Portland School Committee

Finance Subcommittee

Wednesday, October 22,, 2008

5:30 p.m. – 7:00 p.m.

PATHS, Room 250

MINUTES

In attendance: Peter Eglinton, Jaimey Caron, John Coyne, Lori Gramlich, Herb Hopkins, Robert O’Brien, Sarah Thompson, and Jeanne Whynot-Vickers

Absent: Jules Szanton

1. Approval of September 30 meeting minutes

o Minutes approved by unanimous vote.

2. Review and discussion of FY2008 financial results

o Reviewed handouts on financial results

o Discussed status of audit; final report anticipated in December, which will include school department responses to any issues.

o Discussed improvements to future tracking; auditors will provide final figures to use in the balance sheet going forward, and school department will now be able to monitor revenues as part of its accounting system.

o Agreed to need for detailed cost-sharing information from the city; Central Office will prepare list of questions.

o Agreed to identify and target as much savings as possible towards replenishing the fund balance; specific commitments will be clearer once FY10 budget development is underway

3. Status of FY2009 finances

o Discussed handout provided by Herb Hopkins; as of 9/30/2008, 25% of the year is completed and an estimated 17.9% of the budget has been expended

4. Other

o Joint workshop with city on Monday, October 27^th.

o Update on meeting with Superintendents (Jeanne Whynot-Vickers)

5. Adjournment

o Meeting adjourned at 7:00 p.m.