• Prestige presented the May financials to the committee and noted the following: 
  • The school is performing well across multiple areas, with net income ahead of schedule, zero undocumented transactions, and positive operating cash. 
  • The committee also discussed balance sheet components including accounts receivable, accounts payable, and unearned revenue, with ED Meadows and Prestige confirming that remaining Kaboom grant funds would be spent by June 30. 

• The committee reviewed the budget for the next fiscal year with Prestige and noted the following: 
  • Based on a projected head count of 200 students, expected revenue is approximately $3.5 million in state funding and projected net income profit is $248,000.
  • Total expense budget of $3.7 million, a decrease of $250,000 from the previous year, primarily due to staff reductions and decreased debt service. 
  • The committee discussed salary adjustments, including new hires and placeholders for unfilled positions, with ED Meadows explaining the methodology for setting placeholder salaries. 
  • The committee confirmed they would present the budget at the board meeting the following week for final approval.

No updates were noted. 

The committee discussed contract negotiations with Vertex. Regarding the Vertex contract, the team reviewed attorney feedback on contract terms. The committee agreed to proceed with the contract as modified by attorneys, while requesting Vertex remove certain language from the contract per the recommendation of the school's attorneys. 

No updates were noted. 

ED Meadows requested the committee approve to pay bonuses to returning teachers using remaining state funds, which the committee agreed to consider at the next board meeting.