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Board of Education Finance Committee Meeting - May 20, 2014

This meeting will begin at 7:45 a.m. or immediately following the Board of Education Capital Outlay, Property, and Technology Committee meeting.

Meeting Date & Time: Tuesday, May 20, 2014, 7:45 AM
Where: DeLayo Martin Community Board Room, Alice and Bruce King Educational Complex, 6400 Uptown Blvd. NE
Minutes: Minutes
Agenda Packet: Packet
Meeting Posted On: 04/21/2014, 6:11 PM
Agenda Posted On: 05/16/2014, 11:23 AM
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Finance Committee Meeting

AGENDA

 

The Finance Committee Meeting will begin at 7:45 a.m. or immediately following the Capital Outlay, Property, and Technology Committee meeting.

Tuesday, May 20, 2014

7:45 AM

DeLayo Martin Community Room, Alice and Bruce King Educational Complex, 6400 Uptown Blvd.NE

Albuquerque, New Mexico

 

I.

Call to Order

 

A.

Roll Call

 

B.

Approval of the May 20, 2014, Finance Committee Meeting Agenda and Minutes of the April 22, 2014, Finance Committee Meeting (Discussion/Action)

 

II.

Consideration for Approval of Budget Adjustments for Grant Management (Discussion/Action)
Presenter: Teresa Scott

 

A.

Kindergarten 3 Plus, $5,872,786

 

B.

Elementary Breakfast, $65,141

 

C.

Carl Perkins RFK Charter, $48,286

 

D.

Dual Credit, $47,858

 

E.

Kirtland Korner, $12,575

 

F.

Impact Aid-Indian Ed., $235

 

III.

Consideration for Approval of Grant Management Inter-Function Transfers for April 2014 (Discussion/Action)
Presenter: Teresa Scott

 

IV.

Consideration for Approval of Grant Management Intra-Function Transfers for April 2014 (Discussion/Action)
Presenter: Teresa Scott

 

V.

Consideration for Approval of Budget Adjustment Request for School Bus Rental Fee (Discussion/Action)
Presenter: Brad Winter

 

A.

Beal Bus Company, $53,317

 

B.

Albert Sanchez Jr., Bus Co., $40,446

 

VI.

Consideration for Approval of Supplement to School Bus Fleet Service Contract (Discussion/Action)
Presenter: Brad Winter

 

A.

Beal Bus Company, $53,317

 

B.

Albert Sanchez, Jr., Bus Co., $40,446

 

VII.

Consideration for Approval of Budget Adjustment Increase for 2013-2014 Student Transportation Services-Interest Income (Discussion/Action)
Presenter: Brad Winter

 

VIII.

Consideration for Approval of the State Bilingual Multicultural Education Funding Application 2014-15 (Discussion/Action)
Presenter: Lynne Rosen

 

IX.

Consideration for Approval of Budget Adjustment for 21st Century Public Academy (Discussion/Action)
Presenter: Tami Coleman

 

A.

Intra-Function BAR #001-027-1314-0027-M

 

B.

Intra-Function BAR #001-027-1314-0028-M

 

X.

Consideration for Approval of 21st Century Public Academy Cash Disbursements for April 2014 (Discussion/Action)
Presenter: Tami Coleman

 

XI.

Presentation of 21st Century Public Academy Financial Reports as of April 30, 2014 (Discussion)
Presenter: Tami Coleman

 

XII.

Consideration for Approval of Statement of Equipment Taken out of Service March 1-31, 2014 (Discussion/Action)
Presenter: Tami Coleman

 

XIII.

Consideration for Approval of Cash Disbursements for April 2014 (Discussion/Action)
Presenter: Mark Heckart

 

XIV.

Consideration for Approval of Operational Fund Inter-Function Transfers for April (Discussion/Action)
Presenter: Ruben Hendrickson

 

XV.

Consideration for Approval of Intra-Function Transfers for April (Discussion/Action)
Presenter: Ruben Hendrickson

 

XVI.

Consideration for Approval of Operational Fund SEG Adjustment (Discussion/Action)
Presenter: Ruben Hendrickson

 

XVII.

Consideration for Approval of Operational Fund Budget Increase (Discussion/Action)
Presenter: Ruben Hendrickson

 

XVIII.

Consideration for Approval of  FY2014 Q3 Expenditure Report (Discussion/Action)
Presenter: Don Moya

 

XIX.

Consideration for Approval of Additional Budget Items for the FY15 Operational Budget (Discussion/Action)
Presenter: Don Moya

 

XX.

Presentation of Resolutions for $75M General Obligation Bond Sale, $15M Education Technology Notes, and Advanced Refunding of the District's 2007 and 2008 General Obligation Bonds (Discussion)
Presenter: Don Moya

 

XXI.

Future Agenda Items/Requests (Discussion)

 

XXII.

Adjournment

 

A.

The next Finance Committee meeting will be held on Tuesday, June 17, 2014, at 7:45 a.m., at the Alice and Bruce King Educational Complex in the DeLayo-Martin Community Room.

 







 

Albuquerque Public Schools

Minutes of the Finance Committee

May 20, 2014

_________________________________________________________________________________________

 

A Finance Committee meeting of the Albuquerque Public Schools Board of Education was held on Tuesday, May 20, 2014, scheduled to begin at 7:45 a.m., in the Alice and Bruce King Educational Complex, John Milne Community Board Room, 6400 Uptown Blvd., NE.

 

  1. I. Call to Order

Chairman Esquivel called the meeting to order at 8:23 a.m.

  1. a. Roll Call

The following were in attendance:  Martin Esquivel, Kathy Korte (via telephone), Lorenzo Garcia, David Peercy, Don Duran, Analee Maestas and Steven Michael Quezada (via telephone).

 

b.    Adoption of the May 20, 2014, Agenda and Approval of the April 22, 2014, Minutes

Mr. Garcia motioned for approval of the agenda and minutes with Mr. Quezada seconding the motion in the affirmative.  Motion carried.

 

  1. II. Consideration for Approval of Budget Adjustments for Grant Management
    1. a. Kindergarten 3 Plus, $5,872,786
    2. b. Elementary Breakfast, $65,141
    3. c. Carl Perkins RFK Charter, $48,286
    4. d. Dual Credit, $47,858
    5. e. Kirtland Korner, $12,575
    6. f. Impact Aid-Indian Ed., $235

Ms. Scott presented increases for the grants listed.

 

Mr. Garcia motioned for approval of the Budget Adjustments for Grant Management (items a-f) with Ms. Korte seconding the motion in the affirmative.  Motion carried.

  1. III. Consideration for Approval of Grant Management Inter-Function Transfers for April 2014
  2. IV. Consideration for Approval of Grant Management Intra-Function Transfers for April 2014

 

Dr. Maestas motioned for items 3 and 4, with Mr. Quezada seconding the motion in the affirmative.  Motion carried.

  1. V. Consideration for Approval of Budget Adjustment Request for School Bus Rental Fee
    1. a. Beal Bus Company, $53,317
    2. b. Albert Sanchez Jr., Bus Co., $40,446
  2. VI. Consideration for Approval of Supplement to School Bus Fleet Service Contract
    1. a. Beal Bus Company, $53,317
    2. b. Albert Sanchez Jr., Bus Co., $40,446

Dr. Winter presented a budget adjustment request for school bus rental fee (replacement of school buses) and contract supplements (increase in rental fee) for the bus companies listed.

Dr. Peercy motioned for approval of items 5 and 6, with Dr. Maestas seconding the motion in the affirmative.  Motion carried.

 

  1. VII. Consideration for Approval of Budget Adjustment Increase for 2013-2014 Student Transportation Services-Interest Income

Dr. Brad Winter presented a budget adjustment to reflect a balance for interest income of $3,250.

 

Mr. Quezada motioned for approval of Budget Adjustment Increase for 2013-2014 Student Transportation Services-Interest Income with Dr. Duran seconding the motion in the affirmative.  Motion carried.

 

  1. VIII. Consideration for Approval of the State Bilingual Multicultural Education Funding Application for 2014-15

Ms. Lynne Rosen presented the State Bilingual Multicultural application for approval:

  • 62 schools with bilingual education programs
  • 60% of students enrolled in dual language programs
  • 20% are in maintenance bilingual programs
  • 20% in enrichment programs
  • Schools use operational dollars to hire additional personnel to implement bilingual application
  • Also used for professional development, collaboration, substitutes
  • Elementary, Middle and High School sample applications were included in packets
  • Submitting 62 applications to State

 

Dr. Maestas motioned for approval of the State Bilingual Multicultural Education Funding Application for 2014-15, with Dr. Duran seconding the motion in the affirmative.  Motion carried.

 

  1. IX. Consideration for Approval of Budget Adjustment for 21st Century Public Academy
    1. a. Intra-Function BAR #001-027-1314-0027-M
    2. b. Intra-Function BAR #001-027-1314-0028-M
  2. X. Consideration for Approval of  21st Century Public Academy Cash Disbursements for April 2014

 

Dr. Peercy motioned for approval of items 9 and 10, with Dr. Maestas seconding the motion in the affirmative.  Motion carried.

 

  1. XI. Presentation of 21st Century Public Academy Financial Reports as of April 30, 2014

Ms. Coleman presented the 21st Century Public Academy’s April 30 financial report:

  • Report shows a deficit of ($169,899.94)
  • During month of May, deficit reduced to ($130,000)
  • Staff goal is to reach a deficit of ($114,000)

 

  1. XII. Consideration for Approval of Statement of Equipment Taken out of Service March 1-31, 2014

Ms. Coleman presented the items that have been disposed and run through salvage for the month of March.

 

Dr. Peercy motioned for approval of Statement of Equipment Taken out of Service March 1-31, 2014, with Mr. Quezada seconding the motion in the affirmative.  Motion carried.

 

  1. XIII. Consideration for Approval of Cash Disbursements for April 2014

Mr. Heckart presented routine cash disbursements for April 2014.

 

Mr. Quezada motioned for approval of the Cash Disbursements for April 2014, with Dr. Peercy seconding the motion in the affirmative.  Motion carried.

 


  1. XIV. Consideration for Approval  of Inter-Function Transfers for April
  2. XV. Consideration for Approval of Intra-Function Transfers for April

Mr. Hendrickson presented routine adjustments made during the month of April.

 

Dr. Peercy motioned for approval of items 14 and 15, with Mr. Quezada seconding the motion in the affirmative.  Motion carried.

 

  1. XVI. Consideration for Approval of Operational Fund SEG Adjustment

Mr. Hendrickson presented a reduction of SEG from preliminary to final of $1.5M.  An adjustment in Training and Experience index was found to be lower than in the previous year.  The good news is that expenses have dropped,

 

Dr. Peercy motioned for approval of Operational Fund SEG Adjustment with Dr. Duran seconding the motion in the affirmative.  Motion carried.

 

  1. XVII. Consideration for Approval of Operational Fund Budget Increase

Mr. Hendrickson presented a revenue increase of $31,058.27 from the Forest Reserve Distribution.  The State takes credit through the SEG formula for 75% of these funds, which is $23,293.70.  The net amount the district will receive is $7,764.57.

 

Dr. Duran motioned for approval of the Operational Fund Budget Increase with Dr. Maestas seconding the motion in the affirmative.  Motion carried.

 

  1. XVIII. Consideration for Approval of FY2014 Q3 Expenditure Report

Mr. Moya presented the third quarter expenditure report:

  • Trending nicely with respect to all of the funds
  • 61% spent for quarter three
  • This report does not include encumbrances
  • Summer Payroll is not encumbered—big piece of 4th quarter expenditures

 

Mr. Garcia motioned for approval of FY2014 Q3 Expenditure Report with Mr. Quezada seconding the report in the affirmative.  Motion carried.

 

  1. XIX. Consideration for Approval of Additional Budget Items for the FY15 Operational Budget

Mr. Moya presented, as requested, additional items for consideration to the FY15 budget—Mr. Brooks added that this is an administrative recommended package, which has been thoroughly vetted.

 

Dr. Duran moved for approval of the entire package of Additional Budget Items for the FY15 Operational Budget with Mr. Garcia seconding the motion in the affirmative.  Ms. Kathy Korte voted no on this package.  Motion carried.

 

  1. XX. Presentation of Resolutions for $75M General Obligation Bond Sale, $15M Education Technology Notes and Advanced Refunding of the District’s 2007 and 2008 General Obligation Bonds

Mr. Moya began presentation by discussing the following:

  • At a point with cash flow for Capital Master Plan and Construction where a bond sale is needed in the amount of approximately $75M
  • Tech Note sale of $15M
  • Want to take advantage of a refunding opportunity that will have a positive net present value effect for the 2007-08 GO Bonds
  • This is part of $200M Bond Election held on February 5, 2013--$75M and $15M are within that authority
  • No increase in taxes—done within existing authority/capacity

Mr. Paul Cassidy discussed the following:

  • The Board would approve resolutions at the June 4 meeting
  • Sell bonds in time to bring to the Board final interest rates in July
  • New money/Selling issue is $75M—the amount Capital Master Plan needs to cash flow program this fiscal year and next
  • Provide $15M in Ed Tech Note cash flow—$7.5M for this next year and the year after—trying to save cost of issuance by combining those issues
  • After the new money bonds are sold—will be about 67% of bond capacity—right on plan
  • Able to structure this debt and still provide the next election cycle 2017-18 another $200M without a tax rate increase
  • The district and Board have outstanding 2007-08 bonds totaling $102.4M—if refinanced today, could issue approximately $95M of bonds
  • Outstanding bonds have a combined interest rate of 4.65%--can now replace with an interest rate of 1.96%
  • Can generate on present value basis of $2M in savings—goes toward saving money in debt service fund (restricted to pay principal and interest)
  • Board selected an underwriting team—recommend bonds be sold at  a negotiated sale
  • Working on official statement, ratings presentation to both Moody’s and Standard and Poor’s
  • Will have a final interest rate to the Board on July 2

 

  1. XXI. Future Agenda Items/Requests
  • Bilingual Multicultural Education Funding 5-Year Plan

  1. XXII. Adjournment

Chairman Esquivel entertained a motion to adjourn the Finance Committee meeting at 8:57 a.m.  Dr. Peercy motioned to adjourn the meeting with Dr. Maestas seconding the motion in the affirmative.  Motion carried.  The next Finance Committee meeting will be held on Tuesday, June 17, 2014.

 

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