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                                    HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                      March 19, 2009 

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Fr. Rick Wendell, Don Felix, Jack Daniels, Paula Beine, David Beine, Mike Nowack, Charles O’Meara and Harry German.  Not in attendance: Kathryn Fisher Davies, Randy Lawson 

MINUTES OF THE PRIOR MONTH
A motion was made by Don Felix and seconded by Mike Nowack to accept the minutes from the prior month.  The motion was approved unanimously. 

REVIEW OF FINANCIAL STATEMENTS - February
The balance sheet was reviewed and it was noted that the balance of the savings account was $35,821 and the Faith in our Future Account was at $44,895.  Following this, the February cash deposits and the Parish savings and restricted funds and the Profit and Loss Statement were reviewed.  Jack pointed out that year to date we were down $87,789 in weekly envelopes but we had recovered nicely the last few weeks.  Jack reviewed the tuition accounts as well as the Football account and the Convent Rental.  Chuck asked for clarification on how the Football account was accounted for.  Jack reviewed expenses and noted that we were $8,076 under budget for health insurance.  Chuck asked a question regarding why the TSA under budget amount was so much greater than the salary amount.  Jack explained that more senior teachers being replaced with new teachers effects that account. Jack also explained that the TSA was a voluntary contribution on the part of the participant.  Jack pointed out to Chuck that we have no funding obligations for the TSA account.  Jack then noted that utilities were in good shape.  We then discussed Maintenance; Jack noted that a tractor was fixed as well as a thermostat. Jack also noted that the capital account has not been touched.  Chuck had questions about deferred maintenance and Jack noted that the Property & Grounds committee works off a list of capital projects but does not defer maintenance. 

We then reviewed the summary of accounts.  Don asked if we should continue to pay off a $1,000 per month on the parking lot account.  The committee agreed to temporarily suspend paying the $1,000 per month.  The school reports were reviewed and we discussed how scrip works.  Jack noted that we buy scrip from a third party.  Paula noted that parents get a tuition credit.  Chuck asked if the $364,000 that we have collected from tuition year to date is okay.  Jack noted that we are actually ahead on collections. 

PROPERTY AND GROUNDS UPDATE
Jack mentioned that the committee has updated its priority schedule for the next fiscal year. He noted that the property and grounds committee works off this list and how the list is prioritized is very important.  We will review the list at the parish council meeting.  

FAITH IN OUR FUTURE
Father Jerry noted that we have collected $44,000 but no transfers have been made.

AUDIT DISCUSSION
Dave informed us that the audit response is due on the 27^th of March.  Many of the Finance Committee members applauded Dave on a job well done.  Dave reviewed the draft with us and welcomed any feedback.  Dave noted that the audit may allow us to simplify some things.  Dave noted that the cemetery account does not need to be listed separately.  Chuck noted it would be nice to have one parish checkbook.  Dave noted that the bingo account must be self contained.  Dave has discussed a replacement for football fever with Mr. Sternig. 

SCHOOL TRUST FUND
Chuck will be executing the investment document for the School Trust Fund 

SCHOOL TASK FORCE
The school task force has been meeting in sub committees.  Jack noted updates are available via the bulletin. 

ADJOURNMENT
A motion to adjourn was made by Mike Nowack and seconded by Don Felix.  The motion was approved unanimously. 

BUDGET PRESENTATION
The Budget for the 2009-2010 fiscal year was presented to the Parish Council in a joint session with the Finance Committee. 

Jack presented a balance budget that contained NO salary increases to staff members or teachers.  In addition, the budget contained a 5% increase in tuition.   

Following the presentation, the Council directed that the there was to be no increase in tuition.  This was to be accomplished by increasing the Parish Subsidy to $612,000 and having the School come up with the remaining balance.  (The $12,000 from the Parish was to come from the decision to forgo repaying the debt owed the School Trust Fund for the parking lot improvements that were made several years ago.)  The School was also to provide an explanation on staffing of the sixth grade and the librarian’s position.  

Finally, Jack was asked to make the stated changes and to resubmit the Budget at the April meeting. 

Our next meeting is scheduled for 6:30 PM Thursday, April 16, 2009. 

Respectfully submitted,    

Pete Rettler