C. Quick joined with the following update:

• Lenders were able to get loan documents ratified to be funded; funding was approved and some other improvements: they extended interest only period and fixed the retainage amount. 
• Reinvestment Fund would like to see Sinking Fund by 2025, but it's not required.
• Board approved resolution to withdraw from Sinking Fund on Saturday.  Melissa will sign and send to Cameron to distribute to lenders.

P. Laub will ensure M. Moore has access to box to review.

P. Laub presented on the December Financial Updates:

• Forecasting revenue at $222,065 favorable, largely due to $195k in after school program revenue
• Forecasting expenses at $518k unfavorable due to benefits and insurance (-172k, due to new provider and nationwide increases to costs) and supplies (-195k expenses offset as the expenses for the after school care); some remaining line items in expenses may be showing more unfavorably than they are.  refinements anticipated in advance of Board meeting.
• With extended interest, overall favorability will rise with income before depreciation.
• Reviewed remaining presentation; minor changes proposed.

D. Mack reported that there will be a summer program that will have expenses/tuition which will net out, but will have an impact on additional activity in June/July.  Fees and deposit will be starting in March; so will need to get accounting codes set up.  Discussed timing; will be split over fiscal years since June/July.

B. Hines reported that some early budgeting work has been completed; may be a condensed cycle upcoming with that early preparatory work. First presentation to committee will be March. Discussed public hearing schedules, and communication methodology to increase attendance from families and staff.

B. Hines reports no activity related to audit at this time; emphasizes that we should have continuous ongoing communication about significant changes like the changes to the lending contracts, or addition of new programs, proactively.