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Miller-McCoy discusses year-end financials, but no date set for 2013-14 budget hearing

Members of Miller-McCoy Academy’s finance committee met with staff Monday evening to discuss year-end financials and budgetary items.

The group discussed the need to move forward with securing a line of credit, shopping health insurance providers, and the last-minute increase in per-pupil funds from the state that helped to offset some of the school’s financial losses this fiscal year.

The board has not yet set a date for official budget approval for the upcoming fiscal year, but plans to announce a proposed budget next month, according to outgoing interim CEO Andrea Thomas-Reynolds.

The board had originally budgeted a surplus $679 for the 2012-2013 school year, but the state’s lower-than-expected per-pupil funding formula earlier this year meant the school was instead expecting a deficit.The state revised this formula in June, bringing the board to a forecast end-of-year loss of only $117,478 — an improvement of $75,129 mostly from the increase of per-pupil funds.

Treasurer David Bailey said the cost of employee benefits will rise 17 percent in the upcoming fiscal year if the board cannot secure a better deal with another provider. Miller-McCoy’s current provider is Coventry Health Care. Insurance costs rose 10 percent last year as well to a total of $476,980. Jacinta Sanders, the school’s director of finance and operations said that she is currently shopping new insurance brokers and plans to help find a solution.

Bailey and board president Michael Todd agreed that the school needed to secure a line of credit to provide a cushion in hard financial times and to help lower costs when shopping for things like insurance. Todd said he would work with FNBC bank to arrange a credit application.

Bailey also suggested the full board discuss how to decide when to award discretionary 503(b) contributions to employees. He said some models could include years when the school closes a fiscal year in the black, years when the school’s performance score goes up a determined amount, or when a certain number of employees enroll in the program—or any combination of those criteria.

Thomas-Reynolds attended the meeting with Jacinta Sanders, Kathy Hebert, the board’s accountant, David Bailey and Michael Todd.

Miller-McCoy’s contract with Thomas Reynolds’ consulting company, Pinnacle Learning Systems, LLC, ends on June 30. No one has been tapped to fill a permanent or interim CEO role for the upcoming school year. But part of Thomas-Reynold’s agreement with the school is that she will help interview candidates for the spot.

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