• The finance committee commits to ensuring 60-120 days of cash on hand by June 2025. Off-Track
• The finance committee will review and approve necessary audit periods. (December) On- Track
• The finance committee commits to staying between 20%- 40% of proportion of assets financed. On-Track

• Month Ended March 31, 2024 with 14 Days cash on hand and Ending cash Balance $407,609 at month end.
• Revenue: Above projected amount due to additional state funding and loan amount. YTD Net-cash balance is -598,839. We project to have end of year cash balance of -1,109,493
  • Contributor to Deficit
    • Missed Enrollment Target
    • Capital Expense over projected amount,
    • Title I,II, and IV Reduction fund due to low enrollment.
    • We received additional revenue due to our increase in SPED population. This contributed to the adjustment of the end of the year's cash balance.
• Expenses – Over budgeted amount:
  • Higher than forecasted expenses because of significant AP paydown.
  • AP, as of 4/25, is down almost $500k - very nice to see as we approach year-end!
  • There is a drop in the average age of AP, which is great (71 to 41 days).
• Key Metrics
  • Days Cash on Hand -13 Days
  • Net margin,% 4.8%
  • DESE fund balance, % - 3.9%
  • Salaries & Benefits, % Revenue - 4.9.4%
  • Lease/Debt Coverage Ratio - 0%
  • Facilities, % Revenues - 17.9% (Due to payment catch-up to CPH)

Bennie Jackson updated the committee on budget processes and the timeline for completion. The budget team will share the proposed budget with the board at the next Finance committee meeting to be approved in June. 

The finance committee reviewed submissions to the RFP process in preparation of submitting the selected auditor to the MCPSC.

The following positions are vacant for SY 24-25; 

Network Team 2 Positions

• Chief Schools Officer
• Director of Academics

OPS Team 3 Positions

• SIS Specialist
• Attendance Clerk/Registrar
• Student Recruitment Coordinator

HS Team 4 Positions

• Director, College & Career Readiness
• PLTW Teacher
• HS MGR, Student Support (this hire is contingent upon final student enrollment)
• Coordinator, Student Activities (this hire is contingent upon final student enrollment)

MS Team 9 Positions

• 5th Grade Teacher
• 7th Grade Math
• 7th Grade English
• NDL Teacher and Paraprofessional
• Mgr. Student Support (this hire is contingent upon final student enrollment)
• Coor. Student Activities (this hire is contingent upon final student enrollment)