Central Source provided an overview of the February 29, 2024 financial results.  Key items were as follows:

• Tuition revenue is still expected to be $5,177,000, which is consistent with projections from the prior meeting.  The overall revenue number is expected to decease by $70,000 below budget due to state funding rate changes but will not be known until May / June.
• Total Personnel and Related expenses are 61.44% of budget which is leading to favorable results through 8 months,
• Contracted Professional Services are up due to Central Source, HR Knowledge, and the outside consultant for the Grounds Redesign project.
• Travel, Dues, and Other expenses are higher than budget due to the Board on Track software purchase.
• Overall expenses represent 62.17% of budget, but with potential revenue cuts, we continue to manage and monitor expenses.
• Total net income of $166K through 8 months but we are anticipating break even results due to the lower tuition and higher potential expenses for student services.

Per Central Source, the early indication from other charter schools is that salary pools may range from 2.5% to 5.0%.  This is still an early number and we will continue to research in preparation for the April meeting.

Central Source also indicated that DESE projections for 2024 - 2025 could be $5.305M which is slightly higher than 2023 - 2024 budget ($5.247M) and higher than what we are expecting by the end of the year ($5.177M).  Early indications are that the range on this number could be 5% lower, which would put it in line with our current 2023 - 2024 projection.

Jonnie Lyn Evans noted that Amesbury is expected to be the largest sending district next year at 37% compared to 32% for Newburyport which could change funding levels slightly.

Jonnie Lyn Evans provided an update on current grounds redesign project.  The following items were discussed:

• We have proposals from landscape architectural design firms ranging from $78,000 to $181,000.  The LA would complete an overall master document, schematic plans, permitting and other related documents.
• A formal request has been made to the Foundation for initial support, specifically the pond dredging project.
• The Finance Committee reviewed the Capital Plan prepared by On-Site Insight in 2022 and has asked Dave Draper to review upcoming needs and how the external redesign may fit in.
• The Finance Committee is reviewing the various equity accounts of the financial statements and has asked Central Source to provide additional detail.
• Continued work to determine overall project scope and budget.  There are discussion on a number of levels on funding options including private donor interests.