Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
EPIC board approves updated bank signers and accepts July financials; reports $2.2M carryover
Summary
The EPIC board approved removing two former finance signers, added the CFO and a board member as approved signers for Regent Bank online access, and accepted financial statements showing $2.2 million in carryover and lower‑than‑budgeted expenses.
Board members voted to remove Janice Wynne, former deputy superintendent of finance, and Carrie Trouber, former executive director of finance, as approved signers for Regent Bank and to remove their online banking access. The motion passed on roll call with all members voting yes.
The board then approved Michael Florey, chief financial officer, and board member Trevor Hammonds as approved signers for Regent Bank with online banking access; that motion also passed on roll call with affirmative votes from all members present.
During a finance presentation, Michael Florey told the board the final close produced a $2,200,000 carryover for the fiscal year after closing journal entries and pending a final state education department review. Florey said year‑to‑date revenue is near budgeted expectations (about $25 million recognized to date) with a cash balance “a little over $28,000,000.” He reported year‑to‑date expenses are approximately $9.5 million below budget, attributing the positive variance to conservative budgeting and lower expenditures in areas such as mileage.
The board accepted the financial statements for the period ending 07/31/2025 by roll‑call vote. The consent agenda that followed was approved without items pulled for separate discussion.
Why it matters: the signatory changes update the district’s banking controls and the finance report shows a material positive carryover and lower spending versus budget, information the board and sponsor will use when monitoring financial stability and in renewal conversations.
No contracts or appropriations were adopted at this meeting beyond the governance approvals of bank signers and acceptance of financial statements.
