School Board Sets Guidelines for Financial Oversight Committee

By Lookout Staff

The school board Thursday night unanimously approved the composition and criteria for selecting a Financial Oversight Committee mandated by the City Council as part of a $2.1 million bailout of the cash-strapped school district.

The committee will be comprised of seven members -- appointed by the school board -- who will serve staggered three-year terms. Initially four members will serve three-year terms and three members will serve two-year terms.

The selection criteria call for members who have a "broad perspective" and expertise in finance, management and/or law. They must live or work in Santa Monica or Malibu and cannot be currently serving as elected officials.

Efforts will be made to have the committee reflect the diversity of the district.

The scope of the committee's work and its roles and responsibilities include the following:

· Work with staff in developing both the scope and criteria for a Request for Proposal to select an auditing firm to conduct a performance audit, including a performance review and organizational analysis.
· Review report and recommendations of the Superintendent's Committee/Financial Task Force and look into areas of concern.
· Develop a long-term financial plan for the district consistent with board adopted goals which would include potential sources of additional revenue.
· Identify and seek alternatives that provide better educational value and find creative ways to provide under-funded programs without compromising their quality.
· Review the annual audit and submit any recommendations to the Board of Education.
· Review annual budget and enrollment projections and submit any recommendations to the school board.
· Assist the district in educating the public about school finance issues.
· Assist the district in creating more reader-friendly budget information.
· Review any matters potentially having an adverse impact on district finances before the school board makes a decision.
· Participate in selecting Senior Business Services personnel as positions open. (One member would be chosen for this responsibility).

Committee meetings would be attended by one to two liaisons chosen by the board, as well as the superintendent and assistant superintendents of Human Resources and Educational Services, representatives from the cities of Santa Monica and Malibu, a representative from the Los Angeles County Office of Education Business Department and the assistant superintendent of Fiscal and Business Services.

The committee will meet regularly, with meetings - which will be open to the public --lasting approximately two hours.