C. Quick reported on progress on construction and the financing.

• Draw 7 is sent out, Draw 8 is under review.
• To date drawn 2.7m; all in we are 9.9m on project, so about halfway through.
• Third floor buildout and trailer disconnect fee was quoted, and is $690,000 (we had originally estimated $500,000) - this project and funding is school equity only; not part of the loan.  We may cover this using GC contingency that is unspent, but if that is depleted we may need to do another loan.  Dan, Bernard will financially model; Melissa will discuss with Board at August meeting.

D. Cembrola reported on year end; July numbers will be shared at next meeting.

• Ending year increased over approved budget, largely due to QBE per pupil funding rate was higher than budgeted.
• On expense side, some overruns (personnel - moved janitorial on staff vs contracted, for instance); balanced with savings because we capitalized interests (found 600k in savings)
• SCSC performance indicators projected to receive 95/100 points.

Dan sent over the CC reports; Bernard reviewed. Melissa will review in advance of full Board meeting.

D. Cembrola reports new auditor is working on FY22 single audit, and just sent the opinion - unmodified opinion (best option).  He will then move to single audit for FY23 and regular audit.

B. Hines wanted to review the allotment - GADOE has corrected the allotment sheet, we are on track with what we expected.  $12k/student versus $11k/student, or an increase of 6.4% or $750/student.  We budget for 540 on allotment, current at 533.