1. Review of Informational Summary-9:00 a.m.
2. Actuary Valuation/External Auditor-9:05 a.m.
Subject
2.1 Audit of the Financial Statements of MCPS and New Other-Post Employment Benefits Accounting Standard
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
2. Actuary Valuation/External Auditor-9:05 a.m.
Type
Information

This is the annual report of the external auditor regarding the financial statements as published in the Comprehensive Annual Financial Report (CAFR).  The auditor also will discuss the upoming Government Accounting Standards Board accounting standard relating to pensions.

 

Link to CAFR - http://www.montgomeryschoolsmd.org/uploadedFiles/departments/accounting/FY2016%20CAFR%200426.17_2016AnnualFinancialReport_Final%20101032016%20searchable.pdf

 

Subject
2.2 Actuarial Valuation of the MCPS Employee's Retirement and Pension Systems
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
2. Actuary Valuation/External Auditor-9:05 a.m.
Type
Information

This is the annual report of the actuary with the annual valuation of the pension and the Other Post-employment Benefits (OPEB).

3. Pension Plan-10:45 a.m.
Subject
3.1 Pension Investment Advisor RFP Recommendation
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
3. Pension Plan-10:45 a.m.
Type
Action

The contract for an advisor to the pension plan Board of Investment Trustees was bid during fall 2016.  This is the presentation of the recommendation of the award of the contract to the successful firm.

 

Subject
3.2 Technical Pension Amendment
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
3. Pension Plan-10:45 a.m.
Type
Action

A recent review of the plan document requires the amendment of the plan to align with technical Internal Revenue Service Language.

4. Fiscal Year 2018 Operating Budget-11:00 a.m.
Subject
4.1 Fiscal Year 2018 Operating Budget Development
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
4. Fiscal Year 2018 Operating Budget-11:00 a.m.
Type

The Fiscal Management Committee will discuss the upcoming budget development process for the Fiscal Year 2018 Operating Budget and the next steps through which Board of Education committees and individual members will engage in budget development with staff. 

5. Updates/Reports-11:15 a.m.
Subject
5.1 Office of Legislative Audits Action Plan
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
5. Updates/Reports-11:15 a.m.
Type
Discussion, Information

This is a presentation of the status of the work to address the findings from the May 2016 report from the Office of Legislative Audits’ school system audit.

Subject
5.2 Board of Education Expenditure Quarterly Report
Meeting
Nov 14, 2016 - Fiscal Management Committee Meeting
Category
5. Updates/Reports-11:15 a.m.
Type
6. Summary of Actions and Follow-ups-11:40 a.m.