August 1, 2022 at 6:00 PM - District 23 Finance Committee Meeting

Description:  Amy will provide an update on the status of the audit, preliminary AFR and expenditures and revenues going into the new fiscal year. 

Description:  Additional discussion will be had on the 2023 Tentative Budget which remains largely unchanged since our last meeting.

Description: 

A resolution for the District's participation in a Supplemental Savings Plan (SSP) as offered by TRS will be presented to the Board for their approval in August.  Prior concerns listed below have been addressed by TRS:

1.  More precisely, define the responsibilities of school district employers under the SSP to be ministerial, instead of fiduciary.
2.  Clarify that an employee does not have rights to make claims against employers for the employee’s decisions to participate, or not participate, in the SSP or with respect to the selection of fund sponsors or investment options.
3.  Remove employer responsibility for contribution limit monitoring for those employees who fail to timely report contributions to the 457(b) plans of other employers.
 
The primary impact of the changes is to substantially reduce the risk of school district employers being found to have fiduciary duties to employees participating in the SSP and the associated risk of claims being made against employers for adverse investment results.  Employer responsibility does remain for tracking contribution limits.

Following conversations with our attorney, resolutions have been presented for review.
 

Description:  An update will be provided on Registration Fees paid as of 7/27/2022.