Audit is looking very good.   CFO will report any problems from auditor at Finance meeting in November.

DEO report is due to APS regarding the FTE budget for 2026.

Anyone that has any questions feel welcome to send to Finance Chair.

Enrollment and Revision:

Enrollment is currently above the forecasted number .

A budget revision will be completed in January  to reflect updated enrollment and financial projections.

Healthcare/Operations:

The school changed healthcare carriers from Cigna to United Healthcare.

• A 15-20% increase had been anticipated.  Budget adjustments accounted for the change.
• HR successfully transitioned all staff into the new payroll and benefits system.

Funding Impact:

• CFO provided funding details:
• Charter schools receive approximately $24K per child, with 2% allocated to the district.
• Funding breakdown: 80% from local sources and 20% from the state.
• Projected budget surplus of $500k.
• Overall,  the school is in a strong financial position.
• Funding Capital Projects for Cook. 

Finance Committee Goals - FY2026

1. Budget Development and Oversight

• Monitor monthly financial statements for accuracy and alignment with board approved budget.
• Ensure budget aligns with enrollment, staffing, and facility needs.

2.  Audit Preparation 

• Oversee preparation for the annual audit to ensure compliance and timely reporting
• Maintain strong internal controls and transparency in financial practices.

3.  Banking and Treasury Management

• Evaluate broadening banking relationships to improve customer service and efficiency.
• Transition from Bank of America to a new banking partner aligned with CFO"s needs and relationships.
• Explore options for investment markets to stregthen returns on reserve funds.

4.  Procurement and Purchasing Controls

• Strengthen purchasing oversight, including Amazon access controls for staff visibility.
• Implement Jason's procurement program through Bil.com for more consistent controls.

5.  Accounts Payable and Expense Management

• Transition to Bill.com for invoices and receipts, centralizing approvals and account tracking.
• Implement a new P-card program to improve efficiency, accuracy, and oversight of spending.

6.  Facilities and Capital Planning:

• Provide financial planning and oversight for major capital projects at Cook Building and other future facility needs.
• Ensure long-term planning incorporates both capital requirements and operating sustainability.

7.  Financial Position and Sustainability

• Maintain budget surplus target and operating reserves.
• Monitor financial health indicators to ensure the school remains in a strong, stable financial position.