Lisa and Erline provided an overview of the March 31 and April 30 draft financial statements.  School staff welcomes any questions regarding detailed transactions or expenditures.  The school continues to draw down federal CARES funds.  Revenue from the afterschool program continues to trend above projections.  Expenditures for substitute teachers continue to trend above projections.  Invoicing from the vendor providing COVID testing continues to lag due to timing and coordination with APS.   The school has added a 4th mobile classroom facility to the property to accommodate students returning to campus.  The school utilized the spring break to clean and make minor improvements around the school.  The BVA remains very close to being on budget relative to the mid-year budget revision.  

School leadership reviewed the proposed budget for FY 23.  This is the first of two required public hearings prior to Board vote and approval.  The proposed budget follows the same format as in prior years.  The budget aligns priorities with goals specified in the charter agreement.  School policy is to keep within 95% of the published APS salary scale and keep 30-45 days of working capital in a separate fund for emergency situations. 

FY 23 will see a large infusion of federal funds associated with CARES and other legislation.  These funds are intended to help mitigate many of the effects of the pandemic and must be spent by the end of FY 24.  Funds will be held in reserve for a variety of contingencies related to a potential surge of Covid during the FY 23 budget.

The budget assumed 808 students last year.   Based on counts and projected counts, the FY 23 budget is based on 800 FTE.  Total estimated revenues are set at $14.4 million, up from $13.7 million in the FY 22 original budget.  The FY 23 budget accounts for the funds allocated for the State of Georgia commitment to fund $2,000 salary increases for employees throughout public K-12 education.  

Compensation represents approximately 75% of the school's operating expenses.  This is in-line with other schools.  Timing challenges will result in new healthcare premiums for the school being available after the school year starts.  Funds have been set aside to accommodate a 10% increase in healthcare costs.  APS intends to implement a 4% across their pay scales.  WIA intends to follow this adjustment resulting in a 4% or more pay increase to employees.  Total expenses are projected to increase by 4.1% over the FY 22 original budget to $14.4 million.  On balance, the budget is effectively a break-even budget, with a slight surplus projected.