Off-Site Board Meeting Minutes – 1.7.23

                        Lake Country Classical Academy Off-Site Board Meeting Minutes

                                          January 7, 2023 – 9 AM

I. Call to Order:

  • Board President Kristina Vourax called the meeting to order at 9:13 AM. All members of the Board and Administrative leadership team were present.

II. Approval of Agenda:

  • Tim Peterson moved approval of the meeting agenda – motion passed.

III. Citizen’s Forum:

  • There were no attendees or requests to speak

A. Discussion Items:

  1. Identification of Expected Outcomes of Meeting:
  • Attendees took some time to identify desired outcomes of the meeting, which were recorded. 
  1. Revised 3-Year Forecast/Programing Review:
  • Principal Margaret Daigneau presented a three-year forecast of enrollment, revenue, costs, and staffing. Her projections can be seen in the attached. Presentation was followed by questions and discussions.
  • There was general affirmation from the board, and agreement that assumptions made with respect to future costs and staffing were appropriate and reasonable.
  1. Closed Session:
  • Tom Gehl moved that the board enter Closed Session under State Statute 19.85 (1) (e) for the purpose of:  “Deliberating or negotiating the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session.”

Return to Open Session:

  1. Bond Financing Review:
  • Brian Hastings presented an overview of factors, requirements, and all relevant information relevant to the securing of a bond issue for the financing of a one-location school for LCCA’s K-12 offering.  
  • Discussion included 5-year enrollment projections, number of sections, etc. 
  • The need for a capital campaign was again identified and discussed somewhere in the $20 – 25M range.
  •  The objective is to have this single location facility ready by August of 2025, for the opening of the 2025-26 LCCA School Year.
  • Timelines to achieve this were discussed, along with a brainstorming session on what is required for a significant fund-raising endeavor.
  • Objective would be to launch the campaign sometime in Q2 of Calendar 2023.
  1. Adjournment:
  • Brian Hastings moved adjournment – Motion passed.
  • Meeting was adjourned at 4:20 PM