Michelle presented required annual review of Investment Policy.  Michelle explained it is a very conservative policy and that she acts as investment officer.  School's investments were reviewed and found to be incompliance.

Michelle presented a review of month by month calculation of tuition figures and explained how and why they fluctuate over the course of year.  Reviewed that things are not final until June.  There was a decrease in expected revenue from Q2 to Q3.  DESE was slower than usual in calculating adjustments to current year tuition revenue.  Typically the changes are processed by December, but DESE was delayed.  Also DESE found additional funds that were given to the districts as charter reimbursements which also reduced Net School Spending resulting in a decrease in tuition numbers for charters.  All charters experienced decreases in Q3 projections.   Parker built FY21 budget on the higher Q2 projected figures based on timing so this might have an impact into next year.  Michelle explained that even given these changes, things continue to look favorable for FY20 fiscal year end.  There is no current thinking at the state level that FY20 revenues will be negatively impacted by the pandemic.  

Michelle, Glenn, and Todd presented potential tuition figures for FY21 due to the state and local budget crisis caused by the coronavirus pandemic.  As presented in materials, we do not know what will be.  We will not know for certain until next June.  We have been cautioned that we could see minimal increases, FY20 level funded tuition, or even reduced to FY19 tuition levels.  There will be stimulus funding but we do not know the amount or approved uses as of yet.  We are closely watching and in communications with the bank due to debt service covenant requirements. 

Michelle asked committee for areas of audit focus.  None were noted.