Michael Kirby (Raymond James) presented that the USDA would not loan the total amount needed for the loan.  There is a difference of around $384,000 between appraised value and cost to close.  He began discussing three options to account for the short fall.

Clay Lucas made a point of order that this discussion was being had outside of executive session as the agenda called for it to be an executive summary discussion.  No ruling on the point of order was received and the discussion continued.

One option is to get an updated appraisal to see if more value exists. Another option is to acquire a loan using FF&E has colateral.  

Kim asked what data exists to suggest a 5% increase in property value.  Michael Kirby advised that the factor was time.  

Clay Lucas asked about the rule of order.  Sara overrulled.  Clay Lucas asked Amy about congressional input on the process.  Clay Lucas asked Michael Kirby about the three options and to clarify them.  He listed that the third option is for the school to provide cash to the project. Amy reported that she has not reached out to congressional support, doesn't see the point and believes that we are on verge of resolving this.

Patrick Chester advised to not under estimate congressional support.

Sara Lemstrom asked if there was precedence of USDA accepting FF&E. 

Tom Vandeburgt reported that he had sent an opinion from a family member that LMS was not likely to get a better loan deal.  

None

Some students striving and some struggling with virtual learning.  Accommodations have been made for some families.  Michael Bell provided a disciplinary report.  CD with $35,929.93, facilities account $27,170.44 and security deposit of $50,000..  Admin staff working on draft procedures.  Ms. Rose would like board to stop by Tuesday, Wednesday, Thursday 8-10am to have board pictures taken.    

Governance committee recommends that the board vote to extend the terms of the existing board members with terms expiring in May.  

Governance committee recommends that the board vote to extend the terms of the existing board members with terms expiring in May.  

Had discussion on board officer elections in May. 

Discussed upcoming virtual work days topic.  

Looking at 25% being the goal at this point.  Unemployment is showing over budget but the school will be getting a refund due to errors earlier in the year.  Operations and Maintenance is showing about 30%.  LP looks pretty good.  Charter Side: not expecting local/pupil revenues.  New PPP loan came in today.  Final pupil count (135 day count).  Expense side: some services may not be utilized and some training shows overage but will likely be trued up with Tier II funds.  25% of PPP can be used for rent.  Clay Lucas asked to confirm that Taylor was projecting shortfalls in pupil activities revenues.  Alex Moody asked about the school safety line item. 

Taylor reviewed FY21 budget draft.  Teacher salary increases and based on 345 students, based on anticipated mortgage and short term loan.  PPP funds will not be in the FY21 budget.   

Amy discussed Pre-K fees for next year.  Tom asked about the cost to run the classroom, Amy reported that it costs $300,000 covered by kindergarten student fees.  Alex asked about public funding for 4 year olds, Nothing is known yet.  Sara voiced her concern about the financial aspects and the charter coming up for renewal in 2024.  Clay asked about the compliance with non-required volunteer hours per family.  Amy reported that it is a small percentage.  Kim asked about survey results, Patrick reported that it was about 50/50.  

No report

Matt reported no new changes in reference to technology.  Staff make efforts to reach out.  Meeting with each level, teachers are doing really well.  Clay Lucas asked about reporting one staff out reaches,etc.  Patrick asked about the value of that information.  Discussion ensued.  

Will be voted on at the next meeting.  

No motion made. 

No executive session.