River Valley Charter School
Minutes
Finance Committee Meeting
Date and Time
Wednesday May 8, 2024 at 6:00 PM
Location
River Valley Charter School. 2 Perry Way, Newburyport. Middle School Great Room
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Committee Members Present
C. Whitford, D. Draper, D. Herrera, D. Landry (remote), J. Evans
Committee Members Absent
C. Marie, G. LeFave
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Finance
A.
Review April 2024 Financial Results
B.
2024 - 2025 Budget Discussion
- Onsite/Insite plan: HVAC- 2 units need repairing- competitive quotes at approx 64K-80K. Looking at apples to apples. Will go with best all in option after discussions with HVAC companies.
- Budget discussion- will continue to review budget and will send to vote for June Board meeting.
- Began to discuss potential overages for 2023 - 2024 and the need to fund capital management plan.
C.
Transition Plan - Central Source and Bank Accounts
Will transition throughout the month of June and ensure Finance committee has appropriate signing authority.
Nothing unexpected since March. School is doing well and no significant change YoY comparisons.
Favorable budget variances remain however tuition revenue expected to decline at end of year based on DESE projections.