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Home My WebLink About01-08-18 BOT Agenda PacketThe Regular Meeting of the Board of Trustees will begin immediately following the conclusion of the Board of Trustees Workshop but not prior to the posted start time. Mission Statement Westlake Academy is an IB World School whose mission is to provide students with an internationally minded education of the highest quality so they are well-balanced and respectful life-long learners. Page 1 of 4 WESTLAKE ACADEMY Vision Statement Westlake Academy inspires students to achieve their highest individual potential in a nurturing environment that fosters the traits found in the IB Learner Profile. Inquirers, Knowledgeable, Thinkers, Communicators, Principled, Open-Minded, Caring, Risk-takers, Balanced and Reflective BOARD OF TRUSTEES MEETING AGENDA January 8, 2018 1500 Solana Boulevard Building 7, Suite 7100 1st FLOOR, COUNCIL CHAMBER WESTLAKE, TX 76262 Workshop Session 5:00 p.m. Regular Session 6:00 p.m. Page 2 of 4 Work Session 1. CALL TO ORDER 2. PLEDGE OF ALLEGIANCE 3. RECOGNIZE THE WESTLAKE ACADEMY NATIONAL MERIT SCHOLARS. 4. REPORTS Reports are prepared for informational purposes and will be accepted as presented. (there will no presentations associated with the report items) There will be no separate discussion unless a Trustee requests that report be removed and considered separately. a. Quarterly Financial “Dashboard” report for the quarter ended November 30, 2017. b. Report on Extra-curricular Activities. 5. DISCUSSION ITEMS a. Presentation and discussion regarding the release of the new National Student Clearinghouse data on Westlake Academy graduates. This data will reflect the current enrollment, retention, and graduation status of all Westlake Academy alumni. 6. BOARD RECAP / STAFF DIRECTION 7. ADJOURNMENT Regular Session 1. CALL TO ORDER 2. ITEMS OF COMMUNITY INTEREST: President and Trustee Reports on Items of Community Interest pursuant to Texas Government Code Section 551.0415 the Board of Trustees may report on the following items: (1) expression of thanks, congratulations or condolences; (2) information about holiday schedules; (3) recognition of individuals; (4) reminders about upcoming Board of Trustee events; (5) information about community events; and (6) announcements involving imminent threat to public health and safety. 3. CITIZEN COMMENTS: This is an opportunity for citizens to address the Board on any matter whether or not it is posted on the agenda. The Board cannot by law take action nor have any discussion or deliberations on any presentation made to the Board at this time concerning an item not listed on the agenda. Any item presented may be noticed on a future agenda for deliberation or action. Page 3 of 4 4. CONSENT AGENDA: All items listed below are considered routine by the Board of Trustees and will be enacted with one motion. There will be no separate discussion of items unless a Board member or citizen so requests, in which event the item will be removed from the general order of business and considered in its normal sequence. a. Consider approval of the minutes from the December 4, 2017, meeting. 5. PUBLIC HEARING AND DISCUSSION PUBLIC HEARING AND DISCUSSION REGARDING THE ACCOUNTABILITY REPORT 2017 THAT INCLUDES THE TAPR, DISTRICT ACCREDITATION STATUS, CAMPUS PERFORMANCE OBJECTIVES, INFORMATION ON VIOLENT OR CRIMINAL INCIDENTS, AND INFORMATION ON THE PERFORMANCE OF THE PREVIOUS YEAR’S GRADUATES IN THEIR FIRST YEAR OF COLLEGE, AS REPORTED BY THE TEXAS HIGHER EDUCATION COORDINATING BOARD (THECB). 6. PUBLIC HEARING TO DISCUSS CHARTER FIRST 2017 RATING BASED ON SCHOOL YEAR 2015-2016 DATA AND ANNUAL FINANCIAL MANAGEMENT REPORT. 7. FUTURE AGENDA ITEMS: Any Board member may request at a workshop and / or Board meeting, under “Future Agenda Item Requests”, an agenda item for a future Board meeting. The Board member making the request will contact the Superintendent with the requested item and the Superintendent will list it on the agenda. At the meeting, the requesting Board member will explain the item, the need for Board discussion of the item, the item’s relationship to the Board’s strategic priorities, and the amount of estimated staff time necessary to prepare for Board discussion. If the requesting Board member receives a second, the Superintendent will place the item on the Board agenda calendar allowing for adequate time for staff preparation on the agenda item. Page 4 of 4 8. ADJOURNMENT ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS 551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT CODE. CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 1500 Solana Blvd., Building 7, Suite 7100, Westlake, TX 76262, on January 3, 2018, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Tanya Morris, Assistant to the Town Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. Board of Trustees Item # 2 – Pledge of Allegiance Texas Pledge: “Honor the Texas flag; I pledge allegiance to the, Texas, one state under God, one and indivisible.” RECOGNIZE THE WESTLAKE ACADEMY NATIONAL MERIT SCHOLARS. Board of Trustees Item # 3 – No additional supporting documents estlake Academy Board of Trustees TYPE OF ACTION Workshop - Report Westlake Board Meeting Monday, January 08, 2018 TOPIC: Quarterly Financial “Dashboard” report for the quarter ended November 30, 2017. STAFF CONTACT: Debbie Piper Finance Director Strategic Alignment Vision, Value, Mission Perspective Curriculum Outcome Objective Vision: Westlake Academy inspires college bound students to achieve their highest individual potential in a nuturing environment that fosters the traits found in the IB Learner Profile. Fiscal Stewardship PYP / MYP / DP Improve Financial Stewardship Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: September 1, 2017 Completion Date: November 30, 2017 Funding Amount: N/A Status - N/A Source - General Fund EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) The 1st quarter “Dashboard” report for the FY 2017-2018 is attached. Our goal is to have a concise and easy to understand document regarding the financials of our Academy operating fund – General Fund. The remaining funds are grant funds related to federal, state and local funds with specific requirements as to the expenditures. The columns represent: (1) (Tan) Prior Year (3-month actual amounts); (2&3) (Blue) Adopted Budget and 1st quarter calculated budget; (4&5) (Pink) Amended Budget and 1st quarter calculated budget; (6) (Tan) Actual 1st quarter balances; (7&8) (Blue) Percentage and Amount variances related to the Adopted Budget; and (9&10) (Pink) Percentage and Amount variances using the Amended Budget. If you will remember, we typically don’t have the “Amended” columns included in the report until later in the school year. Upon review of the original salaries, we noted the total budget was correct but the amounts in each Function were different than our original budget. (ESC11 performs our payroll function; therefore, the salaries are forwarded to them for input.) We have contacted ESC11 to make the adjustments noted to bring the budget in each Function to the correct amount. Total salaries have increased by $71,225 due to changes made subsequent to the adoption. Examples of these increases include various reasons such as a new employee not being hired at the time of adoption but had more experience than we had included in the adopted salary, additional stipends being given related to Department Head and Team Lead coordinators, etc. These balances have been offset in supplies to keep the total amended budget the same as the adopted amount. In addition to the salary amendments, an amendment has been proposed to increase Debt Service by $867. At the time of the adoption, we did not have the exact pay-off of the iPad lease. This amendment will also be offset by the supplies budget. We are in the process of auditing several functions related to payroll. Once all these numbers have been audited and we agree with them, we will propose an amendment to each function affected. Please note the 62% beside the Blacksmith Donations in the revenue section. This represents the average percentage of actual donations received as of the 1st quarter in the last two years. Because the receipts are not evenly divided by 4 to correspond to the quarter, I believe this percentage is a better indicator for the 1st Quarter budget amount. A summary is presented at the bottom of the page indicating the net revenues over (under) expenditures along with the projected ending fund balance for the Adopted Budget, Amended Budget and the Actual YTD. The operating days remaining in Fund Balance have been calculated using operating expenditures. Please note the “Analysis” is color coded and corresponds to the specific line-item on the “Dashboard” report. All “cautionary” and “critical” items are detailed with explanations of the variances. Beside each major category or function on the analysis report, you will find a number that reflects the exact variance in that function/line-item that corresponds to the percentage on the “Dashboard”. RECOMMENDATION Review of the financial information. ATTACHMENTS 1) Quarterly Financial Dashboard – Quarter Ended 11/30/17 2) Analysis of Dashboard for Quarter Ended 11/30/17 3) Local Grants – Through 11/30/17 WESTLAKE ACADEMY General Fund Quarterly Financial Dashboard Quarter Ended 11/30/17 FY 16/17 FY 17/18 1st Quarter Annual 1st Quarter Amended 1st Quarter 1st Quarter Actual vs over (under) Actual vs over (under) PY Actual Budget Budget Budget Budget CY Actual Adopted budget Amended budget Local Interest Earned 859$ 3,000$ 750$ 3,000$ 750$ 1,209$ 161.2%459$ 161.2%459.13$ Local WAF Salary Reimbursement 16,123 67,800 16,950 67,800 16,950 16,358 96.5%(592) 96.5%(592) 62%Local Blacksmith Donations 211,393 1,000,000 620,000 1,000,000 620,000 817,863 131.9%197,863 131.9%197,863 Local Other Local Revenue 52,621 74,800 18,700 74,800 18,700 6,523 34.9%(12,177) 34.9%(12,177) Local Athletics 15,642 90,700 22,675 90,700 22,675 10,342 45.6%(12,333) 45.6%(12,333) Local Transportation Fees 1,625 10,000 2,500 10,000 2,500 5,520 220.8%3,020 220.8%3,020 Local Parking Fees 1,145 15,000 3,750 15,000 3,750 2,455 65.5%(1,295) 65.5%(1,295) Local Food/Beverage 2,000 6,100 1,525 6,100 1,525 - 0.0%(1,525) 0.0%(1,525) Local Town Contribution 315,000 315,000 315,000 315,000 315,000 315,000 100.0%- 100.0%- 616,408 1,582,400 1,001,850 1,582,400 1,001,850 1,175,269 117.3%173,419 117.3%173,419 State Foundation/Available Funds 1,556,198 6,551,000 1,637,750 6,551,000 1,637,750 1,671,215 102.0%33,465 102.0%33,465 State TRS On-behalf 94,052 450,700 112,675 450,700 112,675 94,881 84.2%(17,794) 84.2%(17,794) 1,650,250 7,001,700 1,750,425 7,001,700 1,750,425 1,766,096 100.9%15,671 100.9%15,671 2,266,658$ 8,584,100$ 2,752,275$ 8,584,100$ 2,752,275$ 2,941,365$ 106.9%189,090$ 106.9%189,090$ FY 16/17 FY 17/18 1st Quarter Annual 1st Quarter Amended 1st Quarter 1st Quarter Actual vs over (under) Actual vs over (under) PY Actual Budget Budget Budget Budget CY Actual Adopted budget Amended budget 11 Instructional 1,413,330$ 4,975,270$ 1,156,040$ 4,818,736 1,118,531 1,188,112$ 102.8%32,073$ 106.2%69,581$ 12 Resources & Media 25,914 82,639 19,288 86,300 20,133 20,454 106.0%1,166 101.6%321 13 Curriculum and Staff Dev 41,665 84,545 21,136 84,545 21,136 23,429 110.8%2,293 110.8%2,293 21 Instructional Leadership 75,450 206,623 47,798 161,000 37,269 37,237 77.9%(10,561) 99.9%(33) 23 School Leadership 227,860 757,692 175,508 894,127 206,993 216,090 123.1%40,582 104.4%9,097 31 Guidance & Counseling 57,937 223,973 52,844 310,200 72,742 73,257 138.6%20,414 100.7%515 33 Health Services 20,624 66,024 15,284 66,024 15,284 15,406 100.8%122 100.8%122 36 CoCurricular Activities 58,546 218,358 52,773 208,900 50,590 89,652 169.9%36,879 177.2%39,062 41 Administration 121,644 260,167 104,754 261,400 105,758 95,427 91.1%(9,328) 90.2%(10,332) 51 Maintenance & Operations 176,005 960,743 283,760 936,200 278,096 247,225 87.1%(36,535) 88.9%(30,871) 53 Data Processing 43,479 195,505 46,274 195,700 46,319 42,421 91.7%(3,853) 91.6%(3,898) 61 Community Services 30,496 124,460 28,722 132,000 30,462 31,084 108.2%2,362 102.0%622 71 Debt Service 251,785 166,200 166,200 167,067 167,067 167,067 100.5%867 100.0%0 2,544,735$ 8,322,199$ 2,170,380$ 8,322,199$ 2,170,380$ 2,246,861$ 103.5%76,480$ 103.5%76,480$ 61xx Payroll & Related 1,852,415 6,279,299 1,449,069 6,350,524 1,465,506 1,502,841 103.7%53,772$ 102.5%37,335$ 62xx Prof. & Contracted Services 207,947 1,000,220 283,569 1,000,220 283,569 236,600 83.4%(46,968) 83.4%(46,968) 63xx Supplies & Materials 72,882 395,828 98,957 323,736 80,934 129,975 131.3%31,018 160.6%49,041 64xx Other Operating Costs 159,706 480,652 172,586 480,652 173,305 210,377 121.9%37,792 121.4%37,072 65xx Debt Services 251,785 166,200 166,200 167,067 167,067 167,067 100.5%867 100.0%0 2,544,735$ 8,322,199$ 2,170,380$ 8,322,199$ 2,170,380$ 2,246,861$ 103.5%76,480$ 103.5%76,480$ FY 16/17 FY 17/18 1st Quarter Annual 1st Quarter Amended 1st Quarter 1st Quarter PY Actual Budget Budget Budget Budget CY Actual (278,077)$ 261,901$ 581,895$ 261,901$ 581,895$ 694,505$ 1,071,036 939,271 939,271 939,271 939,271 939,271 792,959$ 1,201,172$ 1,521,166$ 1,201,172$ 1,521,166$ 1,633,776$ 11,000 11,000 11,000 11,000 11,000 11,000 781,959$ 1,190,172$ 1,510,166$ 1,190,172$ 1,510,166$ 1,622,776$ 34 52 66 52 66 71 34 53 67 53 67 72 23,008$ 22,801$ 22,801$ 22,801$ 22,801$ 22,801$ OBJECT CODES FY 17/18 ADOPTED Summary FY 17/18 AMENDED FY 17/18 AMENDED BUDGET FY 17/18 ADOPTED BUDGET Total Expenditures and Other Uses # of Operating Days (Incl Assigned) Daily Operating Cost Net Revenues Over (Under) Exp Beginning Fund Balance (Audited) Ending Fund Balance Assigned Fund Balance Ending Fund Balance (Unassigned) # of Operating Days (Unassigned) VARIANCE EXPENDITURES and OTHER USES VARIANCE Total Expenditures and Other Uses FUNCTION CODES FY 17/18 ADOPTED VARIANCE Total Revenues and Other Sources Total Local Revenues Total State Revenues REVENUES and OTHER SOURCES FY 17/18 AMENDED VARIANCE Positive >95% Cautious 75% -95% Negative <75% Revenue Legend Positive <100% Cautious 101% -110% Negative >111% Expenditure Legend WESTLAKE ACADEMY Analysis of Dashboard for Quarter Ended 11/30/2017 GENERAL FUND 1 REVENUES Other Local Revenue – 34.9% - ($12,177) • Other Local Revenue includes Teacher Substitute Reimbursements, Student Technology Use and Printing Fees, and Campus Fundraising Activities. o Teacher substitute reimbursements are periodically provided by ESC Region 11 upon completion of training, No reimbursements were received during the 1st quarter. o The majority of the student fees are collected in August at the beginning of the school year, and subsequently reported in 4th quarter. Based on 2016-2017, receipts of $27,598, 74% ($20,295) were collected in August. Athletic Revenue – 45.6% - (-$12,333) • A large portion of Athletic revenues, which are driven by student participation, are collected during registration week in August of each year. However, during the 1st quarter of 2017, many registrations were paid in September after the sport began in August. A late fee was instituted in August 2016 to encourage timely payments, and this has carried forward to FY 2017-2018. Based on total receipts of $78,867 in FY 2016-17, 31% ($24,842) was received in August 2017; therefore, this shortfall should even-out when August collections for 2018 are received. Parking Fees – 65.5% - (-$1,295) • Similar to the Athletic and Transportation revenue, the majority of Parking Fees are collected with the Back-to-School fees. Based on 2016-20176 receipts of $9,022, 73.5% ($6,633) were received in August 2017. • This fee is based on the number of drivers annually and will vary. Teachers are no longer required to pay for parking. Food/Beverage – 0.0% - (-$1,525) • The facility usage fee paid by the food contract service provider is paid twice per year. For FY 2017/18, it will be in January and March 2018. TRS On-Behalf – 84.2% - (-$17,794) • TRS On-Behalf, a matching revenue and expenditure entry, was recorded in August in prior years. This entry records the amount of state funding paid to the Teacher Retirement System of Texas on behalf of Westlake Academy employees. (No actual cash entry on our books.) • Consulting with ESC Region 11 regarding this variance. WESTLAKE ACADEMY Analysis of Dashboard for Quarter Ended 11/30/2017 GENERAL FUND 2 EXPENDITURES – Function Code Instructional (11) – 106.2% ($69,819) • Salaries - $16,579 o Staff is auditing the budgeted numbers to determine any overage shown in the actual balances. ESC Region 11 service center has been closed during the Christmas holiday and we have been unable to complete the audit process with their staff person. • Supplies and Materials - $56,110 o Increased cost in Technology purchases and subscription renewals is higher in the 1st quarter due to obtaining the resources at the beginning of the school year, and will decrease as the year progresses. o Student registration for IB examinations has been paid. Additional student payments are expected during the 2nd quarter which should offset the deficit. Instructional Resources & Media (12) – 101.6% ($321) • The Resource Management System offered through ESC Region 11 was added after the annual ESC Region 11 contract was approved; therefore, funds for the implementation came from the function’s budget. (Funds are proposed to be moved from Supplies in Function 11 to amend this budget.) • The improved system will catalog and track Library resources using barcode technology, keeping much valued items in circulation. Curriculum & Staff Development (13) – 110.8% ($2,293) • Costs for IB training has seen a higher participation compared to the same time during the prior year. • In addition, several conference and workshop registrations have been paid in advance to take advantage of early registration discounted prices. School Leadership (23) – 104.4% ($9,097) • Staff is auditing the budgeted numbers to determine any overage shown in the actual balances. ESC Region 11 service center has been closed during the Christmas holiday and we have been unable to complete the audit process with their staff person. Guidance & Counseling (31) – 100.7% ($515) • Additional training offered by the College Board was attended to better serve students taking the ACT test. This training also provides strategies to analyze student scores. Health Services (33) – 100.8% ($122) • Substitute nursing services were used during the 1st quarter. WESTLAKE ACADEMY Analysis of Dashboard for Quarter Ended 11/30/2017 GENERAL FUND 3 Extra-/Co-Curricular Activities (36) – 177.2% ($39,062) • The new bus purchased with donations from WAF’s Gallery Night wasn’t delivered until October 2017. The delivery was expected early to mid-September. The delay increased the cost of rental buses for athletic and field trip travel. • In August 2017 one of three CDL licensed bus drivers was not cleared by TxDOT, creating the need to rent buses for the trips he normally would have driven when the other two were with students on simultaneous trips. • Plans moving forward: o Three additional coaches have completed CDL, and are awaiting final testing with TxDOT, which has a 3- to 4-month backlog. Once certified they will be driving their respective athletic teams and assisting with field trips. o Monies for the winter and spring sports seasons will be coming in which should help offset the deficit. o With each field trip taken, a fee is being added to defray transportation costs. This fee is based on the Region 11 consortium guidelines on trip fees used by other local school districts. o Additional funds will be received in August with Athletic registration begins as the fall sports kick off their season prior to the fiscal year beginning. Community Service (61) – 102.0% ($622) • Hourly administrative personnel worked several hours more than the calculated amount. This should even out over the school year. EXPENDITURES – Object Code 61XX Payroll & Related – 102.5% ($37,335) • As stated previously, staff is auditing the budgeted numbers to determine any overage shown in the actual balances. ESC Region 11 service center has been closed during the Christmas holiday and we have been unable to complete the audit process with their staff person. 63XX Supplies & Materials – 160.6% ($49,041) • Technology o Increased cost in Technology purchases and subscription renewals is higher in the 1st quarter due to obtaining the resources at the beginning of the school year, and will decrease as the year progresses. WESTLAKE ACADEMY Analysis of Dashboard for Quarter Ended 11/30/2017 GENERAL FUND 4 o Due to the State discontinuing access to instructional resources, teachers have discovered new replacement applications that assist them in integrating technology into the classroom. • Testing o Student registration for IB examinations has been paid. Additional student payments are expected during the 2nd quarter. 64XX Miscellaneous Operating Costs – 121.4% ($37,792) • Training o (13) Instructional and professional development training is on-going throughout the year; however, registrations and transportation were paid early to take advantage of early-bird pricing. o (31) Additional training was attended to better serve students taking the ACT exam. • Transportation o (36) See the notation under Function 36 on student bus accommodations. Hudson Foundation 482 TOW Communications Support 09/23/16 $ 9,576.00 $ 9,576.00 $ 7,882.01 1,693.99$ 482 Transformational space, Intervention Tutoring, Student Travel, "Best Place" Dreaming, Ron Clark Academy, IMES, TOW Communications 09/23/17 $ 90,424.00 90,424.00$ $ 2,670.17 $ 92,117.99 (1,693.99)$ Sub-Total: Hudson Foundation $ 100,000.00 $ 100,000.00 $ 2,670.17 $ 100,000.00 $ 0.00 House of Commons 484 (40)Sand Toys/Playground Equipment 09/11/17 $ 833.00 $ - $ 833.00 $ 833.00 -$ CLOSED 484 (44)Xylophones/Musical Instruments $ 250.00 $ - $ - 250.00$ Sub-Total: House of Commons (HOC) $ 1,083.00 $ - $ 833.00 $ 833.00 $ 250.00 Westlake Academy Foundation Teacher Grants JE 2078 484 (38)Breakout Boxes 09/18/17 $ 1,500.00 $ - $ 1,500.00 $ 1,500.00 -$ CLOSED JE 2078 484 (39)Nat'l Music Education Conference 9/18 & 10/16/17 $ 800.00 $ - $ 777.26 $ 777.26 22.74$ CLOSED JE 0433 484 (41)Black Cow Newspaper 1st Edition 10/16/17 $ 1,300.00 $ - $ 1,222.00 $ 1,222.00 78.00$ JE 0433 484 (42)TAEA Conference (Joanna Reynolds)10/16/17 $ 2,590.00 $ - $ 2,070.60 $ 2,070.60 519.40$ JE 0433 484 (44)Xylophones/Musical Instruments 10/16/17 $ 10,237.86 $ - $ 8,574.22 $ 8,574.22 1,663.64$ JE 0433 484 (45)Ron Clark Academy (Sarah Thomas) $ 1,859.00 $ - $ 1,706.12 $ 1,706.12 152.88$ JE 0433 484 (46)Council for Exceptional Children SPED Conf 10/16/17 $ 2,291.00 $ - $ 883.00 $ 883.00 1,408.00$ Sub-Total: WA Foundation Teacher Grants $ 20,577.86 $ - $ 16,733.20 $ 16,733.20 $ 3,844.66 WAF Bradley Endowment 497 Bradley Travel Grant $ - $ - $ - $ - -$ Sub-Total: WA Foundation-Endowment Fund $ - $ - $ - $ - $ - WAF Other Allotments JE 2078 484 (37)Donations for After-School Dyslexia Tutoring $ 15,000.00 $ - $ 1,157.73 $ 1,157.73 13,842.27$ 484 (43)Angel Funds (G6) $ 1,675.00 $ - $ 550.00 $ 550.00 1,125.00$ Donations as of 10/30/17 JE 0436 484 (47)Donations for Library $ 2,500.00 $ - $ - $ - 2,500.00$ JE 0436 484 (48)Donations for Solar Car Club $ 5,000.00 $ - $ - $ - 5,000.00$ Sub-Total: Other WA Foundation Allotments $ 24,175.00 $ - $ 1,707.73 $ 1,707.73 $ 22,467.27 TOTAL FOUNDATION GRANTS AND ALLOTMENTS $ 44,752.86 $ - $ 18,440.93 $ 18,440.93 $ 26,311.93 TOTAL HOC GRANTS $ 1,083.00 $ - $ 833.00 $ 833.00 $ 250.00 TOTAL HUDSON FOUNDATION GRANTS $ 100,000.00 $ 100,000.00 $ 2,670.17 $ 100,000.00 $ 0.00 TOTAL ALL LOCAL GRANTS $ 145,835.86 $ 100,000.00 $ 21,944.10 $ 119,273.93 $ 26,561.93 Remaining Town balance Transferred to WA 1/5/17 CR710099 CLOSED WESTLAKE ACADEMY FY 2017-2018 LOCAL GRANT SUMMARY as of November 30, 2017 Fund Number Description of Grant Grant Amount Awarded Grant Amount Received Total Expended All Years Remaining Balance Total Expended FY 17/18 Notes/CommentsSource of Grant Board Approval Date estlake Academy Board of Trustees TYPE OF ACTION Workshop - Report Westlake Board Meeting Monday, January 08, 2018 TOPIC: Report on Extra-curricular Activities. STAFF CONTACT: Coach Burt, AD Director and Student Life Coordinator and Ms. Maru Busico-Flight, Afterschool Activities Coordinator Strategic Alignment Vision, Value, Mission Perspective Curriculum Outcome Objective Vision: Westlake Academy inspires college bound students to achieve their highest individual potential in a nuturing environment that fosters the traits found in the IB Learner Profile. Citizen, Student & Stakeholder PYP / MYP / DP Strengthen our Westlake Academy Culture Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: August 1, 2017 Completion Date: June 4, 2018 Funding Amount: N/A Status - N/A Source - N/A EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) Westlake Academy’s student life initiatives are designed to improve the social, emotional and academic life of our students. Overall, student life activities are committed to the holistic development of students through diverse opportunities that allow our students to extend their learning beyond the classroom walls. These opportunities fall into three categories: athletics, clubs/organizations and afterschool activities. The purpose of this report is to provide the Board of Trustees with an overview of the overall health of extra-curricular activities at Westlake Academy. The report reflects that the Academy’s student life is robust and flourishing. RECOMMENDATION Review of the update on extra-curricular activities. ATTACHMENTS Report on Extra-Curricular Activities 1 MEMORANDUM Date: January 8, 2018 TO: Superintendent, Honorable President and Board of Trustees Members FROM: Coach Alan Burt and Ms. Maru Busico-Flight SUBJECT: Report on Extra-Curricular Activities ______________________________________________________________________ Westlake Academy’s student life initiatives are designed to improve the social, emotional and academic life of our students. Overall student life activities are committed to the holistic development of students through diverse opportunities that allow our students to extend their learning beyond the classroom walls. These opportunities fall into three categories: athletics, clubs/organizations and afterschool activities. The purpose of this report is to provide the Board of Trustees with an overview of the overall health of extra-curricular activities at Westlake Academy. The report reflects that the Academy’s student life is robust and flourishing. The data below reflects student participation in extra-curricular activities for the fall of 2017: CLUBS/Activities # Students Athletics # Students Black Cow 13 Football 47 Debate Club 23 Volleyball 44 Destination Imagination 8 Cross Country 36 Game Development 12 Soccer 44 HOSA 34 Men’s Basketball 76 Hour of Code 7 Women’s Basketball 37 House Committee 12 Women's Soccer 14 ISLS 12 Mock Trial (Delayed 1 year) Model UN 16 2 Mu Alpha Theta 7 National Art Society National French Honor Society 20 National Hispanic Honor Society 15 NHS 60 NJHS 75 Painting Club 7 Passion for Fashion 8 Photography 8 Ping Pong 12 Recycling Club 66 Rotary Interact 58 Science Club 8 Stand for 13th 9 STUCO 30 SSTS 12 TED Ed 9 UNICEF 21 Wednesday Care Child 6 Yearbook 58 Blacksmith Ensemble 16 Total 647 298 Conclusion: Overall, student life is thriving at Westlake Academy. In the past few years, the Academy has seen a significant increase in student participation. This is due to the new processes that have been put into place. The Academy has revised the method that students follow to register for all extra-curricular activities. The positive fluctuation is also attributed to an increase in staff involvement and an increase in the number of clubs, organizations an afterschool activities offered. The Academy believes that this trend with continue and is committed to finding innovative ways to involve more students in student life. DISCUSSION ITEMS a. Presentation and discussion regarding the release of the new National Student Clearinghouse data on Westlake Academy graduates. This data will reflect the current enrollment, retention, and graduation status of all Westlake Academy alumni. Board of Trustees Item # 5 – Discussion Items estlake Academy Board of Trustees TYPE OF ACTION Workshop - Discussion Item Westlake Board Meeting Monday, January 08, 2018 TOPIC: Presentation and discussion regarding the release of the new National Student Clearinghouse data on Westlake Academy graduates. This data will reflect the current enrollment, retention, and graduation status of all Westlake Academy alumni. STAFF CONTACT: Carl Tippen, College Counselor / Stacy Stoyanoff, DP Principal Strategic Alignment Vision, Value, Mission Perspective Curriculum Outcome Objective Academic Excellence Academic Operations Diploma Programme Increase the Future Readiness of All Students Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: September 1, 2011 Completion Date: September 1, 2016 Funding Amount: N/A Status - Not Funded Source - N/A EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) This report is an annual update and is informative only. The National Student Clearinghouse data will show the enrollment, retention, and graduation rates for each Westlake Academy graduating class from 2010 to 2016. The National Student Clearinghouse collects this data from more than 3,600 participating colleges and universities throughout the country. Please note that not all institutions of higher learning provide data to the clearinghouse. This report will analyze the data and compare the progress of Westlake Academy graduates to current national trends. RECOMMENDATION Review and discussion of the material presented ATTACHMENTS None BOARD RECAP / STAFF DIRECTION Board of Trustees Item # 6 – Board Recap / Staff Direction Board of Trustees Item # 7 – Adjournment Work Session ITEMS OF COMMUNITY INTEREST: President and Trustee Reports on Items of Community Interest pursuant to Texas Government Code Section 551.0415 the Board of Trustees may report on the following items: (1) expression of thanks, congratulations or condolences; (2) information about holiday schedules; (3) recognition of individuals; (4) reminders about upcoming Board of Trustee events; (5) information about community events; and (6) announcements involving imminent threat to public health and safety.  Coffee & Conversation with the Mayor/Board President Monday, January 8, 2018; 8:00 – 9:30 am Marriott Solana Hotel – Great Room  Board of Trustees Workshop/Meeting & Town Council Meeting (to call election) Monday, January 8, 2018*; 5:00/6:00 pm & 6:30 pm Westlake Council Chambers, Solana Terrace, Bldg. 7-Suite 7100, First Floor  WA 2017 Alumni Reunion & IB Diploma Programme Ceremony Wednesday, January 10, 2018; 1:45 pm WA Campus – Gym (Alumni & DP Staff luncheon in Performance Hall from 12:00 - 1:30 pm)  Danish & Dialogue with Westlake Academy Leaders Thursday, January 11, 2018; 8:00 – 9:00 am WA Campus-Lee Fieldhouse Classroom -This month’s topic: College Readiness Data  Westlake Municipal Offices & Westlake Academy are closed in observance of Martin Luther King, Jr. holiday Monday, January 15, 2018  Northwest Metroport Chamber’s Business Builder Networking Coffee in Westlake Wednesday, January 17, 2018; 8:00 – 9:00 am Western and Southern Life Offices at 1301 Solana Blvd, Bldg. 1 - Suite 1529  Planning & Zoning Workshop/Meeting Monday, January 22, 2018*; 5:00 pm/6:00 pm Westlake Council Chambers, Solana Terrace, Bldg. 7-Suite 7100, First Floor  Town Council Workshop/Meeting Monday, January 29, 2018*; 5:00/6:30 pm Westlake Council Chambers, Solana Terrace, Bldg. 7-Suite 7100, First Floor Coming up in February…  Danish & Dialogue with Westlake Academy Leaders Thursday, February 1, 2018; 8:00 – 9:00 am WA Campus-Lee Fieldhouse Classroom -This month’s topic: TBD  Northwest Metroport Chamber’s Annual Awards Gala Thursday, February 1, 2018; 6:00 – 9:00 pm The Speedway Club at Texas Motor Speedway -Reservations/tickets required; Please RSVP to Ginger as soon as possible  Coffee & Conversation with the Mayor/Board President Monday, February 5, 2018; 8:00 – 9:30 am Marriott Solana Hotel – Great Room  Board of Trustees Workshop/Meeting Monday, February 5, 2017*; 5:00/6:00 pm & 6:30 pm Westlake Council Chambers, Solana Terrace, Bldg. 7-Suite 7100, First Floor  Westlake Academy Lottery Drawing for 2018-19 School Year Admissions Thursday, February 15, 2-18; 5:00 – 6:00 pm WA Campus - MPH (Multi-Purpose Building) -Questions? Contact WA Registrar *For meeting agendas and details on WA calendar events or Municipal calendar events, please visit the Westlake Academy website or the Town of Westlake website for further assistance. Board of Trustees Item # 2 – Items of Community Interest CITIZEN COMMENTS: This is an opportunity for citizens to address the Board on any matter whether or not it is posted on the agenda. The Board cannot by law take action nor have any discussion or deliberations on any presentation made to the Board at this time concerning an item not listed on the agenda. Any item presented may be noticed on a future agenda for deliberation or action. Board of Trustees Item # 3 – Citizen Comments BOT Minutes 12/04/17 Page 1 of 4 WESTLAKE ACADEMY BOARD OF TRUSTEES MEETING December 4, 2017 PRESENT: President Laura Wheat, Trustees: Carol Langdon, Rick Rennhack, and Wayne Stoltenberg. ABSENT: Michael Barrett and Alesa Belvedere OTHERS PRESENT: Superintendent Tom Brymer, Board Secretary Kelly Edwards, Dr. Mechelle Bryson, PYP Assistant Principal Beckie Paquin, Secondary Principal Stacy Stoyanoff, Secondary Asst. Principal Jennifer Furnish, Athletic Director, Alan Burt, Director of Finance Debbie Piper, Finance Clerk Marlene Rutledge, IT Coordinator Ray Workman, Director of Communications Ginger Awtry, and Communications Manager Jon Sasser. Work Session 1. CALL TO ORDER President Wheat called the work session to order at 5:18 p.m. 2. PLEDGE OF ALLEGIANCE President Wheat led the Pledge of Allegiance to the United States and Texas flags. 3. RECOGNIZE THE FALL SPORTS TEAMS. Cross Country Teams – Coach Cawthra Men’s: Cooper Cawthra, Hunter Cochran, Samuel Frebes, Connor Kraska, Blake Stoltenberg, Luke Betaux, Cameron McClellan, Evan Krebs, Nate Lindberg, Carson Rhoades, and Robby Fitzgerald BOT Minutes 12/04/17 Page 2 of 4 Women’s: Cassie Stoltenberg, Kimberly Wang, Natalie Greenwood, Lily Hansen, Bella White, Amaressa Robinson, Lauren Cortinas, Hallie LoFrisco, Cassidy Kraska, Caroline Ross, and Bianca Romero. 2017 Varsity Soccer Team – Coach Mueller Kai Beeman, Emily Mayhew, Landry Griffin, Kevan Robinson, Nicolas Bellinger, Amareesa Robinson, George LoFrisco, Ashley Oates, Allie Woo, Hanya Pillai, Cooper Cawthra, Lauren Wear, Griffin Hunt, Christian Solis, John Luke Miller, Marshall Baker, Seth Vogt, Phillip Long, Greg Lombardi-Lopes, Jude Butler, Matthew Dickerson, Omar Bukhari, Braden Mata, and Andres Monroy. Varsity 2017 Volleyball Team - Emma Hansen, Rachel Archangel, Hollie Perdue, Bobbi Crim, Olivia Withers, Macy Orman, Sophia Carino, Trudie Troublefield, Ali Graulty, Emily Thompson, Neena Perdue, Katharina Mitchell. 4. DISCUSSION ITEMS a. Presentation and discussion of the FY 2016-2017 annual audit report from Weaver and Tidwell, L.L.P Mrs. Piper, and Mr. DeBurro, Weaver Tidwell, provided a presentation and overview of the audit. No additional discussion. b. Presentation and discussion regarding global partnerships and International Mindedness Educators Symposium (IMES). Dr. Bryson provided a presentation and overview of the Symposium and a list of new partners. Discussion ensued regarding potential partnerships in Canada. c. Presentation and discussion on the Policy Analysis and recommendations related to Upper PYP Math Instruction. Dr. Bryson provided a presentation and overview of the item. Discussion ensued regarding talented individuals, transdisciplinary approach in PYP, flexible grouping, the success of Seniors in Math, tracking in surrounding districts, student that left due to concerns in Math tested at an advance level, self-selection Secondary Math, educating parents during curriculum night and communicating the Position Paper by Dr. Bryson. BOT Minutes 12/04/17 Page 3 of 4 5. BOARD RECAP / STAFF DIRECTION Revise Position Paper regarding PYP and Upper Math to be include in the Communique and Westlake Wire. 6. ADJOURNMENT President Wheat adjourned the work session at 7:19 p.m. Regular Session 1. CALL TO ORDER President Wheat called the regular session to order at 7:19 p.m. 2. ITEMS OF COMMUNITY INTEREST Ms. Awtry provided an update regarding the successful Tree Lighting event and upcoming events. 3. CITIZEN COMMENTS No one addressed the Board. 4. CONSENT AGENDA a. Consider approval of the minutes from the November 6, 2017, meeting. b. Consider approval of Resolution 17-15, Adopting a Head Lice policy. c. Consider approval of Resolution 17-16, Approving the Fiscal Year 2016-2017 annual audit report from Weaver and Tidwell, L.L.P. MOTION: Trustee Rennhack made a motion to approve the consent agenda. Trustee Langdon seconded the motion. The motion carried by a vote of 3-0 5. FUTURE AGENDA ITEMS No future agenda items. BOT Minutes 12/04/17 Page 4 of 4 6. ADJOURNMENT There being no further business before the Board, President Wheat asked for a motion to adjourn the meeting. MOTION: Trustee Rennhack made a motion to adjourn the regular session. Trustee Stoltenberg seconded the motion. The motion carried by a vote of 3-0. President Wheat adjourned the regular session at 7:23 p.m. APPROVED BY THE BOARD OF TRUSTEES ON JANUARY 8, 2018. ATTEST: ____________________________ Laura Wheat, President _____________________________ Kelly Edwards, Board Secretary estlake Academy Board of Trustees TYPE OF ACTION Regular Meeting - Action Item Westlake Board Meeting Monday, January 08, 2018 TOPIC: Public Hearing and Discussion Regarding the Accountability Report 2017 STAFF CONTACT: Dr. Mechelle Bryson, Executive Director Strategic Alignment Vision, Value, Mission Perspective Curriculum Outcome Objective Vision: Westlake Academy inspires college bound students to achieve their highest individual potential in a nuturing environment that fosters the traits found in the IB Learner Profile. Academic Operations PYP / MYP / DP Optimize Student Potential Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: August 17, 2016 Completion Date: June 5, 2017 Funding Amount: N/A Status - N/A Source - N/A EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) The purpose of this Public Hearing and discussion is to inform the Board of Trustees and the greater community on the overall academic health of the Academy and to provide an opportunity for the board and stakeholders to gain an understanding of the status of Westlake Academy’s academic progress. The Texas Education Code (TEC), §39.306, requires each district’s board of trustees to publish an annual report that includes the TAPR, district accreditation status, campus performance objectives, information on violent or criminal incidents, and information on the performance of the previous year’s graduates in their first year of college, as reported by the Texas Higher Education Coordinating Board (THECB). Each district’s board of trustees must hold a public hearing to discuss the district’s annual report within 90 days of receiving the final TAPR. Each of these items will be presented in the public hearing and the presentation will be published on the Academy’s website in compliance of State law. RECOMMENDATION Review of the update on the Academy’s Accountability. ATTACHMENTS None estlake Academy Board of Trustees TYPE OF ACTION Regular Meeting - Action Item Westlake Board Meeting Monday, January 08, 2018 TOPIC: Public Hearing to discuss Charter FIRST 2017 rating based on School Year 2015-2016 Data and Annual Financial Management Report STAFF CONTACT: Debbie Piper, Finance Director Strategic Alignment Vision, Value, Mission Perspective Curriculum Outcome Objective Vision: Westlake Academy inspires college bound students to achieve their highest individual potential in a nuturing environment that fosters the traits found in the IB Learner Profile. Fiscal Stewardship PYP / MYP / DP Improve Financial Stewardship Strategic Initiative Outside the Scope of Identified Strategic Initiatives Time Line - Start Date: January 8, 2018 Completion Date: January 8, 2018 Funding Amount: N/A Status - N/A Source - N/A EXECUTIVE SUMMARY (INCLUDING APPLICABLE ORGANIZATIONAL HISTORY) FIRST is the acronym for Financial Integrity Rating System of Texas, as developed for the Texas school districts by the Texas Education Agency in response to Senate Bill 875 of the 76th Legislature in 1999. The primary goal of the rating is to achieve quality performance in the management of school districts financial resources. TEA also included open-enrollment charter schools in this rating system in 2009. After TEA receives financial information, they complete a School FIRST rating worksheet for each school district and charter school. The current year rating worksheet contains 15 questions, called indicators. Each indicator on the rating worksheet is designed to assess the management of financial resources. Ratings are based on staff and student data reported for a school and financial data reported for the corresponding fiscal year. Charters provide information to TEA through various financial reports, audit reports, and data reported through PEIMS. If the district/charter school answers “No” to any one of the indicators 1, 2A, 3, 4, OR 5, the rating is automatically a “Substandard Achievement”. For the Fiscal Year ended August 31, 2016, Westlake Academy received a rating of “B” Above Standard Achievement with a score of 88. Upon receipt of the Academy’s original Charter FIRST rating, we had received 74 points which is considered a “C” Meets Standards. There is a period in which we could appeal the ratings and we submitted to TEA that our expenditures were overstated when used for various calculations. In short, the lease expenditure of $474,300 was included (which we must book in total) with the expenditures. This, of course, overstated the total expenditures but didn’t take into consideration the “Lease Proceeds” that offset it. They agreed with the request and 2 indicators (9 and 10) were increased by 14 points bringing our total rating to 88 which is a high “B” Above Standard. (Superior is 90-100). The other indicator we did not fare well on was #6 regarding the number of days of cash on hand being sufficient to cover operating expenditures. The determination reference has a sliding scale from greater than 60 operating days being 10 points to under 20 days being 0. The Academy had 38.83 days giving us 4 out of 10 points. It is important to note that while I was researching Charter FIRST information, I came across an article written by the Texas Charter School Association’s General Council discussing the new rating system. Below is an excerpt from that article: Charters should watch out for the aggressively graduated point scale between the 2016 and 2017 rating years. The point system will make it harder to get an “A” or Superior rating in the later period. (see chart below) Ratings Current Point System Prior Point System A - Superior 90-100 70-100 B - Above Standard 80-89 50-69 C - Meets Standard 60-79 31-49 F - Substandard Achievement 0-59 0-30 Undetermined 0-0 0-0 Suspended 0-0 0-0 Within two months after receipt of the final rating, the Board of Trustees is to hold a hearing for public discussion of the annual financial accountability system report. A notice was published in the Fort Worth Star Telegram on December 15th and December 22nd. In addition to the School FIRST annual rating and in accordance with Title 19 Texas Administrative Code, Chapter 109, Budgeting, Accounting and Auditing, Subchapter AA, Commissioner’s Rules Concerning Financial Accountability Rating System, we are required to submit a Financial Management Report including the following required disclosures: • Copy of Superintendent’s current employment contract • Reimbursements Received by the Superintendent and Board Members • Outside Compensation and/or fees received by the Superintendent for Professional Consulting and/or other personal services • Gifts received by Executive Officers and Board Members (and First Degree Relatives, if any) • Business Transactions between School and Board Members RECOMMENDATION Conduct public hearing and discussion of FIRST rating if necessary. ATTACHMENTS Charter FIRST ratings and Financial Management Report WESTLAKE ACADEMY Charter FIRST Financial Integrity Rating System of Texas Charter FIRST Annual Financial Management Report (For Fiscal Year Ended August 2015-2016) WESTLAKE ACADEMY Charter FIRST Annual Financial Management Report For the Year Ended August 31, 2016 INTRODUCTION FIRST is the acronym for Financial Integrity Rating System of Texas, as developed for the Texas school districts by the Texas Education Agency in response to Senate Bill 875 of the 76th Legislature in 1999. The primary goal of the rating is to achieve quality performance in the management of school district’s financial resources. Open- enrollment charter schools were included in this rating system in 2009. HB 5, passed by the 83rd Texas Legislature in 2013, enacted major changes to the law that effectively directed the Commissioner of Education to include processes in the financial solvency of each school district and open-enrollment charter school in Texas. The changes required by HB 5 are described in more detail below. Financial Accountability Ratings Under the School FIRST system, the Texas Education Agency (TEA) assigns each school district and open- enrollment charter school a financial accountability rating based on a district’s overall performance on certain financial measurements, ratios, and other indicators established by the commissioner of Education. As mentioned above, major changes occurred in the Commissioner’s Rule for the School FIRST rating system as authorized by HB 5. Due to the complexity of the changes, modifications to the system are being phased in over a three year period which began with the 2015 ratings. During this phase-in period, different worksheets are in place for each year through 2017, with the final worksheet in 2017 remaining in effect for all future periods. Additionally, the 2017 (and beyond) worksheets require higher scores for select ratings compared to the 2016 worksheet. The worksheet for 2015 contained only 7 indicators and the worksheets for 2015-2016 and 2016-2017 (and beyond) contain 15 indicators and result in ratings as follows: Districts that receive an F or “Substandard” rating under School FIRST any year must file a corrective action plan with the TEA. Going forward, the Commissioner of Education will evaluate the rating system every three years and may modify the system to improve its effectiveness. Any changes made to the rating system are communicated to school districts/open-enrollment charter schools by TEA along with the effective dates of the changes. SCHOOL FIRST RATINGS 2016, 2017 and Beyond A - Superior Achievement B - Above-Standard Achievement C - Standard Achievement F - Substandard Achievement SOURCE: 19 TAC Chapter 109, Subchapter AA Reporting Requirements Reporting the School FIRST rating to the public is a key component of the system. Under School FIRST, each school district/open-enrollment charter school is required to prepare and make available an annual financial management report that includes the following:  The district’s financial management performance rating provided by the Texas Education Agency (TEA) based on its comparison with indicators established by the Commissioner of Education for the state’s new Financial Accountability System.  The district’s financial management performance under each indicator for the current and previous years’ financial accountability ratings; and  Additional information required by the Commissioner of Education. Starting with the 2007 calendar year, the financial management report being issued at the School FIRST hearing must contain certain required disclosures, in accordance with Title 19 Texas Administrative Code Chapter 109, Budgeting, Accounting, and Auditing Subchapter AA, Commissioner’s Rules Concerning Financial Accountability Rating Systems. Under Chapter 109, the Commissioner required certain disclosures, as follows:  A copy of the superintendent’s current employment contract. The school district may publish the superintendent’s employment contract on the district’s internet site in lieu of publication in the annual financial management report. This must disclose all compensation and benefits paid to the superintendent;  A summary schedule for the fiscal year (12-month period) of total reimbursements received by the superintendent and each board member, including transactions resulting from use of the school district's credit card(s), debit card(s), store-value card(s) and any other instruments to cover expenses incurred by the superintendent and each board member. The summary schedule shall separately report reimbursements for meals, lodging, transportation, motor fuel, and other items (the summary schedule of total reimbursements is not to include reimbursements for supplies and materials that were purchased for the operation of the district);  A summary schedule for the fiscal year of the dollar amount of compensation and/or fees received by the superintendent from another school district or any other outside entity in exchange for professional consulting and/or other personal services. The schedule shall separately report the amount received from each entity;  A summary schedule for the fiscal year of the total dollar amount by the executive officers and board members of gifts that had an economic value of $250 or more in the aggregate in the fiscal year Code, Chapter 573,Subchapter B, as a person related to another person within the first degree by consanguinity or affinity) from an outside entity that received payments from the school district in the prior fiscal year, and gifts from competing vendors that were not awarded contracts in the prior fiscal year. This reporting requirement does not apply to reimbursement of travel-related expenses by an outside entity when the purpose of the travel is to investigate or explore matters directly related to the duties of an executive officer or board member duties, or matters related to attendance at education-related conferences and seminars whose primary purpose is to provide continuing education (this exclusion does not apply to trips for entertainment related purposes or pleasure trips). This reporting requirement excludes an individual gift or a series of gifts from a single outside entity that had an aggregate economic value of less than $250 per executive officer or board member;  A summary schedule for the fiscal year fiscal year of the dollar amount by board members for the aggregate amount of business transactions with the district. This reporting requirement is not to duplicate the items disclosed in the summary schedule of reimbursements received by board members; and  Additional information that the district’s board of trustees deems useful  A public hearing must be held on the annual financial management report to afford interested parties the opportunity to comment on the report. The public hearing must be held within two months after receipt of the final financial accountability rating. The official notification from TEA was dated December 1, 2017. The 2017 Charter FIRST rating was based on an analysis of financial data submitted to the Texas Education Agency for the 2015-2016 fiscal year. Fifteen indicators were evaluated to determine the rating. Westlake Academy received the rating of B – Above Standard Achievement for 2017 with a score of 88. The rating worksheet detailing the Charter’s performance on each of the fifteen indicators for 2017 as well as the explanations of the indicators is reflected on the remaining pages of this report. 2017 Charter FIRST Rating Based on School Year 2015-2016 Data A. Did the Charter School answer “No” to any of the following indicators: 1, 2A, 3, 4, 5? If so, the Charter School’s rating is Substandard Achievement, regardless of points earned. B. Determine rating by applicable range for summation of the indicator scores: (INDICATORS 6-15) Ratings Current Point System Prior Point System A - Superior 90-100 70-100 B - Above Standard 80-89 50-69 C - Meets Standard 60-79 31-49 F - Substandard Achievement 0-59 0-30 Undetermined 0-0 0-0 Suspended 0-0 0-0 Charter FIRST - Financial Integrity Rating System of Texas 2016-2017 Ratings Based on Fiscal Year 2016 Data – Charter School Status Detail P †1 1 Was the complete annual financial report (AFR) and charter school financial data submitted to TEA within 30 days of the November 27 or January 28 deadline depending on the charter school’s fiscal year end date of June 30 or August 31, respectively? 7/21/2017 10:36:02 AM YES P †1 2A Was there an unmodified opinion in the AFR on the financial statements as a whole? (The American Institute of Certified Public Accountants (AICPA) defines unmodified opinion. The external independent auditor determines if there was an unmodified opinion.) 7/21/2017 10:36:02 AM YES 2B Did the external independent auditor report that the AFR was free of any instance(s) of material weaknesses in internal controls over financial reporting and compliance for local, state, or federal funds? (The AICPA defines material weakness.) 7/21/2017 10:36:02 AM YES P †1 3 Was the charter school in compliance with the payment terms of all debt agreements at fiscal year end? (If the charter school was in default in a prior fiscal year, an exemption applies in following years if the charter school is current on its forbearance or payment plan with the lender and the payments are made on schedule for the fiscal year being rated. Also exempted are technical defaults that are not related to monetary defaults. A technical default is a failure to uphold the terms of a debt covenant, contract, or master promissory note even though payments to the lender, trust, or sinking fund are current. A debt agreement is a legal agreement between a debtor (person, company, etc. that owes money) and their creditors, which includes a plan for paying back the debt.) 7/21/2017 10:36:02 AM YES P †1 4 Did the charter school make timely payments to the Teachers Retirement System (TRS), Texas Workforce Commission (TWC), Internal Revenue Service (IRS), and other government agencies? 7/21/2017 10:36:02 AM YES P †1 5 Was the total net asset balance in the Statement of Financial Position for the charter school greater than zero? (If the charter school's change of students in membership over 5 years was 10 percent or more, then the charter school passes this indicator.) (New charter schools that have a negative net asset balance will pass this indicator if they have a 10 percent growth in students year over year until it completes its fifth year of operations. After the fifth year of operations, the calculation changes to the 10 percent increase in 5 years.) 7/21/2017 10:36:02 AM YES 6 Was the number of days of cash on hand and current investments for the charter school sufficient to cover operating expenses? The calculation will use expenses, excluding depreciation. For government charter schools, pension expense will be excluded. 11/3/2017 7:46:14 AM 4 7 Was the measure of current assets to current liabilities ratio for the charter school sufficient to cover short- term debt? 7/21/2017 10:36:02 AM 10 8 Was the ratio of long-term liabilities to total assets for the charter school sufficient to support long-term solvency? (If the charter school's change of students in membership over 5 years was 10 percent or more, then the charter school passes this indicator.) (New charter schools that have a negative net asset balance will pass this indicator if they have a 10 percent growth in students year over year until it completes its fifth year of operations. After the fifth year of operations, the calculation changes to the 10 percent increase in 5 years.) 7/21/2017 10:36:02 AM 10 9 Did the charter school’s revenues equal or exceed expenses, excluding depreciation? If not, was the charter school’s number of days of cash on hand greater than or equal to 40 days? The calculation will use expenses, excluding depreciation. For government charter schools, pension expense will be excluded. 11/3/2017 7:45:20 AM 10 10 Was the debt service coverage ratio sufficient to meet the required debt service? 11/3/2017 7:48:46 AM 4 11 Was the charter school’s administrative cost ratio equal to or less than the threshold ratio? 7/21/2017 10:36:02 AM 10 12 Did the charter school not have a 15 percent decline in the students to staff ratio over 3 years (total enrollment to total staff)? (If the student enrollment did not decrease, the charter school will automatically pass this indicator.) 7/21/2017 10:36:02 AM 10 13 Did the comparison of Public Education Information Management System (PEIMS) data to like information in the charter school’s AFR result in a total variance of less than 3 percent of all expenses by function? 7/21/2017 10:36:02 AM 10 14 Did the external independent auditor indicate the AFR was free of any instance(s) of material noncompliance for grants, contracts, and laws related to local, state, or federal funds? (The AICPA defines material noncompliance.) 7/21/2017 10:36:02 AM 10 15 Did the charter school not receive an adjusted repayment schedule for more than one fiscal year for an over-allocation of Foundation School Program (FSP) funds as a result of a financial hardship? 7/21/2017 10:36:02 AM 10 Weighted Sum 88 DISCUSSION OF BASE INDICATORS 1. Was the complete annual financial report (AFR) and charter school financial data submitted to TEA within 30 days of the November 27 or January 28 deadline depending on the charter school’s fiscal year end date of June 30 or August 31, respectively? This indicator merely states the Academy’s requirement for timely reporting. The Annual Financial Report for the fiscal year ended August 31, 2016 was approved by the Board of Trustees on January 9, 2017 and received by the Texas Education Agency on January 10, 2017. 2A. Was there an unmodified opinion in the Annual Financial and Compliance Report (AFR) on the financial statements as a whole? A “modified” version of the auditor’s opinion indicates that there exist one or more specific exceptions to the auditors’ general assertion that the financial statements are fairly presented. The Academy’s goal; therefore, is to receive an “unmodified opinion” on its Annual Financial Report. This is a simple “Yes or No” indicator. Westlake Academy obtained an unmodified audit opinion. This indicates that the Academy’s records were in good condition and fairly present the Academy’s financial position. 2B. Did the external independent auditor report that the AFR was free of any instance(s) of material weaknesses in internal controls over financial reporting and compliance for local, state, or federal funds? (The AICPA defines material weakness.) A clean audit of the Annual Financial Report would state that the Academy has no material weaknesses in internal controls. Any internal weaknesses create a risk of the Academy not being able to properly account for its use of public funds, and should be immediately addressed. This is a simple “Yes” or “No” indicator. Westlake Academy received a “clean” audit. This indicates that the Academy’s had no material weaknesses in internal controls when tested. 3. Was the charter school in compliance with the payment terms of all debt agreements at fiscal year end? (If the charter school was in default in a prior fiscal year, an exemption applies in following years if the charter school is current on its forbearance or payment plan with the lender and the payments are made on schedule for the fiscal year being rated. Also exempted are technical defaults that are not related to monetary defaults. A technical default is a failure to uphold the terms of a debt covenant, contract, or master promissory note even though payments to the lender, trust, or sinking fund are current. A debt agreement is a legal agreement between a debtor (person, company, etc. that owes money) and their creditors, which includes a plan for paying back the debt.) This indicator seeks to make certain that the Academy has timely paid all bills/obligations, including financing arrangements to pay for construction, school buses, photo copiers, leases, etc. Westlake Academy has no bonded indebtedness obligations. All debt is maintained by the Town of Westlake. All leases were paid in a timely manner. 4. Did the charter school make timely payments to the Teachers Retirement System (TRS), Texas Workforce Commission (TWC), Internal Revenue Service (IRS), and other government agencies? This indicator seeks to make sure the Academy fulfilled its obligation to the TRS, TWC and IRS to transfer payroll withholdings and to fulfill any additional payroll-related obligations required to be paid by the Academy. Westlake Academy made all payments necessary to the TRS, TWC, IRS and other government agencies in a timely manner. 5. Was the total unrestricted net asset balance (Net of the accretion of interest for capital appreciation bonds) in the governmental activities column in the Statement of Net Assets greater than zero? (IF the Academy’s change of students in membership over 5 years was 10 percent or more, then the charter school passes this indicator.) This indicator simply asks, “Did the Academy’s total assets exceed the total amount of liabilities (according to the very first financial statement in the annual audit report)?” Westlake Academy’s unrestricted net asset balance of $1,906,378 is greater than zero. Also, the 35 percent change in student membership over 5 years was greater than the minimum 10 percent threshold. 6. Was the number of days of cash on hand and current investments in the general fund for the charter school sufficient to cover operating expenditures (excluding facilities acquisition and construction)? This indicator measures how long in days after the end of the fiscal year the charter school could have disbursed funds for its operating expenditures without receiving any new revenues. The score of 4 is obtained for any operating days greater than 30 but less than 40. Westlake Academy’s calculated days were 38. 7. Was the measure of current assets to current liabilities ratio for the charter school sufficient to cover short- term debt? This indicator measures whether the school district had sufficient short-term assets at the end of the fiscal year to pay off its short-term liabilities? The score of 10 is obtained for anything greater than 2 when dividing the current assets by current liabilities. The Academy’s calculation totals 6.08. Current assets $1,386,808 Current liabilities $ 228,046 8. Was the ratio of long-term liabilities to total assets for the charter school sufficient to support long-term solvency? (If the charter school's change of students in membership over 5 years was 10 percent or more, then the charter school passes this indicator.) This question is like asking someone if their mortgage exceeds the market value of their home. The calculated score of .03 which is less than 0.60 indicates a score of 10; plus as stated in a previous question, the 35 percent increase in student population is greater than the minimum 10 percent threshold over the last 5 year period. 9. Did the charter school’s general fund revenues equal or exceed expenditures (excluding depreciation)? If not, was the charter school’s number of days of cash on hand greater than or equal to 40 days? This indicator simply asks, “Did you spend more than you earned?” (the Academy will automatically pass this indicator, if the Academy had at least 40 days’ cash on hand.) 10 points is awarded if the Academy has received more than spent. The Academy received $7,666 more in revenues than net expenses for the fiscal year. Total revenues $8,261,806 Total Expenses (net of pension Expense) $8,254,140 10. Was the debt service coverage ratio sufficient to meet the required debt service? This indicator asks about the Academy’s ability to make debt principal and interest payments that will become due during the year. Westlake Academy’s ratio of 1.08 reflects 4 points. 10 points can be obtained if the ration is greater than 1.20. 11. Was the charter school’s administrative cost ratio less than the threshold ratio? This indicator measures the percentage of the Academy’s budget that is spent on administration. TEA sets a cap on the percentage of the budget that Texas school districts/charters can spend on administration, which is based on the size of the school. (Admin Costs/Other Costs) The cap on the administrative cost ratio to receive 10 points for the 2015-2016 fiscal year was 15.61% for schools with a student population between 500 and 999. Westlake Academy maintained an administrative cost ratio of 10.26% and met this requirement. 12. Did the charter school not have a 15 percent decline in the students to staff ratio over 3 years (total enrollment to total staff)? (If the student enrollment did not decrease, the charter school will automatically pass this indicator.) If the Academy has a decline in students over 3 school years, this indicator asks if the Academy decreased the number of the staff on the payroll in proportion to the decline in students. (The Academy automatically passes this indicator if there was no decline in students.). The Academy’s student enrollment increased by 136 students over the prior 3 years; therefore, receiving a score of 10 on this indicator. 13. Did the comparison of Public Education Information Management System (PEIMS) data to like information in the charter school’s annual financial report result in a total variance of less than 3 percent of all expenditures by function. This indicator measures the quality of data reported to PEIMS and in the Annual Financial Report to make certain that the data reported in each case “matches up.” If the difference in numbers reported in any fund type is 3 percent or more, the Academy “fails” this measure. The Academy met this requirement with a variance level of 0%. 14. Did the external independent auditor indicate the AFR was free of any instance(s) of material noncompliance for grants, contracts, and laws related to local, state, or federal funds? (The AICPA defines material noncompliance.) A clean audit of the Annual Financial Report would state that we had no material weaknesses in internal controls. Any internal weaknesses create a risk of not being able to properly account for the use of public funds, and should be immediately addressed. Westlake Academy met this requirement by having no disclosure of a material weakness in internal controls for the fiscal year ended August 31, 2016. 15. Did the charter school not receive an adjusted repayment schedule for more than one fiscal year for an over- allocation of Foundation School Program (FSP) funds as a result of a financial hardship? This indicator asks if the Academy had to ask for an easy payment plan to return monies to TEA after spending the overpayment from the Foundation School Program state aid. Westlake Academy did not receive a repayment schedule related to an over-allocation of Foundation School Program funds. DISCLOSURES Per Title 19 Administrative Code Chapter 109, Budgeting, Accounting, and Auditing, Subchapter AA, Commissioner’s Rules Concerning Financial Accountability R ating System, Section 109.1001(o), the five (5) disclosures listed below are required for the financial management report that is to be distributed at the School FIRST public hearing. 1. Superintendent’s current employment contract: A copy of the superintendent’s current employment contract at the time of the School FIRST hearing is to be provided. Per the Westlake Academy charter, the Town Manager assumes the responsibilities of the Superintendent with no separate contract. The manager’s contract is approved by the Town Council and all salary/benefits and other forms of compensation are paid by the Municipality. No salary is expensed through Westlake Academy. 2. Reimbursement received by the Superintendent and Board Members: All “reimbursement” expenses, regardless of the manner of payment, including direct pay, credit card, cash, and purchase order are to be reported. Items to be reported per category include: o Meals – Meals consumed out of town, and in geographic-boundary meals at area restaurants (outside of board meetings, excludes catered board meeting meals). o Lodging – Hotel charges o Transportation – Airfare, car rental (can include fuel on rental, taxis, mileage reimbursements, leased cars, parking and tolls.) o Motor fuel – gasoline o Other – Registration fees, telephone/cell phone, internet service, fax machine, and other reimbursements (or on-behalf of) to the superintendent and board member not defined above. There were no “reimbursement” expenses received by the Superintendent or Board Members during the fiscal year 2015-2016. 3. Outside compensation and/or fees received by the Superintendent for Professional consulting and/or other personal services. Compensation does not include business revenues generated from a family business (farming, ranching, etc.) that has no relation to charter school business. There were no compensation and/or fees received by the Superintendent for Professional consulting and/or other personal services during the fiscal year 2015-2016. 4. Gifts received by Executive Officers and Board Members (and first degree relatives, if any) gifts that had an economic value of $250 or more in the aggregate in the fiscal year) An executive officer is defined as the superintendent, unless the board of trustees or the charter school administration names additional staff under the classification for local officials. There were no gifts received by Executive Officers and Board Members (and first-degree relatives) during the fiscal year 2015-2016. 5. Business transactions between Charter School and Board Members The summary amounts reported under this disclosure are not to duplicate the items disclosed in the summary schedule of reimbursements received by board members. There were no business transactions between Westlake Academy and Board Members during the fiscal year 2015-2016. GLOSSARY Accounting: A standard school fiscal accounting system must be adopted and installed by the board of trustees of each school. The accounting system must conform to generally accepted accounting principles. This accounting system must also meet at lea st the minimum requirements prescribed by the state board of education, subject to review and comment by the state auditor. All Funds: A school’s accounting system is organized and operated on a fund basis where each fund is a separate fiscal entity in the school much the same as various corporate subsidiaries are fiscally separate in private enterprise. All Funds refers to the combined tot al of all the funds listed below: • The General Fund • Special Revenue Funds (Federal Programs, Federally Funded Shared Services, State Programs, Shared State/Local Services, Local Programs) • Debt Service Funds • Capital Projects Funds Assigned Fund Balance: The assigned fund balance represents tentative plans for the future use of financial resources. Assignments require executive manage ment (if approved per board policy to assign this responsibility to executive management) action to earmark fund balance for bona fide purposes that will be fulfilled within a reasonable period of time. The assignment and dollar amount for the assignment may be determined after the end of the fiscal year when final fund balance is known. Auditing: Accounting documents and records must be audited annually by an independent auditor. TEA is charged with review of the independent audit of the local education a gencies. Beginning Fund Balance: The fund balance on the first day of a new fiscal year. For most schools this is equivalent to the fund balance at the end of the previous fiscal year. Budget: The projected financial data for the current school year. Budget data are collected for the General Fund, Food Service Fund, and Debt Service Fund. Budgeting: Not later than August 20th of each year, the superintendent (or designee) must prepare a budget for the school if the fiscal year begins on September 1st. (For those schools with fiscal years beginning July 1, this date would be June 19.) The legal requirements for funds to be budgeted are included in the Budgeting module of the TEA Resource Guide. The budget must be adopted before expenditures can be made, and this adoption must be prior to the setting of the tax rate for the budget year. The budget must be itemized in detail according to classification and purpose of expenditure, and must be prepared according to the rules and regulations established by the state board of education. The adopted budget, as necessarily amended, shall be filed with TEA through the Public Education Information Management System (PEIMS) as of the date prescribed by TEA. Capital Outlay: This term is used as both a Function and an Object. Expenditures for land, buildings, and equipment are covered under the object, Capital Outlay. The amount spent on acquisitions, construction, or major renovation of school facilities are reported under the function, Capital Outlay. Cash: The term, as used in connection with cash flows reporting, includes not only curren cy on hand, but also demand deposits with banks or other financial institutions. Cash also includes deposits in other kinds of accounts or cash management pools that have the general characteristics of demand deposit accounts in that the governmental enterprise may d eposit additional cash at any time and also effectively may withdraw cash at any time without prior notice or penalty. Committed Fund Balance: The committed fund balance represents constraints made by the board of trustees for planned future use of financial resources through a resolution by the board, for various specified purposes including commitments of fund balance earned through campus activity fund activities. Commitments are to be made as to purpose prior to the end of the fiscal year. The dollar amount for the commitment may be determined after the end of the fiscal year when final fund balance is known. Debt Service: The function, Debt Service, is a major functional area that is used for expendit ures that are used for the payment of debt principal and interest. Expenditures that are for the retirement of general obligation bonds, capital lease principal, and other debt, related debt service fees, and for all debt interest fall under this function . The object, Debt Service, covers all expenditures for debt service. Deferred Revenue: Resource inflows that do not yet meet the criteria for revenue recognition. Unearned amounts are alwa ys reported as deferred revenue. In governmental funds, earned amounts also are reported as deferred revenue until they are available to liquidate liabilit ies of the current period. Ending Fund Balance: The amount of unencumbered surplus fund balance reported by the School at the end of the specified fiscal year. For most schools, this will be equivalent to the fund balance at the beginning of the next fiscal year. Excess (Deficiency): Represents receivables due (excess) or owed (deficiency) at the end of th e school year. Federal Revenues: Revenues paid either directly to the district or indirectly through a local or state government entity for federally subsidized programs including the School Breakfast Program, National School Lunch Program, and School Health and Related Services Program. This amount is recorded as Revenue Object 5900. Fiscal Year: A period of 12 consecutive months legislatively selected as a ba sis for annual financial reporting, planning, and budgeting. The fiscal year may run September 1 through August 31 or July 1 through June 30. Foundation School Program (FSP) Status: Is the shared financial arrangement between the state and the school, where property taxes are blended with revenues from the state to cover the cost of basic and mandated programs. The nature of this arrangement falls in one of the following status categories: Regular, Special Statutory, State Administered, Education Service Center, or Open Enrollment Charter School. FTE: Full-Time Equivalent (FTE) measures the extent to which one individual or student occupies a fulltime position or provides instruction, e.g., a person who works four hours a day or a student that attends a half of a day represents a .5 FTE. Function: Function codes identify the expenditures of an operational area or a group of related activities. For example, in order to provide the appropriate atmosphere for learning, schools transport students to school, teach students, feed students and provide health services. Each of these activities is a function. The major functional areas are: • Instruction and Instructional -Related Services • Instructional and School Leadership • Support Services – Student • Administrative Support Services • Support Services - Non-Student Based • Ancillary Services • Debt Service • Capital Outlay • Intergovernmental Charges Fund Balance: The difference between assets and liabilities reported in a governmental fund. General Administration: The amount spent on managing or governing the school as an overall entity. General Fund: This fund finances the fundamental operations of the School in partnership with the community. All revenues and expenditures not accounted for by other funds are included. This is a budgeted fund and any fund balances are considered resources available for current operations. Instruction: The amount spent on direct classroom instruction and other activities that deliver enhance or direct the delivery of learning situations to students regardless of location or medium. Local & Intermediate Revenues: All revenues from local taxes and other local and intermediate revenues. For specifics, see the definitions for Local Tax and Other Local & Intermediate Revenues. This amount is recorded under Object 5700. Modified Opinion: Term used in connection with financial auditing. A modification of the independent auditor's report means there exists one or more specific exceptions to the auditor's general assertion that the district’s financial statements present fairly the financial information contained therein according to generally accepted accounting principles. Nonspendable Fund Balance: The portion of fund balance that is in non -liquid form, including inventories, prepaid items, deferred expenditures, long-term receivables and encumbrances (if significant). Nonspendable fund balance may also be in the form of an endowment fund balance that is required to remain intact. Object: An object is the highest level of accounting classification used to identify either the transaction posted or the source to which the associated monies are related. Each object is assigned a code that identifies in which of the following major object groupings it belongs: • Assets • Liabilities • Fund Balances • Revenue • Expenditures/Expenses • Other Resources/NonOperating Revenue/Residual Equity Transfers In • Other Uses/NonOperating Revenue/Residual Equity Transfers Out Operating Expenditures: A wide variety of expenditures necessary to a school’s operations fall into this categor y with the lar gest portion going to payroll and related employee benefits and the purchase of goods and services. Operating Expenditures/Student: Total operating expenditures divided by the total number of enrolled students. Operating Revenues and Expenses: Term used in connection with the proprietary fund statement of revenues, expenses, and changes in net assets. The term is not defined as such in the authoritative accounting and financial reporting standards, although financial statement preparers are advised to consider the definition of operating activities for cash flows reporting in establishing their own definition. Other Local & Intermediate Revenues: All local and intermediate revenues NOT from local real and personal property taxes including: • Revenues Realized as a result of services rendered to other schools • Tuition and Fees • Rental payments, interest, investment income • Sale of food and revenues from athletic and extra/co-curricular activities • Revenues from counties, municipalities, utility districts, etc. Other Operating Costs: Expenditures necessary for the operation of the school that are NOT covered by Payroll Costs, Professional and Contracted Services, Supplies and Materials, Debt Services, and Capital Outlay fall into this category and include travel, insurance and bonding costs, election costs, and depreciation. This amount is recorded as Expenditure/Expense Object 6400. Other Resources: This amount is credited to total actual other resources or non-operating revenues received or residual equity transfers in. This amount is recorded under Object 7020. Payroll: Payroll costs include the gross salaries or wages and benefit costs for services or tasks performed by employees at the general direction of the school. (NOTE: Payroll amounts do not include salaries for contract workers employed by outsource companies, e.g., for child nutrition and maintenance. Therefore, this figure will vary significantly between schools that use contract workers and those that do not.) PEIMS: Public Education Information Management System, a state-wide data management system for public education information in the State of Texas. One of the basic goals of PEIMS, as adopted b y the State Board of Education in 1986, is to improve edu cation practices of local schools. PEIMS is a major improvement over previous information sources gathered from aggregated data available on paper reports. Schools submit their data via standardized computer files. These are defined in a yearly publication, the PEIMS Data Standards. Plant Maintenance & Operations: The amount spent on the maintenance and operation of the physical plant and grounds and for warehousing. Modified Opinion: Term used in connection with financial auditing. A modification of the independent auditor’s report on the fair presentation of the financial statements indicating that there exists one or more specific exceptions to the auditor’s general assertion that the financial statements are fairly presented. Refined ADA: Refined Average Daily Attendance (al so called RADA) is based on the number of days of instruction in the school year. The aggregate eligible day’s attendance is divided by the number of days of instruction to compute the refined average daily attendance. Restricted Fund Balance: This is the portion of fund balance that has externally enforceable constraints made by outside parties Revenues: Any increase in a school’s financial resources from property taxes, foundation fund entitlements, user charges, grants, and other sources. Revenues fall into the three broad sources of revenues: Local & Intermediate, State, and Federal. School Year: The twelve months beginning July 1 of one year and ending June 30 of the following year or beginning September 1 and ending August 31. Schools now have two options. Special Revenue Fund: A governmental fund type used to account for the proceeds of specific revenue sources (other than for major capital projects) that are legally restricted to expenditures for specified purposes. State Revenues: Revenues realized from the TEA, other state agencies, shared services arrangements, or allocated on the basis of state laws relating to the Foundation School Program Act. This amount is recorded as Revenue Object 5800. Unassigned Fund Balances: Available expendable financial resources in a governmental fund that are not the object of tentative management plans (i.e., committed or assigned). One primary criterion of rating agencies for school bonds is the relative amount of unassigned fund balance. Bond rating agencies view unassigned fund balances as a reflection of the financial stre ngth of school and show concern when school fund balances decrease. Unmodified Opinion: Term used in connection with financial auditing. An unmodified independent auditor’s opinion means there are no stated exceptions to the auditor’s general assertion that the district’s financial statements present fairly the financial information contained according to generally accepted accounting principles. Unrestricted Net Asset Balance: Unrestricted net asset balance refers to the portion of total net assets that is neither invested in capital assets nor restricted. WADA: Weighted Average Dail y Attendance (WADA) is used to measure the extent students are participating in special programs. The concept of WADA in effect converts all of a school’s students with their different weights to a calculated number of regular students required to raise the same amount of revenue. The greater the number of students eligible for special entitlement s, the greater a school‘s WADA will be. FUTURE AGENDA ITEMS: Any Board member may request at a workshop and / or Board meeting, under “Future Agenda Item Requests”, an agenda item for a future Board meeting. The Board member making the request will contact the Superintendent with the requested item and the Superintendent will list it on the agenda. At the meeting, the requesting Board member will explain the item, the need for Board discussion of the item, the item’s relationship to the Board’s strategic priorities, and the amount of estimated staff time necessary to prepare for Board discussion. If the requesting Board member receives a second, the Superintendent will place the item on the Board agenda calendar allowing for adequate time for staff preparation on the agenda item. None. Board of Trustees Item # 7 – Future Agenda Items Board of Trustees Item # 8 – Adjournment Regular Session