agenda finance committee march 26, 2014 - elcbroward.org 2014 03 26 mtg pac... · action statement,...

Agenda

WELCOME AND CALL TO ORDER SELF INTRODUCTIONS APPROVAL OF MINUTES Approval of the Minutes of the December 18, 2013 meeting RECOMM Approval of December 18, 2013 minutes ACTION Motion for Approval EXHIBIT Minutes of the December 18, 2013 meeting Pages 3-5 NEW BUSINESS 1. Financial Statements

Andrea Braynon, CFO

RECOMM Approval of December 2013 and January 2014 Financial Statements ACTION Motion to Approve EXHIBIT Action Statement, Financial Statements Pages 6-24 2. Utilization Report

Andrea Braynon, CFO

RECOMM Review and Discussion ACTION No action needed EXHIBIT Utilization Report Pages 25-27 3. Mid-Year FY 2013-2014 Budget

Andrea Braynon, CFO

RECOMM Approval ACTION Motion to Approve EXHIBIT Action Statement

Pages 28-34

Agenda Finance Committee

March 26, 2014 6301 NW 5th Way, Suite 3400, Ft. Lauderdale

4:30 pm

Finance Committee March 26, 2014 Page 1

4. Disposition of Scrap and Obsolete Equipment

Andrea Braynon, CFO

RECOMM Approval ACTION Motion to Approve EXHIBIT Action Statement

Pages 35-36

5. Florida Office of Early Learning (FOEL) Financial Monitoring Report

Andrea Braynon, CFO

RECOMM Review and Discussion ACTION No action needed EXHIBIT Monitoring Report

Pages 37-51

UNFINISHED BUSINESS ADDITIONAL NEW BUSINESS PUBLIC COMMENT NEXT MEETING DATE: April 23, 2014 ADJOURN

Early Learning Coalition of Broward County, Inc. Finance Committee Meeting

March 26, 2014 Subject: Mid-Year Budget Modifications and Recommendations _______________________________________________________________________

Background Information All ELC contracts were required to submit a six-month expenditure report to the Coalition, in January 2014, projecting expenses for the balance of the fiscal year ending June 30, 2014. These reports were reviewed by ELC fiscal and program staffs to determine the total amount of expected under and/or over expenditures per contract and the reasonableness of such, so that recommendations could be made to either increase or reduce funding as appropriate. The ELC-1, ELC-2, ELC 4-1 contracts are administered by Family Central Inc.; the ELC 4-3 contract is administered by School Board of Broward County (SBBC); and ELC 4-2 is administered by NOVA Southeastern University; and the ELC-7 contract is administered by The Children’s Forum of Tallahassee. The following information summarizes the analysis of the ELC contracts and recommendations for mid-year budget reallocations of School Readiness (SR) and Voluntary Prekindergarten (VPK) funds. The Coalition staff has determined that the following contracts appear to be on target to spend the majority of their allocation by the end of the fiscal year and have sufficient funds to meet contract expectations:

• ELC 4-3 (Road To Child Outcomes administered by School Board of Broward County (SBBC)

• ELC-7 (Florida WAGE$®)

Based on the review of the year-to-date sub-recipient invoices and contract expenditures: The Family Central contracts ELC-1, ELC-2, and ELC 4-1 contracts are projected to meet the programmatic expectations of the contracts, however, based on the current spending patterns, staff proposes adjustments of the funding for each contract. Included in the adjustments are the forecasted increase average costs for rental adjustments and overtime, as a result of recent reductions in ELC 1&2. As a result of the additional costs, staff recommends increasing ELC-1 by $3,473 and ELC-2 by $29,241. Family Central’s ELC-4 contract is budgeted to be underspent by $92,970, as a result of initial start-up delays. The NOVA Southeastern University contract ELC 4-2 started spending later in the fiscal year due to delayed start-up therefore staff recommends to reduce this contract by $159,789.

The Coalition’s Screening Coordination expenditures were delayed due to the hiring the staffing to perform the programmatic task by $76,910. Total projected surplus from the above contracts is $296,955. This surplus will be allocated to purchase MIS enhancements to improve the Coalition’s operational efficiency, to include the following: MIS upgrade $170,000:

• To increase efficiency and on-line enrollment (SR and VPK) and processing of eligibility, payment and parent enrollment.

• Tracking and reporting outcomes for the strategic plan • Tracking and reporting ASQ-E data • Working with FOEL on MIS FELIX upgrade

. Balance to be designated for school readiness slots: $126,955 Additionally, due to the nature of cost reimbursement contracts, there may be additional SR and/or VPK funds at the end of our fiscal year. As in years past, in order to maximize available dollars for other services, it is recommended that all unexpended FOEL SR dollars at the conclusion of the fiscal year be reallocated to slots and/or provider resources.

PROPOSED ACTIONS Approve staff recommendation for mid-year budget allocations of School Readiness (SR) and Voluntary Prekindergarten (VPK) funds as stated above by making the corollary adjustments to overall budgets and authorize CEO and Board Chair to execute the required documents.

FY2013-2014 MID-YEAR SR VPK REALLOCATION OF EXPENDITURES

CONTRACTS

1) ELC1 (Resource and Referral and Family Education and Supports) $ 3,473 $ -

2) ELC 2 (Eligibility Determination, Application Processing, and Provider Payment) 29,241 -

3) ELC 4-1 Road To Child Outcomes - FCI (92,970) - 4) ELC 4-2 Road To Child Outcomes - NSU (159,789) - 5) ELC 4-3 Road To Child Outcomes - SBBC - - 6) ELC Screening Coordination (76,910) - 7) MIS Upgrade Enhancements 170,000 - 8) School Readiness Slots 126,955 -

FINAL BALANCE --- ---

Recommendation Brought Forth By: ELC Staff Supporting Documentation Available: Financial Impact: Surplus of $296,955 as described

above. Action Taken:

agenda finance committee march 26, 2014 - elcbroward.org 2014 03 26 mtg pac... · action statement,...

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