001All right, welcome. We were just in executive session and now we're back in regular session. We're now going to be moving to our approval section. Can I have a motion and a second to approve the agenda? So move. Second, Dolan. All those in favor? I. Any opposed? Motion carries. Now I'm going to ask for an approval of the March 18th public hearing regular and executive session minutes. Can I have a motion and a second to approve the regular sess executive session minutes along with the public hearing? So move second. Gabby, may I have a roll call? Subos. Stefani. Hi. Dolan. I. Moon. I. Nelson. I. Kemale. Hi. Bombstark. I. Motion carries. We are now at our communication section. Tonight, we're honoring two board members that are retiring. We have Diane Stefani and Jim Bombstark. We
002come together to express our deepest gratitude and appreciation for the exceptional contributions of two outstanding outgoing members of our school board. They have both served Glen View District 34 for eight years as board members and many more as volunteers through PTA, GEF, and sporting. First, we'd like to extend our sincere thanks to Diane Stefani for her thoughtful and dedicated service on the board. Diane has served as the board secretary, policy committee board rep, acted as the ed liaison, and as a member of the personnel committee. Her attention to policy advocacy for educational excellence, and her work connecting the board with broader educational initiatives have made meaningful and lasting differences in our district. Thank you, Diane. We also especially grateful for Jim Bombstark for his outstanding work as board vice president, a member of the citizens
003finance advisory committee, the compensation committee, the true north leadership council, and as a board mentor. Jim's financial stewardship, commitment, and to staff and student well-being, and his guidance to new board members have strengthened our board and enriched our schools. Thank you, Jim. Together, Diane and Jim have made a remarkable impact on our community. During their time on the board, they have helped oversee the development and implement implementation of two strategic plans, guided the integration of our new superintendent, Dane Deli, and he's not new anymore, supported a successful infrastructure referendum, championed the addition of fullday kindergarten, participated in over a 100 board meetings, and navigated the unprecedented challenges of a global pandemic. Their leadership, passion, and dedication to providing the best education for all students have set a high standard for public service, and their legacy
004will be felt for many years to come. I would be remiss if I also didn't thank David, John, Catherine, Bridget, Matthew, and Maggie for sharing their spouses and parents with us these many years. Thank you, Diane, and Jim for your exceptional service to all of Gleniew. We wish you all the best in your future endeavors and we are confident you will continue to make a positive impact on the lives of all of us around you. Thank you so much Dr. Deli. Thank you. No repeats here but I I was kind of struck by the maybe and then there were two phenomenon because we the three of us started at the same time. In fact, with your retirements that uh that leaves no board members who were here when I was actually hired. So that's I
005don't know if that should be unnerving for me or not, but this isn't about me. Um but eight years is uh is a significant amount of time to serve in the capacities uh that you both have together. I would like to thank both uh Diane and Jim for your eight years of service as elected and as reelected emissaries of the community. Uh as school board members, you understand at all times that the community entrusts you with its two most valuable resources. You've heard me say this before. Its children and its money. And at no time did you take either for granted. that was very evident in your deliberations over uh topics that you know may have been very simple and others that were perhaps very complicated. You understand that children are the lifeblood of the
006community uh and that you represent all in the community. Children, their families, taxpayers, those who may not even have children in the school district or ever did, you represent them as well. uh and you did so. Your leadership has helped advance District 34 in many ways. Uh your support for our schools has created strong footings for the evolving story of the community and its schools. There there's much more to come, but you've been a part of the um historical underpinnings of of you know almost a decade of what has happened here and that has far-reaching effect. Serving as an elected official is not easy work. Uh successes are sometimes short-lived uh or even forgotten. Challenges can sometimes be complicated with no one correct answer. Think about budgetary challenges. Think about COVID. I I don't need
007to give you the list. Um there's not always one correct answer. Um, but I think you've helped us really participate as a group in coming up with some of the best decisions at the right time, the right place in certain very specific conditions. Decisions always need to be made. You always used your intellect, your objectivity, and your empathy. Uh, and you're both actual human beings. You're not AI generated. you you I don't think you um you spend time away from your families in service of the work. Uh people don't really understand that there's there's preparation, there's seat time, there's committees as Scott has mentioned. Um and your families share us or share you with us. And I know sometimes that's that's a real juggling act. Um but public service is really a phenomenal thing and
008I think public service at the local level is one of the best examples of uh a democratic society. I think it has the most impact. So uh I thank you as well and wish you and your families the very best. And hold on one sec. Does anybody else want to say anything or I'm just going to say uh thanks miss you guys. It was a pleasure joining the board uh when you guys were veterans and appreciated your friendship and mentorship uh to get me involved and you did such a great job I decided to do it again. So, thank you. Thanks, Dr. Yeah. Well, we also have a token of our appreciation that we'd like to Yeah. Yeah, if you guys will come up and we got a the the board and the school district
009have some gifts. You can open it anytime you want. Yeah, you got to hold it off. That's it. Thank you. Thank you. Actually, I'll say a word or two. I was gonna say, do you guys have any comments? Thanks, Jim. Yeah. Well, first I mean it definitely has been an honor to be on this board and serve in the Glen View community for eight years. I'm uh you know humbled, I guess is that's the cliche word to say, but by the uh you know the trust that the community places in electing and reelecting us. Um when I think about how eight years have passed, I'm still remembering my first board year. Yes, we started with Dne, but I also was the board rep who uh my youngest Maggie was a graduating eighth grade the year
010I joined. And so I was handed Maggie my diploma when she was graduating from Springman and in three weeks I'm going to WashU to see her graduate as a senior. So that's how for me that's how I've been marking my time on the board. Um and I I do want to just thank all the all the fellow board members um past and past and present for uh all your partnership over these years. Also all the administrators, thank you. You've been a pleasure to work with and hang out with uh at various social events and get to know as as people as well as colleagues. um all not everyone's here but like all the faculty and teachers and students and parents that I've met over the time. It's just been a great great experience. Uh you
011actually had a little bit of a laundry list of reflections, but I also just I had my my own list of this things Bridget was my wife Bridget was asking me like well well what do you what did you do over the last eight years and like what are you proud of? And you know I just made a little list here and some of this can overlap with what Scott said but I'm going to go ahead and and give my list. Uh yes, one was DNE's on boarding. You know, like I was we Diane and I were on the first board together and got to oversee uh that successful leadership transition. The first strategic plan that was the next year with was a big community effort and uh partnership with all the all the players.
012Uh full day this is in sort of chronological order but not not perfect. Full day kindergarten that that was a real a real uh win for this board I think. Um I'll downplay this one, but you know the navigating COVID and all of its implications. That was a lot long period of time, but uh definitely hard work for us on the board. We had the successful capital referendum uh to facilitate all the the improvements and reconstruction. Um I also put on there are the early bond issuance, right? Part of that was um we had to issue all these bonds and we took advantage of capital market conditions by by by issuing them when rates were what 1 1%. Yeah. I think our all-in true rates 1.4% um then there's not only the referendum but then
013there's the whole actual construction. That's what we've been doing for the last three years is be monitoring and making sure that that's going well. Um there's been four employee uh teacher contracts and GPA contracts. I was the board rep on two of them. I think four of them have been passed while I've been on the board. Those were those were big heavy lifts and something I'm proud of too. Um then we had strategic plan number two roughly after that. Um then the whole bringing the special special education program home to Glenue that took several years but that's something the board oversaw. And then as part of that the you know the ongoing exit process from True North but that's something we've been working on as well. And then too many to count, but there's been
014many curriculum redesigns and updates over these four years that I'm also proud of that you know that at the end of the day, a lot of things I've talked about isn't directly about kids, but I wanted to end with that. One was the uh the language arts redevelopment. We had a bunch of math new curriculums. We had the new so science program and social studies, right? All these all these programs came into play over the last eight years. And then I guess the last thing I'm proud of is just sort of upholding and advocating for the whole child kind of throughout the whole thing. That's been one of my guideposts for making decisions for the board and I hope the board will continue to keep that as their guidepost in and making decisions. So, thank
015you again for uh all the service or or for all your partnership. And that concludes my comments. Thanks, Jim. Diane, do you want to say anything? I don't have prepared comments, but um I just wanted to briefly say that um you know, Jim and I served at the same time period, so I don't want to reiterate everything that he stated so eloquently. Um but this is a spectacular community to be a part of. And I think all of us who are on the board realize just how incredibly lucky we are to serve this community, to work with this administration, to work with this staff, to serve these children, and just be a part of this because it really is something that's special. Um, I'm I'm very grateful to everyone for letting me be a part
016of it. Um, and I will exercise my right to have my three minutes to speak and I'll be back next. Just kidding. Thank you so much. I appreciate it. Thank you. Thanks, guys. That's awesome. Kind of like having our like extra time to talk tonight. It was fun. We'll move along though. Do you have any other communications? No. Thank you. Next, we have our audience comments. Do we have any audience comments tonight? We do not. Okay. Next, we'll move along to consideration of other resolutions. The consent agenda. We have the 2520 personnel report, the 2521 payroll warrants, the 2522 vendor warrants, and the 2523 Easter Seals extension contract. Can I have a motion and a second to approve the consent agenda as presented? So move. Moon. Second. Dolan. Gabby. May I have a roll call
017vote? Dolan. I. Moon. I. Supos. Hi. Nelson. I. Camelavage. I. Bombstark. I. Stefani. Hi. Motion carries. Now we have our consideration of other resolutions. Discussion and action. We have the 2524 resolution to withdraw from Maine Township Treasurer Eric. So, as it states, uh this is a resolution before the board tonight for review and vote which uh would allow us to withdraw from the main township treasurer. Uh on August 9th, 2024, PA 1030790 allowed this board to uh first and foremost appoint a trustee to represent the district among the main township trustees who oversee the main township treasure. U and this board acted on that and appointed me the trustee uh last year for for the for this fiscal year uh duration. What that public act also did was allow this board to withdraw from the
018township treasury services altogether and appoint an in-house treasurer. And so based on the board's recommendation, we've got a resolution on the agenda tonight along with several others that will um both allow us to withdraw from the township and take uh steps toward um handling the treasury services inhouse as well. So this first resolution is to withdraw from the main township treasure. Does anyone have any questions? Just a point of clarification. I guess the way I read this, I wouldn't characterize it as taking the treasury services in house because the part of this resolution is still to employ an external manager for the treasury funds. Right? So it's the maybe the high level decision-m is coming in house but the it's not like our internal staff's going to be trading bonds all day. Yeah. The actual
019function is not right. Yeah. Yeah. Okay. Thanks. Yeah. That's a point of clarification. But from a from a from an in-n-ame standpoint in name. Exactly. In name. Yes. I mean functionally isn't this basically like we're switching banks? Like is that a good way to think of this? like we're, you know, like we were using Chase and now we want I mean No, no, this is I would look at it as if we're leaving Maril Lynch and going to Morgan Stanley Stanley like it's just got it's a complicated process to go through that and and the law now allows us to do this right before this. I guess that's another point of clarification, right? We were we're kind of forced into the arrangement we used to have by statute. There's a new statute that gives districts
020more flexibility in choosing how they manage their exactly and this is only true in Cook County and that rest of the color county is most of the time it's the business manager who's the treasurer. So yes, this new public act allows in Cook County for us to completely So that's this maybe to point out for that's the timing that's what's driving the timing here, right? It's the statute change. Yep. Any other questions? Um in the memo there's a bullet point about building an investment management team to oversee financial operations. Is that by that investment management team do we mean the business office or are we contemplating a advisory team that say advises the business office? That's right. All right. And so the next agenda item is uh representative from PMA, who is the administrator for
021Isloff, the Illinois School Liquid Asset Fund, which our current treasurer invests most of the uh the money in the township with and also part of the plan uh for our funds moving forward. Okay. All right. All right. Can I have a motion and a second to approve the resolution as presented? So moved. Second. Gabby. May I have a roll call? Moon. I sos. Nelson. I. Kimmel Levage. Hi. Bombstark. I. Stefani. Hi. Dolan. I. Motion carries. Now we have our 2525 resolution for PMA Isloff investment option presentation. That's right. So, I've asked Charlie Zaker to join us tonight from PMA. Um, so like I said, um, I'm as I've asked PMA to come and speak today a little bit about Isl that looks like, some of the services they provide, um, because they will be our
022partner and help advise moving forward um, if the board so chooses to act on these next couple resolutions. So, this is another resolution that you're reviewing and being asked to vote on tonight. So, I'll hand it over to Charlie. Thank you, Eric. Um, Charlie Zacher from Close. You wouldn't believe how many different pronunciations I get of it. I actually had uh um it's actually a Polish last name. I had a Polish crew come in to do some countertops maybe about 15 years ago. He goes, "Mr. Chahor." And I said, "No, it's Zacher." He goes, "No, it's Chahaw." Okay. So, anyway, um um again, I'm I'm Charlie. I've been with a company called PMA for the last 25 years and PMA is a specialist in public funds. So Eric, I'll have you advance to the next
023slide, kind of talk about a little bit PMA is and what our background is. We've been around serving the public sector mostly school districts, municipalities, villages, but school districts is our bread and butter for the last 40 years, formed in about 1984. Uh who do we work with? Uh right now we work with over 500 Illinois school districts. Uh that includes community colleges as well as the Cook County Treasures. as as Eric mentioned, that would also include uh the main township treasurer as well uses who uses the pool. Um peer districts that we work with in your area just kind of listed out some that are, you know, kind of like like likeminded like structure- wise, you can see them there. Uh Wheeling 21, districts 59 to11, Mount Pra 57 um and and a host
024of others here uh in the area as well. So those are just uh some some some of your peers that uh use this program that I'm described here over the next few minutes. Uh, as I mentioned, we work most exclusively with with public funds. Uh, we collectly have about 170 employees. We are headquartered in in Neighborville, right off of I 888 in Route 59. If you've ever driven over that way, it's right by the the Nyore gas building over that way. Uh, and that's where our offices are. We have about 100 employees in in that office at this time. uh collectively uh we worked through 27 different states managing what we call uh ELGIPS or local government investment pools which I'll describe here in a minute uh with assets totaling over 121 billion in in
025assets. So Eric advance to the next slide for me. So so what do you get when you come with with PMA? What will the district have access to? So it's there's always a twoerson team. it would be myself uh kind of on on an overseer level and then also uh a day-to-day contact that the the business office and the superintendent would have access to at all times. It comes with uh a a cash flow analysis which is included. It's kind of our signature program. It'll be something you're probably not used to seeing when you're under the, you know, as part of the treasur. And I'll kind of go through a quick picture of what that would look like as well. Uh from the investment side, nothing will really change other than the fact that um
026you'll have more autonomy and control and transparency in what those investments are. The investments we offer are state statute compliant, aligned with the district's investment policy, comes with credit monitoring, and we get that broad market coverage. So, not a ton of difference because everything you were investing in previous is is is still going to be true in this as well. Uh truthfully, the the public funds investment realm is is is plain vanilla. um we we go by the same um core tenants that that drive us which is safety, liquidity and yield in that order. Making sure principles safe that use enough funds and money to pay the bills and then finally enhancing the yield as much as possible. Okay. We also uh one of the benefits of the assets that we have under the liquid
027asset fund is we do achieve that same economies of scale that you might see as an advantage as a treasury by pooling your money. Um again those 500 districts are are pooling their money in this pool which creates this economies of scale which is the largest allows us to get institutional you know Wall Street pricing at at levels that wouldn't be necessarily a retail investor which you might get if you go out in in the market as an individual. Uh also comes with that would be significantly subsidized checking accounts uh through our partner the custodian of our liquid asset fund pool which is which is Beimo Harris. So we've explored those options here with uh the district as well. Uh a last thing would be bond proceeds management. It doesn't sound like you're going to
028be issuing debt anytime soon, but should you issue debt, we would help manage that process, narr regulations as well. 2033. 2033. So what is the liquid asset fund? So So oftentimes if if you go outside the um this universe or outside the treasure universe, PMA is often synonymous with the liquid asset fund. We are different. We are actually employed by the liquid asset fund. We are the administrator, the adviser, the marketer and distributor of the pool. So what is the liquid assets? We actually answer to a board much like this one. Uh the board is the the fund itself. Again, ISLAS stands for I won't read it across. It's it's much the tongue twister. Um but we are um oversaw or our bosses are are made up by the three executive director directors of IASB,
029ISBO, and then IASA. So and then our board is comprised of three members of each of those. There's three school board members. So, uh, you know, so some someone like each each of you could could have a spot on that at some time. Three school business officials, someone like Eric, three superintendents, someone like Dr. Deli here. Okay. And then we answer to that board and they set our parameters, our pricing structures, and our contracts. Next, how long are the terms for the board members um that are on that board? Yeah. Um, they are on for a a minimum of of three years, but then they can they Believe it or not, school board members are the hardest ones to get because you're already volunteering for something. You have to volunteer for something else, too. So,
030it's not always easy to get a school board member on. Um, but it's it's it's three-year terms and with the option to stay on stay and go forth and much like this, they would have a you know, you go through the cycle becoming a chair, vice chair, and so on so forth. Thank you. So, what what what is what is the cost of this compared to what you're paying to you kind of the treasur? So um we we offer everything on a a net rate basis. So everything we provide is the district receives a net rate. So there's never an invoice, there's never a bill, uh to be to approve, but there is a parameters for what we do. So let's say you have the money market rate that we offer you is at 5%.
031There will be a a that's on a net rate basis and that is defined by this pricing structure you see right there. So on average it I I like to say it comes out to about 20 to 21 basis points to to work with the pool work with this portfolio. So if if the district's receiving 5% the gross rate was pro is 520 or 521. Does that make sense? If we offer a CD at 4 and a half% the gross rate was 470 471. That's all disclosed on the confirmations that you have. But again so it comes off the top and that that is that's the pricing. Now that pricing is independent of like for instance when the township treasurer invests through us. It's the same it's the same pricing. Okay. So I I touched
032a little bit on the cash flow analysis and this is really one of the benefits that you'll get when you kind of take it take your your portfolio under your own guidance is you'll get your picture here. And what I've got here is this is a a Cook County district. It's a typical cash flow what it looks like. And what you'll see in that mountain graph is that that mountain that blue line at the top that zigs and zags is is is is the um inflows and outflows of revenues and expenses. Right? So you'll see generally you'll see peaks and valleys in most of the districts in the northern Illinois region. Right? You get paid more or less twice a year. You get paid in in the case of Cook County March and hopefully August.
033In the c in the in the Ker counties it's it's it's June and September. That's when you pay your property tax bills. when you get your most amount of money and then you drive then your your revenue falls off until you get to the next tax date. So what we do with this plan is identify that high point in revenues uh in fund balances I should say and then also your low point and then from there we can structure an investment plan in place. I don't know exactly what your cash flow is going to look like. it will probably have a similar picture to this and determine on what that low point is and what that high point is is we we'll work together with with Eric and the rest of the business office to
034come up with that picture and then from there we'll be able to put in investment plan. Eric, this kind of looks really close to our our fund balance and our expenses. Yep. Okay. Except in Cook County it could be like 12 months before we get the money out. So we actually build that in. There's been, you know, when Cook didn't pay until it was January a few years ago, we had to, you know, we always try to be conservative and make sure there's adequate liquidity, four months without receiving payment was was tough on some districts and some districts actually had to actually go into some TAWs. But, um, yeah, instead of TAWS, we happen to be able to tap into a working cash bond to float us for that period. But, yeah, we'll probably have
035to take some of those considerations moving forward. So, it is definitely a danger. Cook County will probably air more conservatively, at least initially here for a while. Cook got on a really nice schedule in say 2010 did through COVID of paying on time and then COVID hit and it's been a mess ever since. This last year was the first year since 2020 that it's been what I would call normal. March is never the issue. The issue is always whether our bill is going to come out. Well, I'd like to just point out while we're talking about it though, this is really politics between the assessor's office and the treasurer and the uh border review. Really? Yes. I don't want to put it on COVID. It's really politics. Thank you. So, how how does that procedure
036just a little bit? Again, I already outlined that everything is in state statute compliant, follows the district's investment policy. We leverage our network of of banks. Again, we are use economies of scale. We work with over a thousand banks across across the nation. And what we do um is then solicit the best rates and then go back actually to the business office and ERIC. So, we actually never take discretion over this portfolio. It would be It's it's the money sits in cash. We recommend investments based upon that cash flow graph which I just showed you. And then finally, it's at the the the treasurer. In this case, Eric's would be Eric's decision to to greenlight that particular investment or not. Okay. So, I think that might be the biggest change that you you see is
037again is the control, the transparency. So, I'll have you go to the next slide and and what that'll show you is this will be this is a sample portfolio of what is in I I just pulled this random and and pulled the name off, but Uh it might be tough to see up on the screen, but you'll see the type the and it'll say a CD or the liquid maxes, the money market. You'll have a the date we traded it, the date it settled, the date it matures. You'll have the the entity, the name, the type of investment. Most case, these are all uh CDs. Uh the cost of that investment, the rate it's earning, and then the the the value that it has that when it matures. So what what's going to be nice
038is that you know at any time and I think I've got the next slide will show you our online system is that it's our proprietary system. You have 247 access to go and see exactly how much cash you have uh in the account exactly what your investments are earning um and exactly when they're mature. So there'll be some there'll be a level of transparency and reporting that Eric would be able to provide to the board through this program. Go on to the next one slide for me. So if you decide that this is something you want to do, what are the next steps? what do we need to do? So, we would have to establish a master account with ISLAF. Um, that's that's pretty straightforward paperwork. Uh, the hardest part of it actually is is
039the next section that we're asking the board to do, which is the resolution. And you'll note that the resolution is simply granting the district the ability to work with Isl. There's no contract involved. If you don't want to work with Isl there's there's no contract. You simply pull your money and and and go somewhere else, go do something else. Okay? uh maybe the most time time sensitive or um that require the most time I should say will be the establishment of the checking accounts breaking away from the treasurer and I would work closely with with with Eric and the rest of the business office to get that up and running as soon as possible. It takes about eight weeks. Again, the checking accounts would be housed through uh through Beimo Harris. Um, so it's, you
040know, they're one of the largest regional, you know, banks in certainly Illinois with that in throughout the country as well. Uh, next we'd want to update the direct deposit information. So, you do get those revenues from from Cook County and from the state. They're actually going to Isl but we still would need to tweak that account so that it's actually doesn't reference the treasur anymore. It's it's now strictly, you know, Glen V34s. Uh, just a paperwork issue that we'll work on doing that. And again, you'll have myself and another colleague and the rest of our team of employees and force to assist you along the way, every step of the way. I think that was my last slide. Thank you. Does anyone have any questions? I just have one clarification question. Is it ISAF or
041ISDAF? Because I don't want I want to make sure that it's consistent throughout all the documentation. It's it's DELAF. So, the Illinois School District Liquid Asset Fund. I don't know if we need to make the adjustment in the investment transition portion, but we left out a D. We'll get that revised just uh yes on our uh agenda a lot. Uh well, no, in the actual in the memo memo. Yeah. So, we need to adjust the memo to reflect ISDLAF and the resolution PMA ISDLAF. Is that good? Does everybody get what we're doing and good with it? I mean, I just have a quick question. Like, what's the It's called a fund, but then like the list you showed up there has a lot of individual securities, too. So, like I mean, I guess I'm expecting
042to be like kind of a mutual fund purchase, but it seems like it's not quite that. Exactly. Uh, it's actually a great question. So, there are there are two components of it. So, the fund itself is a money market fund, right? So, that's where the dollars where you would have um the dollars start there as a base. So the level of dollars we live leave leave in that fund um would be determined by our that cash flow program we put together. Is that what's listed as max and Okay. So there's two component account balance and max account. Yeah. So there's two there's two components to the fund. There's liquid and max. Uh max pays a little bit more but you have to have the dollars initially invested in there for 14 days. Liquid is your
043checking a portion on there. So it's it's a little more expensive with the rate is three or four basis points less than than the max rate. Um but it if you do direct deposit which you're always doing there is no vesting period in the max. So you're always benefited to keep the much money in the max as possible. That's the money market portion of the pool. Okay. So again from there then we also offer that cash flow and the fixed rate portion of the program too. So we don't want to our philosophy at at PMA is to ma minimize liquidity as much as possible. We believe over the long run that you your investment plan should be really quite simple in that you match your assets to your liabilities. So, we'll fund expenditures. We'll go
044out as far on the yield curve as possible. And then if you have reserve dollars or dollars that go beyond meeting your first year or so of expenses, we'll ladder that out into um some type of ladder CD ladder. Probably not extending much beyond two years depending on your your your cash situation, which I don't have a complete picture of yet, but that would be our overall strategy. Minimize liquidity, put assets out matching them to liabilities. We'll match them to have payrolls, payables, and debt service payments. And then beyond that we'll have dollars uh in a ladder portfolio and we in this case is PMA right I'm also just trying to understand that again the relationship with PMA versus is the laugh is the laugh um so I would say we being Islam okay so
045everything would be as part of the islaf account I guess the word fund in the name islaf is throwing me because it's more than a fund. It's like a program. It's a program. Okay. It is exactly a program. So, and that that was evolved when they started the program in ' 80s 85. It was strictly as a fund. It was only a money. It was place you parked your dollars, liquid dollars, and then we grew it into more of a service model. Okay. Okay. Then you mentioned there's no trading authority though, like every trade you're going to make, you call Eric and say, "Can we buy this?" And he'll say yes. That's how it would work. Yes. Yeah. No discretion. How often do you expect to be calling Eric? Is it like he gets five
046calls a day? Like um uh let's say March and April he will get him more calls because you're getting a bunch of different uh I'm sorry not March March and April for sure. And then again in August September he will be getting more calls, more emails from us. But I think after that um we'll we try to monitor the liquidity levels. So we may have let's say a um to meet your payroll. Let's say it's it's a it's a $4 million on the 15th and we had $4 million investment come due but your AP came in short. We might say, we might go to Eric and say, "Hey, your liquidity levels at X. We we we targeted it to be at Y. Let's let's go invest another million out for another six months or hit
047the next payroll date." So, okay. It's a lot more dynamic than we have right now. Um, and we our funds are with Isl right now through to treasurer, right, of Main Township. I a large a large portion of them are I I don't know exactly what the the overall portfolio is but right now main township treasur does deposit it's all of the underlying entities tax receipts come to his lap any other questions thoughts if not I'd like to ask for a motion and a second to approve the resolution as amended by James So moved. Second. Gabby. Member roll call. Supos. Hi. Nelson. Hi. Kevich. Hi. Bombstark. I. Stefani. Hi. Dolan. I. Moon. I. Motion carries. Thanks, John. Thank you. It's a good presentation. Thank you all. Thanks. Uh, next we have the 2526 resolution to
048appoint Assistant Superintendent for Business Services, CSBO, Eric Miller, as district treasurer. And this will just put a bow. This resolution I'm asking everyone to review and vote on tonight on the both the withdrawal and our involvement with Isl moving forward. And as the treasurer, now you kind of have an idea about what that will look like. So, we'll be able to ask you uh more granular data on our fund balance as we move forward. Correct. And you'll have access to it. Yep. Okay. Wonder if there might be an opportunity when we do the annual CFAC cycle to do like a a year, you know, review the previous year, have you call out stuff, you know, since you'll have more visibility as to what what happened. Yes. What we should think of. Yeah. Yes. Or if
049there's standard reporting, I might even suggest something in the report section just as on the true north board, for example, there's like a nice little cash summary in every board meeting, which I is kind of nice. I think it was always kind of hard to get because of this. The treasurer did good reports. And we're moving away from referendum expense report. Move. Exactly. And so we can figure out some monthly, maybe a quarterly statement that we put out. I'll start to work with these guys and see what the reporting looks like and what we have access to and we'll put that together. Sounds good. Is there any other questions? And so we're appointing the CSBO, our treasurer. Can I have a motion and a second to approve the appointment of Eric as district treasurer as
050presented? So moved. Camelich. Second. Gabby. May I have a roll call? Nelson. I. Camelich. I. Bombstark. I. Stefani. Hi. Dolan. I. Moon. I. Subos. Motion carries. Now we have the 255027 resolution setting a hearing for the interfund transfer uh from the ED fund to the O andM. So we reviewed these two transfers last month. I've got them both on the screen for your review. Once again, we're reviewing both. I'm asking the board to vote on this first resolution which sets a hearing like all the other hearings we do for the May 12th meeting at Lion School where uh you can hear from the community about the specific transfer from ED to ON&M. The second transfer that's on the agenda tonight is just a review of then after that transfer is completed or voted on the
051move from O andM to capital projects for the full 11 million. It's on tonight's agenda just for review. Um but we'll ask the board to vote on both next meeting. So So we won't be voting on this right now. You're going to vote on this which is a resolution to set the hearing for May. Oh, setting the hearing. Yes. Yes. So the action item on that we're speaking about right now is for the to set the hearing so we can ask the board to vote on both of these at the May 12th meeting. Right. Okay. Is there any other questions? Okay. I have a motion and a second to approve the resolution as presented. So moved. Bark. Second. Camel. Gabby. May I have a roll call? Came. Bombstark. I. Stefani. Hi. Dolan. I Moon I
052Supos Nelson I motion carries now we have the 2528 interfund transfer O andM to capital projects yeah and this is just part of the same I just wanted to bring both agenda I just want to remind people that we overfund our ad funds so that we were able to do this is this part of this it's part of it yeah I mean obviously as we drew down right um or we're drawing down expenses for capital projects but the ad fund has the vast majority of our fund balance. Any questions? Can I have a motion a second to approve the resolution as presented? So moved. Moon second. Dolan. Uh Gabby, may I have a roll call? Bamstark. I Stefani. Dolan. I. Moon. I. Subupos. Hi. Nelson. I. Chemove. I. Motion carries. Now we have uh the
053255029 2026 ISBY consolidated district plan. Matt, yes. Doctor, before you go, uh Charlie, you may uh leave. You don't have to watch. Don't choose. Thank you for being here. Thank you. So, I'm pleased to report this plan to you. I first have to thank my colleagues, actually, everybody, including Eric. He's already had his time tonight, but I do need It's nice to hear you speak. Uh you can see it's a large plan and um it really does uh commit and communicate to the Illinois State Board of Education regarding our goals and objectives for all of our entitlement grants. Those do include title one, title two, title three, title four, and then our idea grant for both preschool and the flow through. So that's part of the reason why it's so long. And every one of
054those categories has specific criteria. Basically, our promise and commitment and ways we're going to spend the money on behalf of our children, our services, our needs, our commitment to our programming. So, I'm seeking your approval tonight. So, then I can submit it to the Illinois State Board of Education tomorrow and as soon as they release the funding allocations, we can start writing the actual grants themselves. And we do this every year. Exactly. Yes. And in the past, before it was consolidated, you used to have to do it separately. Correct. Yes. For each grant, right? This allows us to also braid our funding better. Yes. Yes. Okay. Are there any uh questions or thoughts? All right. Can I have a motion in a second to approve uh the resolution is presented? Second. Gab, you may have
055a roll call. Stefani. Dolan. I Moon. Subos. Nelson. I. Kemale Levich. I. Bomb Stark. I. Motion carries. We'll now move to our discussion section. We have a preliminary uh set here for the board meeting dates. Is there any discussion the uh September 22nd uh I will not be able to attend. It is a holiday. Correct. It is a holiday. So we will probably be changing that. That's our board self-evaluation. And so we'll just take that off of the table right now. But we'll be changing the date for the board self-evaluation. Is that okay? With me. All right. And then we have next our PACE instructional mandate framework. Yes, I have a brief presentation. Let me Excellent. Send it up to the screen hopefully. Okay. So, thanks to our friends at the Illinois State Board of
056Education and our legislature group, we have a new mandate. Um, unfunded. You stole my fun. That was perfect. Right on. I was going to ask the same question, Mr. Nelson. Unfunded. Um, and um, well, it it is chalk full of good ideas. Um, no additional time support. So, what are we talking about here? So uh PACE is the Illinois postsecary and career expectations framework. So it brings uh career planning uh postsecary thinking down really which used to be a high school kind of space and category into the middle school level into sixth, seventh and eighth grade grades. And um you could see some of the there's a lot of text and criteria, but some of the underlined words I highlighted just to kind of pinpoint that um the verbiage around this is we we need
057to give strong effort and try to uh see where we can bring this type of programming to our children possibly within our current curriculum and teaching and learning. Um that last paragraph there does kind of um promote the notion that this is about preparing children for high school where college and career readiness standards exist and that type of planning is a little more significant versus the middle school years. So if you're curious about uh how these things come to fruition, I just for the fun of it included the public act. Um I'm just a bill on Capitol Hill. Um well here it is. um how it went and it's it is interesting a good civics lesson all these people involved to make this mandate happen and then there is a Illinois State Board of Education
058student assistance commission site which is also designed to help support the uh programming behind the the curriculum expectations and so the curriculum expectations and again I apologize for a lot of the text part of the mandate too is to post onto our website information and we will post this presentation but you can see the words are exposed and supported. That's interesting. Usually mandates are shall and will. So um much of the exposure and supporting of students will be through what we believe to be our social and emotional curriculum because when you look like at sixth grade for example um growth mindset we we already work in that space and we have curriculum and we have um learning around that. So much of sixth grade we're feeling very comfortable that this can already be delivered through
059our current curriculum instruction structures. seventh grade, you can see a little bit more depth in terms of career interests. Um some other types of uh social, emotional, and um executive functioning. Eighth grade, this is where we're going to have to do a little bit of work. In particular, you can see the third category under exposure, which is financial literacy, which again is a great idea. We're all for it. We're just going to have to find um the space the the time and space um to teach it. We are uh going to we are in the process of surveying our middle school staff. Um in social studies we have a few units on sort of national and global economics and that and maybe we that's a good fit. We really wanted to make sense to a
060student and fit into this whole notion that they have some control and some future in in something like um financial literacy. And then a few more spaces, one of those being completing a career survey. Right now we don't have that as a systematic experience for eighth graders. So, we'll look to bring in something where um we'll provide that for each eighth grade student. And so, some some of this we are going to need to develop and and figure out where it's going to fit into our existing school day really. So, we have spoken with our middle school staff. um they understand or realize that we're looking at our social emotional learning standards and curriculum and where we could deliver these um pace um content standards. We do have a life skills curriculum which is excellent
061and it has a lot of depth and again that might be a nice fit for some of these categories. Uh it it's usually taught as a component of physical education, some of our encore lessons also in particular like STEM. um STEM, they do spend time talking about STEM careers. Now, this needs to be a little bit broader, a bigger career picture, but again, we do a lot. It's in modern media as well. Um children explore career opportunities because this is heavy in high school and there's the metriculation process. We will be collaborating with Glenberrook South um learning how they're aligning and their work and ways that we can enhance and connect uh with the high school. And then I as was mentioning we will need to add some content into our curriculum. Um it just
062comes with these mandates. And with that um I see you're going to collaborate with the high school hopefully because they've already been doing this it sounds like. Yes. I mean they they are mass. Do you think they'd be amendable to sharing some of the assets they already have? [Laughter] Perhaps. Okay. It's just something to explore. Yeah. Is there an expectation of a report out to the state or do we just keep this information in case? Uh well, so it's interesting. Um so, you know, we're about to go through our uh North Cook ISBY audit and this is standing this is a standing audit item, but it says starts July 1st. So, it's definitely going to be a part of the curriculum auditing process. I don't know so much about the student data colle we would
063collect like in the surveys and that sort of thing but they will be looking for um curriculum content around like the financial literacy and the deliverables in the mandate so we'll be keeping record of what we're doing as request yes exactly yeah I do want to maintain that they say supported and exposed well that's kind of my question what's the metric by which exposure and support are evaluated or assessed because I mean and I think this is the challenge and maybe this is be one of the things before they start to do any of these audits to really ask that prospectively say okay what's you know exploring career interest we have a career day if it's extracurricular does that satisfy and check the box or is it something that is you know more iterative based
064on interests of the individual to really facilitate that exposure and expanding the universe of what you know versus what you've been exposed to because of your family or your community. I feel like this is one of those where perhaps we can ask questions not in a um a defensive fashion because they're probably not getting these from everybody else. They're probably getting push back on it, but more in a constructive nature to say this is a great ambition, but realizing, you know, what whatever it is that you're trying to achieve has to be at some point measurable and can we potentially help define what that measurement looks like because while it is relevant for district 34, I can't imagine this is the target district for why this mandate has been issued. Yeah. just based on who
065sponsored the bill alone. That's a that's a good point. And and as a township, we have been discussing this mandate and you're right, everybody is interpreting it and we share what we think is a best practice or a high quality metric, but um some of this is ingrained um like uh Northbrook Glen View 30 has a career day um already established. been doing. Yeah. So, well, and this might even be one of those things where perhaps we can use our data driven approach to guide the conversation and track backwards or set a foundation going forward. Um, it just could be another thing where we, you know, stick a a flag in the ground and say we're not going to start to ask some of these questions as part of some of our other ongoing active
066survey research, etc. that could be correlative to some of these outcomes. Thanks. Anybody else have any thoughts on this? To that point, I wonder if if that we could ask the question from GBS like if they have any metrics on this because I'm reading this, you know, part of this says it's meant to prepare students to more fully engage with the framework throughout the critical high school year. So, like what would they want kids to show up with and maybe that provides us a little bit more of a more of a target here? Yes. Yeah. Other than that, I I just want to say yet again, I appreciate the work that has gone into and will go into trying to figure out how to stuff another unfunded mandate into our already overloaded school um uh
067curriculum. as we fight over minutes. Well, and some of this stuff, you know, you look at it like you you could have the state could have funded, you know, pull out opportunities like career day for everybody, every middle school, you know, on a certain date or quarterly date. You know, there's just a lack of just lack of mindset on on what to do here. But we've talked about this before. Everybody got it? Thank you, Dr. Silverman. Good. Six document. I mean, six documents. That's great. Uh, next we have our audience comments. Are there any audience comments, Rebecca? There are not. Okay. Now, we have our report section. We have the number one foyer report, the number two referendum expense report, the number three construction change order report, the number four current year financial projections, and
068the number five monthly budget report. Are there any questions or thoughts on the reports? I just want to pour one out for whoever is responding to all these foyer requests because seems like we're going through a lot. So, been busy other people participate in these things. Eric, we have attorneys It is what it is. So, we appreciate you and thank you for going through all that shenanigans. I I I did hear I did hear that um there's a bill that involves I'm going to try to get this straight. the identification of the person uh requesting information through uh through a foyer rather than anonymous. I don't know what kind of footing that's going to it's in the rules committee right now. Uh Jennifer Gongers is actually um the sponsor of the uh bill. So you
069actually have to be a person to foyer, not an AI or anonymous. I was I was talking to the village and I we've had I don't know 40 maybe. Yeah, I think we're at about 40 for the year so far. 40 foyers. Now I I mean I don't know that I've had 40 in 18 year the 17 years prior to this year in total. I was talking to the village though they get 1,500 a year someone's fulltime job uh almost in some of the municipal governments. Not that foyas are bad, just that it'd be nice to know who's asking. Uh, next we have other business. Any other business? If there's no other business, we are adjourned. Thank you. One hour meeting under. We said it at the same time. We did.