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January 25, 2019

Call to Order: Michael Garrett called the regularly scheduled meeting of the Finance Committee to order at 8:01 a.m. on Jan 25th, 2019, in Room 102 of Building 600 at the Texas School for the Blind and Visually Impaired, 1100 W. 45th St., Austin, TX.

In addition to Mr. Garrett, Board members Bobby Druesedow Jr., Mary Alexander, Michael Hanley and Dan Brown were present.

TSBVI staff members present were: Pamela Darden, Chief Financial Officer; Brian McDonald, Director of School Support Services; Cyrenna Villegas, Director of Procurement; Dan Hampton, Information Resource Director; Susan Morrison, General Counsel; Cheryl Williams, Human Resource Director; Bill Daugherty, Superintendent and Josh Splinter, Budget Officer.

Consideration of Approval of Board Policies: Susan Morrison presented sixteen policies to the committee for approval. The policies were BJCD-E, CH(TSBVI), CHC, CAN(TSBVI), CNC(TSBVI), DBAA(TSBVI), DBD(TSBVI), DF(TSBVI), DFBA, DK(TSBVI), DNAA, DNB(TSBVI), DP(TSBVI), GBA, GKB(TSBVI), and GKD(TSBVI). Bobby Druesedow made a motion to amend the all policies as presented to include an addition to CNA as well as the deletion of CHC. Dan Brown seconded the motion. The motion passed unanimously

Consideration of Approval of Minutes of the November 16, 2018 Meeting: A motion to accept the minutes of the November 16, 2018, committee meeting as presented was made by Bobby Druesedow. Mary Alexander seconded the motion. The motion passed unanimously.

Consideration of Approval of Investment Report: Pamela Darden presented the Investment Report for the 3 months of fiscal year 2019 ended on November 30, 2018. The current market value of all investments is $621,653.10. These funds reflect the balances in the Texas Class Investment Pool, the ABC bank and the two Certificates of Deposits. Total earnings for the first quarter with the one CD maturing was $7,122.71. Michael Hanley made a motion to accept the Investment Report as presented. Bobby Druesedow seconded the motion. The motion passed unanimously.

Consideration of Adoption of a Resolution Regarding the Review of the Investment Policy and Strategies of TSBVI: Pamela Darden asked the committee for consideration of adoption of a resolution regarding the review of the Investment Policy CDA. Bobby Druesedow made a motion to adopt the resolution regarding the review of investments policies and strategies for TSBVI as submitted. Mary Alexander second the motion. The motion passed unanimously.

Review of Donations Report: Pamela Darden reviewed the Donations Report for the first quarter of fiscal year 2019. The total donations received were $58,109.44.

Consideration of approval of receipt of gifts and donations of over $500: Pamela Darden reported that there were six donations received over $500.00 during this reporting period. Those donations were as follows: Carolyn and Leigh Hastedt, Case Beken Memorial, $1,000; Delta Gamma Foundation-Beta Eta Chapter, Undesignated, $1,500; J. Premanand, Honoring Lalita Sudarshan, $50,000; Dale & Rebecca Hill, Undesignated, $700; Bette Cogdell, In Memory of Bill Whitten and Mike Baca, $1,000; and Lions Club of Lago Vista, Undesignated, $600. The total donations over $500 that were received was $54,800. Bobby Druesedow made a motion to accept the receipt of gifts and donations over $500. Mary Alexander second the motion. The motion passed unanimously.

The board’s approval is needed to expend the funds as donations that are designated. The total under $500 was $3,309.44. Dan Brown made a motion to approve the request for the expenditure of funds that are designated. Bobby Druesedow second the motion. The motion passed unanimously.

Review of budget reports: Pamela Darden reviewed the Budget Report for the first quarter of fiscal year 2019. She stated that this year the percentages are tied to cash that TSBVI is expected to receive versus what was appropriated. The percentages expended were Classroom Instruction was at 23%, Residential Programs at 30%, Summer and Short-Term Programs at 12%, Related and Support Services at 28%, Outreach at 21%, Teacher preparation at 8%, Central Administration at 21%, and Other Support Services at 20%. The total expenditures for the first quarter were at 23%. Pamela added a second chart to the report that shows the method of financing which outlines the base budget.

Review of the Legacy Revenue report: Pamela Darden stated the projected revenue for this year is $833,300. As of November 30, 2019, TSBVI had collected $220,987. TSBVI was right at 27% with a projected revenue at 25%.

Review of the Legacy Expenditure report: Pamela Darden stated the benchmark was 25% for the first quarter and only 11% had been expended. Those funds are being used conservatively in case they will need to be cover general revenue.

Report from the Human Resource Director: Cheryl Williams introduced herself as the new Human Resource Director and outlined how she has been integrating herself into the school. Cheryl stated that she had learned a lot of things that she will be able to work on to help the employees and students. Her first priority is redesigning the new employee orientation training. She also talked about the meetings and work that she is doing with the CAPPS implementation.

Report from the Chief Financial Officer: Pamela Darden reported that TSBVI received a notification from the Texas Comptroller’s Office that the agency has been selected for a post-payment audit. They conduct these every 3 to 4 years at agencies. They will be looking at the time period of June 2017 through May 2018. The second item Pamela reported on was the Legislative Session.

Report from School Support Services: Brian McDonald provided an update on the completion of Building 4801 which occurred over the winter holiday break. These improvements included new sliding glass doors and windows. They also completed installation of new tile in the ERC. The fire control company was able to complete phase 2 which was a creation of an internal network which lets everyone communicate. He also provided an update on new Building 612. He stated there was a delay to the start date due to steel fabrication. He reported that the building is expected to be completed prior to the next school year.

Report from Information Resources Director: Dan Hampton reported that they are currently shorthanded but are focusing on trying to account for all computers that need to be refreshed this year and determining how much they can refresh under the current budget. They are working on several different spreadsheets that will help account for how many computers are actually at the school. He reported on the CAPPS project and that there were three applicants for the CAPPS training position.

Adjournment: At 9:29 a.m., Bobby Druesedow entertained a motion to adjourn the meeting. Michael Garrett seconded the motion and the motion passed unanimously.

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