Manhattan Beach Education Foundation
Board of Directors - Regular Meeting
December 2, 2003 at 7:30 p.m.
Mira Costa High School, Room 113

Present:

Directors (18/21): Geoff Bremer, Webster Burns, Wendy Carson, Randy Dotemoto, Mike Dunitz, Ruth Graf-Urasaki, Chuck Kaminski, Craig Kline, Carolyn Leserman, Anne McLaughlin, John Oshiro, Greg Rosen, Julian Ryder, Freddi Segal-Gidan, Kim Siehl, Jeff Thaler, Ida VanderPoorte, Gary Wayland

MBUSD Trustee Representative: None

MBUSD Representatives: Gwen Gross, Superintendent, and Steve McMahon, Assistant Superintendent

MBEF Staff: Debbie Bowen

Guests: Linda Figel, Margo Thole

Presiding: Carolyn Leserman, President

Recording: Anne McLaughlin, Secretary

Handouts: Agenda; Minutes; Financial Report, Proposed MBEF Directed Fundraising Policy; MBUSD budget summaries and reports; MBUSD Staff, Student, Parent and Community Input Revenue Enhancement/Cost Savings Card

MBUSD General Fund Budget Summary:
Ms. Leserman opened the meeting and asked Dr. Gross and Mr. McMahon to discuss the District’s financial condition.

Dr. Gwen Gross stated that she and Mr. McMahon had been meeting with faculty and Manhattan Beach community members regarding the financial issues of the District. She stated that the she and Mr. McMahon expected to propose approximately $5 million in budget cuts to the Board of Trustees in January. Dr. Gross said that staff, students, parents, and community members are encouraged to submit ideas regarding revenue enhancements and costs savings and that these ideas will be accumulated and distributed.

Mr. McMahon reviewed the General Fund Budget Summary dated November 24, 2003. He discussed revenues, expenses, and other sources and uses of funds for the 2002/2003 school year and budgeted amounts for the 2003/2004 school year. He discussed the deficit that had existed in prior years and was expected again during the 2003/2004 fiscal year. Mr. McMahon discussed the November 24, 2003 budget summaries of the other District funds: Child Development, Cafeteria, Deferred Maintenance, Special Reserve, Building (Bond), Capital Facilities, Self Insurance, and Retiree Benefits. Mr. McMahon reviewed a schedule dated November 20, 2003 that detailed project expenditures from Measure A, Measure M, COP #1, Refinanced COP #1, COP #2, the Special Reserve, Developer Fees, and the State’s Matching Modernization funds. He discussed the sources and uses of funds, District financings, and the shortfall of $2.8 million, that does not include the construction of Mira Costa’s performing arts building and library. Mr. McMahon responded to questions regarding the budgets, financings, and Districts assets.

Dr. Gross said that the District is evaluating the issue of monies that come from local sources, including MBEF, PTAs, and Vital Programs. A discussion ensued regarding this funding and its sustainability in future periods.

A further discussion took place regarding the funding of MBEF’s endowment. No action was taken.

Ms. Leserman observed the time and asked the Board to adjourn and reconvene on Tuesday, December 9, 2003 to continue this regular meeting. Following discussion, it was determined that a quorum could be obtained on December 9, and the Board agreed to continue the meeting on that date.

Meeting adjourned at 9:30 p.m., to be continued on: Tuesday, December 9, 2003, 7:30 PM at Room 113, MCHS