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From YouTube: January 8, 2018 COTW Audit and Finance Committee
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January 8, 2018 COTW Audit and Finance Committee
A
I
will
call
the
word
of
the
audit
and
Finance
report.
We've
just
got
three
things
on
here,
so
to
be
relatively
quick.
The
first
one
is
a
debt
service
overview
that
I'm
not
going
to
go
into
that
now,
but
David
Morse
is
going
to
be
coming
back
in
either
January
or
February
to
us
to
give
us
a
presentation
on
just
to
give
you
an
overall
picture
of
our
full
amount
of
debt.
The
district
has
how
it's
being
paid
back.
A
A
B
B
A
When
I
should
say
by
the
CFO
of
Roper
st.
Francis,
had
he
kept
asking,
essentially
all
right
show
us
our
our
monthly
year
today,
so
that
we
can
look
at
what
we're
spending,
not
just
the
formal
financial
statements
that
we
we've
been
looking
at,
but
I'm
doing
a
better
job
of
saying
all
right.
What
should
we
be
spending
in
December?
A
What
should
we
be
making
by
this
time
in
December
and
then
what's
the
differences
so
that,
for
example,
if
you
backup
three
years
from
now
like
one
of
Glenn's
first
comments
when
we
went
off
the
rails
the
year
before
in
November,
and
if
we
would
have
had
something
like
this,
we
would
have
known
it.
So
this
is
at
this
point
we're
still
looking
essentially
five
weeks
in
the
rearview
mirror,
but
at
least
it's
not
your
40
weeks
in
the
rearview
mirror,
and
so
can.
C
I
can't
explain
this
to
the
last.
For
me,
we
did
present
this
change
format,
but
when
we
met
with
the
audience
Finance
Committee,
we
realized
that
we
really
did
need
to
be
a
month
in
arrears
because
of
all
the
revenue
not
being
posted
in
time
for
the
audit
finance
committee
meeting
the
pretty
much
the
second
day
of
the
very
next
month.
So
this
was
to
go
back
and
revisit
the
November
so
that
first
column
shows
this
is
our
budget
for
each
one
of
these
categories
and
it
was
a
more
simplified
version.
C
So
when
you
look
at
your
salary,
for
instance,
we
already
have
saved
just
for
the
month
of
November.
One
point:
six
million
dollars
in
salaries
and
then
in
the
benefits,
but
we're
over
by
the
supplies
of
the
material.
So
the
net
effect
of
the
expenditures
is:
we've
come
in
under
budget
a
half,
a
million
dollars
for
the
expenditures.
So
the
revenues
are
tricky
because
they
don't
come
in
just
the
local
revenues.
Don't
come
in
monthly
like
that
and.
A
A
Spinning
that
upfront,
which
is
part
of
the
reason
for
that
million
dollar
difference
and
the
point
of
switching
to
this,
was
to
get
into
a
document
that
we
can
all
look
at
quickly
and
use
this
as
a
rather
than
the
accounting.
We
were
getting
before.
Use
this
to
say
all
right.
How
how's
the
dinner
district
plans
in
its
money
and.
A
E
D
E
A
C
C
C
A
C
So
this
was
a
kind
of
a
first
blush
of
the
five-year
budget.
The
I
think
I
want
to
focus
on.
If
you
look
at
the
second
page,
where
it
has
other
revenue
identified
when
when
Glenn
was
here,
we
originally
put
in
a
3.5
mm,
that's
increased
and
this
is
an
updated
version
to
remove
that
3.5
mils.
So
the
bottom
line
is
for
going
into
FY
19.
We
only
have
13
million
dollars
worth
of
new
money
for
picture.
D
B
C
If
he's
for
a
total
of
four
hundred
and
ninety-six
million
dollars
of
revenues,
if
you
go
to
the
last
page
of
the
expenditures
which
is
the
other
Excel
spreadsheet,
we've
incorporated
some
assumptions
a
two
point:
two
percent
cost
of
living
and
step
increase
for
everybody.
Some
utility
increases
the
cost
of
bringing
some
new
schools
online.
Those
are
assumptions
are
outlined
in
this
document
as
well,
but
for
FY
19
we're
projecting
a
budget
just
status
quo,
I'm,
not
making
the
teacher
salaries
a
huge
increase
in
teacher
salaries.
B
C
C
The
out
of
the
growth
in
China
was
gonna
happen,
yeah,
okay,
it's
bringing
on
Lucy
back
home
in
20,
the
stepping
Cola
and
just
weirdly.
Some
assumptions
are
on
here,
so
are
just
you
know.
This
was
just
for
information,
just
her
understand
that
we've
got
some
decisions
to
make
and
we
will
incorporate
this
in
a
board
workshop
in
February.
Thank.
E
A
It
just
as
a
quick
overview
on
this
hour,
if,
if
you
put
the
expenditures
and
those
revenue
growth
side
by
side,
our
expenditures
largely
led
by
healthcare
costs
going
up
for
four
apples
in
a
year.
States
retirement
costs
where
you've
got
a
defined
benefit
that
they've
underfunded
for
years
and
they've
still
got
pay
for
four
years.
That's
growing
every
year,
even
the
state
telling
districts
what
our
teacher
pay
raises
are
going
to
be
without
sending
any
dollars
form
or
things
outside
of.
A
It
raised
our
expenses
things
outside
of
our
control
that
limit
our
ability
to
pay
for
those
expenses
are
particularly
at
288
over
the
last
seven
years
now
the
average
ability
for
us
to
increase
taxes
has
been
2.9
percent.
Let's
look
at
that
compared
to
our
expense
growth.
Over
the
next
three
years.
Next
year,
expenses
are
expected
to
grow
four
point:
five:
nine
percent
the
next
year
expenses
are
expecting
to
grow
five
point:
six:
three
percent:
the
next.
A
E
A
Got
one
money,
two
million
dollars
in
reserves
right
now,
which
is
our
our
8%
policy
level
this
year,
we're
going
to
be
half
million
dollars
deficit
unless
we
change
structure
somewhat
next
year
is
Jacob
grow
to
eighteen
million
dollar
deficit
in
the
next
year.
Forty
three
million
dollars-
unless
we
do
and.
E
D
E
E
D
Additional
millions
of
dollars
to
provide
transportation
to
students
whose
parents
exercise
school
choice,
options
I'm,
not
saying
on
municipal
choice,
but
we're
spending
millions
of
dollars.
So
parents
can
do
that
so
if
other
school
districts
making
this
kind
of
decision,
if
you've
got
seven,
eight
nine
ten
charter,
schools,
I,
said
tersely,
we
got
to
look
at.
We
have
to
look
at
what
we're
doing
I
think
before
we
can
go
to
Columbia.
Tell
legislators
what
you
guys
kind
of
fixed
the
format.
E
B
B
B
B
A
D
B
E
I
think
you
know,
I
had
a
conversation
with
some
of
the
folks
that
are
going
to
Columbia
tomorrow
and
one
of
the
things
that
we
were
talking
about
this
morning.
It's
just
what
you
said
Michael
just
about
every
decision
that
is
made
is
sucked
with
with
the
number
of
people
we
affect.
Somebody
is
not
going
to
be
positively
affected
by
that
we
have
an
obligation
to
remove
the
emotion
and
and
talk
about
it.
In
reality,
nobody
wants
to
put
four-year-olds
on
a
bus
and
send
babies
down
the
road.
E
E
B
E
E
That
was
literally
the
last
sentence
of
a
newspaper
article
about
a
week
ago.
Anybody
on
this
board
heard
that
there
was
an
industry
coming
to
North
Charleston
that
we're
not
getting
tax
money
for,
or
are
we
so
I
would
like
to
see
if
the
audit
Finance
Committee
can
can
spend
some
time
telling
us
what
what
are
those
things
were
up
against
what
what
tips
are
out
there?
What
fee
and
lose
have
been
made
even
on
the
smaller
business,
if
we
think
Boeing,
but
what
about
the
other
businesses.