Additional Details

Finance Committee Meeting

AGENDA

The Finance Committee meeting will begin at 7:45 a.m. or immediately following the Audit Committee meeting.

Monday, June 18, 2012

7:45 AM

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

Albuquerque, New Mexico

Albuquerque Public Schools

Finance Committee Meeting

June 18, 2012

Roll Call Attendance: Chairman, Martin Esquivel-present, Lorenzo Garcia-present, Kathy Korte-present (via telephone), Paula Maes-present, Analee Maestas-present, David Peercy-absent and David Robbins-present (via telephone)

Participating Were: Don Moya, Tami Coleman, Al Sanchez, Ruben Hendrickson, Mark Heckart, Brad Winter and Karen Alarid

1. 1. Call to Order

Chairman Esquivel called the meeting to order at 7:35 a.m.  Ms. Maes made a motion to approve the June 18, 2012, agenda and to approve the minutes of May 21, 2012, with Mr. Garcia seconding the motion in the affirmative.  Motion carried.

1. 2. Consideration for Approval of Budget Adjustments for Grant Management
   1. Dual Credit Materials, $59,655
   2. Title VIII Impact Aid-Special Education, $8,278
   3. Title VIII Impact Aid-Indian Education, $835

Mr. Sanchez presented three adjustments for additional awards.

Mr. Garcia motioned for approval of the Budget Adjustments for Grant Management with Ms. Maes seconding the motion in the affirmative.  Motion carried

1. 3. Consideration for Approval of Grant Management Intra-Function Transfers

Mr. Sanchez presented clean-up transfers to ensure there will not be any negative balances at the end of the year.

Ms. Maes motioned for approval of the Grant Management Intra-Function Transfers with Mr. Garcia seconding the motion in the affirmative.  Motion carried.

1. 4. Consideration for Approval of Title I Grant Application for 2012-13 School Year
   1. 5. Consideration for Approval of Title II Grant Application for 2012-13 School Year
   2. 6. Consideration for Approval of Title III Grant Application for 2012-13 School Year

Ms. Maes motioned for approval of items 4, 5 and 6 with Mr. Garcia seconding the motion in the affirmative.  Motion carried.

1. 7. Consideration for Approval of Food and Non-Food Bid #12-066-PS-MC

Mr. Heckart presented the annual Food and Non-Food Bid—to be used for the purchase of food and non-food products for the upcoming school year.

Ms. Maes motioned for approval of the Food and Non-Food Bid #12-066-PS-MC with Mr. Garcia seconding the motion in the affirmative.  Motion carried.

1. 8. Consideration for Approval of Operational Intra-Function Transfers for May 2012

Mr. Hendrickson presented intra-function transfers completed during the month of May.

Ms. Maes motioned for approval of Operational Intra-Function Transfers for May 2012 with Dr. Maestas seconding the motion in the affirmative.  Motion carried.

1. 9. Consideration for Approval of Qualifications-Based Proposal and Bid for the New Classroom Building for Montessori of the Rio Grande Charter School

Dr. Brad Winter discussed that five bids were received.  FAMCO, Inc., was the proposed accepted bidder.  Ms. Karen Alarid added that due to qualifications and points—the committee felt the experience FAMCO, Inc., has with the district was the advantage.

Mr. Garcia motioned for approval of the Qualifications-Based Proposal and Bid for the New Classroom Building for Montessori of the Rio Grande Charter School with Ms. Maes seconding the motion in the affirmative.  Motion carried.

1. 10. Consideration for Approval of Cash Disbursements for May 2012

Ms. Coleman presented the cash disbursements paid during the month of May.

Ms. Maes motioned for approval of the Cash Disbursements for May 2012 with Mr. Garcia seconding the motion in the affirmative.  Motion carried.

1. 11. Presentation of Career Academic & Technical Academy (CATA) Financial Reports as of May 31, 2012

Ms. Coleman presented the budget and expenditure report.  The year will be ended in a positive basis.  The books appear to be very accurate at this time.

1. 12. Consideration for Approval of Proposed District Investment Program

Mr. Moya presented Dan Klus and Michael Nguyen of RBC Global Assets.  Approximately a year ago the Board was informed about an investment strategy—an investment policy has also been worked on.  Board policy requires that quarterly investment reports be given—as well as review the investment strategy and bring it forward for approval.   Mr. Klus began by saying that their asset advisory group works closely with Mr. Paul Cassidy (RBC Capital Market side).  Mr. Michael Nguyen discussed the US economy’s continued healing with the committee.  Mr. Klus discussed the first recommendation, which involves a 36-month portfolio—investing $35M, generating $115,000 in interest income.  Option two is a 48-month portfolio, which would generate approximately $182,000.  Mr. Moya discussed as the cash balance procedural directive is brought forward, a 5% floor will be proposed—cash balance limits were removed.   Mr. Moya would like to take the 5% goal and turn it into a floor so that the balance does not fall below 5%--will lend itself to a liquidity baseline for the general fund.   Mr. Nguyen discussed that the Treasury Market is very active—as active managers, RBC employs their methodology/investment approach in terms of where money is placed in the yield curve.  Mr. Klus added that the biggest challenge is to be prudent and not take what would be considered an interest rate risk.  Mr. Moya recommended that the Investment Strategy be approved and proceed with the very safe and liquid Treasury Investment Plan.

Mr. Robbins motioned for approval of the Proposed District Investment Program with Ms. Maes seconding the motion in the affirmative.  Motion carried.

26.         Future Agenda Items

1. None

Mr. Esquivel entertained a motion to adjourn the Finance Committee meeting at 8:23 a.m.  Dr. Maestas made a motion with Mr. Robbins’ seconding the motion in the affirmative.  Motion carried.   The next Finance Committee meeting will be held on Monday, July 16, 2012, at 7:30 a.m., in the DeLayo-Martin Community Room.