finance Committee Meeting Minutes

Minutes of the Finance Committee of the EastLansing Board of Education East Lansing High School – Board Meeting 509 BurchamDrive, East Lansing, MI

January 6, 2025

1. Opening of Meeting

Finance committee member Kath Edsall called the meeting to order at 1:00 p.m.
Roll Call
- Members present: Kath Edsall and Estrella Torrez
- Non-members present: Dori Leyko (Superintendent), Rich Pugh (Director of Finance & Operations), and Lisa Allen (Director of Finance)
Approval of Agenda
- Moved by Estrella Torrez and supported by Kath Edsall, the agenda for the January 6, 2025 Finance Committee meeting be approved as presented. The motion carried 2-0.
Approval of Minutes: December 2, 2024
- Moved by Estrella Torrez and supported by Kath Edsall, the minutes of the December 2, 2024 Finance Committee meeting be approved as presented. The motion carried 2-0.

2. Public Comment

None.

3. Items of Discussion

a. Received information on the Consolidated Grant Final Allocations (Titles I, II, III, and IV). The final allocation increased by $100,448 from the original $558,898.

b. Received information on Section 31aa Supplemental Award Estimate.

The State approved an additional $125M after the original State budget was passed.
East Lansing Public Schools (ELPS) estimated award for 31aa is $416,048, an increase of $346,707 from the original amount of $69,341.

c. Received and reviewed the quote from Stifel for estimated the underwriting fees for 2nd and final bond series for the 2024 bond and the bond refunding of the 2015 bond. The estimated fee is $23,048.25 for expenses.

d. Received information on the possible annual financial impact of HB 6058. For 2024-25, the impact is very minimal.

The Governor has not signed the bill, and it doesn’t appear to have retroactive implementation.
The bill would not impact those covered by a collective bargaining agreement until the agreement expires.
ELPS is an 80/20 district, with the change from an 80% maximum to an 80% minimum contribution; the majority of change in contribution would be for individuals on the Choices plans.

e. Additional Items

Work has begun on the first revision of the 2024-25 budget.
A resolution will be needed to update the financial institution signatory.
After the organization meeting, the Finance Committee meeting schedule will need to be set.

4. Adjournment

Kath Edsall declared the meeting adjourned at 1:20 p.m.

ELPS Finance Committee Minutes - December 2, 2024

ELPS Finance Committee Meeting Minutes

Minutes of the Finance Committee of the East Lansing Board of Education East Lansing High School – Board Meeting 509 Burcham Drive, East Lansing, MI

December 2, 2024

1. Opening of Meeting

a. Finance Committee member Kath Edsall called the meeting to order at 1:02 p.m.

b. Roll Call

1. Members Present: Kath Edsall and Estrella Torrez

2. Excused Absences: Gary Holbrook3. Nonmembers present: Dori Leyko (Superintendent), Rich Pugh (Director of Finance & Operations) and Lisa Allen (Director of Finance)

c. Approval of Agenda

Moved by Estrella Torrez and supported by Kath Edsall, the agenda for the December 2, 2024, Finance Committee meeting be approved as presented. The motion carried 2-0.d. Approval of Minutes
•Moved by Estrella Torrez and supported by Kath Edsall, the minutes of the October 7, 2024, Finance Committee meeting be approved as presented. The motion carried 2-0.

2. Public Comment

a. None.

3. Discussion

a. Reviewed the first-semester class size overages and the historical summary.

b. Reviewed the reimbursements for those approved for the 27K Student Loan Repayment Program.

c. Reviewed the estimated blended pupil membership full-time equivalency (FTE) report and compared the enrollment from the updated estimate to the original budget. Blended enrollment is projected to be down 26.20 FTE from the original budget but up 8 FTE from prior year audited blended enrollment.

d. Received information regarding the prior year's State Aid adjustments.

i. For 2022 and 2023, combined, approximately $294K was received due to a change in a property's taxability. The amount will be a pass-thru as the taxing authority will send a bill to reimburse the taxpayer.

ii. For 2024, approximately $466K was received due to updates in the captured values, which will increase the bottom line.

e. Received information on the 147c2 (One-time MSPERS) deposit of $600k. The amount will be a pass-thru and have a zero-sum effect on the budget.

f. Received information on the 147a4 (MSPERS cost offset) deposit. This revenue is being received in lieu of a Foundation increase for 2025. There will be minimal effect on the bottom line of the budget.

g. Received information on the 147g 3% employee retiree health care deduction reimbursement. The district will receive funds to reimburse employees subject to the 3%. More clarification is forthcoming and may not be available until February 2025.

h. The Ingham County ISD shared the 2023-24 final claim estimate will be approximately $500K higher than originally estimated. This will have a positive impact on the revised budget.

4. Adjournment

a. Kath Edsall declared the meeting adjourned at 1:45 p.m.

ELPS Finance Committee Minutes - October 7, 2024

ELPS Finance Committee Meeting Minutes

Minutes of the Finance Committee of the EastLansing Board of Education East Lansing High School – Board Meeting 509 BurchamDrive, East Lansing, MI

October 7, 2024

1. Opening of Meeting

a. Finance Committee member, Kath Edsall called the meeting to order at 1:03 p.m.
b. Roll Call

1. Members Present: Kath Edsall, Gary Holbrook and Estrella Torrez (1:20 pm)
2. Excused Absences: none
3. Nonmembers present: Rich Pugh (Director of Finance & Operations) and Lisa Allen (Director of Finance)

c. Approval of Agenda

Moved by Gary Holbrook and supported by Kath Edsall that the agenda for the Finance Committee meeting of October 7, 2024 be approved as presented. The motion carried 2- 0.

d. Approval of Minutes

Moved by Gary Holbrook and supported by Kath Edsall that the minutes of the June 3, 2024 Finance Committee meeting be approved as presented. The motion carried 2-0.

2. Public Comment

a. None.

3. Discussion

a. Reviewed the PA 152 Resolution and the impact to elect 80/20 vs. the Hard Cap. Electing 80/20 costs the Board approximately $900,000 more than electing the hard cap.

b. Reviewed the October 2, 2024 head count.

c. Reviewed the professional fee proposals for Kingscott and Clark Construction.

d. Reviewed the bond issue series 2 ($18.9m) and refunding ($12.4m) of the 2015 Refunded Bonds 2024.

4. Adjournment

a. Kath Edsall declared the meeting adjourned at 1:40 p.m.