Due to Rodney Thompson's unavoidable conflict, Heather Bass chaired the committee.

Heather Bass gave an invocation.

Heather Bass led the Pledge of Allegiance.

Heather Bass read the mission and vision statements.

Mr. Shaw reported a March net loss of approximately $125,000, primarily driven by lower-than-expected grant receipts and elevated payroll expenses due to bonuses. Despite this, overall expenses are trending below average due to strong cost management.

Cash on hand is currently at 25 days, below both the 30-day state requirement and the board’s 60-day target by June 30. The organization is carrying approximately $19.2 million in bank debt, reinforcing the need for continued fiscal discipline.

Enrollment, which directly impacts funding, stands at 912–913 students. Recurring revenue is slightly under budget, with a projected $11.1 million year-end total vs. $11.2 million budgeted. 

Philanthropy and grant revenue remain below target; however, anticipated inflows include a $200,000 strategic compensation pilot MOU and a $250,000 Yass grant, expected by or shortly before fiscal year-end. The congressional community grant budget is due by May 10.

Salary and benefit expenses are projected to come in $200,000 under budget, reflecting intentional expense controls. A potential expansion of 5,000 sq. ft. at the mall was discussed and flagged as a possible additional strain on cash flow pending further leadership discussion.

Federal funding utilization is progressing appropriately:

• Title I: $20,000 remaining to claim
• Title II: Fully expended
• Title III: For instructional materials
• Title IV: Amendment (~$10,000) approved and claimed
• IDEA: 75–80% expended, with reimbursements forthcoming

There was an emphasis on the importance of meeting claim deadlines and maintaining compliance, particularly regarding the 85% expenditure rule.

The Comprehensive Needs Assessment (CNA) is in progress and must be submitted by May 15, with a site audit scheduled for May 7. Stakeholder feedback continues to guide funding priorities, especially in small-group instruction and intervention staffing.

The current food service platform, Lynx, is underutilized (25% of capacity). A proposal to transition to a more robust system will be presented in May. The new cafeteria project is advancing, with the certificate of occupancy as the next major milestone. Coordination is underway to support expanded student services.

Budget planning for FY27 reflects a deepened expense review after nine months of operations. Key projections include:

• Reduced cost per student, driven by decreased reliance on consultants
• Transition of payroll systems from Namely to ADP, generating efficiencies 
• Ongoing evaluation of vendor contracts for potential cost savings 

Risks remain tied to dependence on grants/philanthropy and rising payroll costs. While additional personnel roles have been approved for posting, offers will not be extended until budget approval at second reading.

The Deputy Superintendent search is on track, with finalists identified and interviews scheduled. An offer is anticipated within the first two weeks of May.

A Director of Finance will begin April 29.
 

Graduations are scheduled for May 27 for fifth grade and May 28 kindergarten.

A draft FY27 organizational chart is in progress expected to be presented for Board approval in June. Incoming senior hires will significantly reshape reporting structures. 

The committee emphasized maintaining strict financial oversight to improve cash reserves and meet compliance thresholds. Continued alignment between financial planning, federal requirements, and strategic staffing remains a priority as the organization prepares for FY27.

Key Dates & Board Actions

• May 7: Federal programs site audit 
• May 10: Congressional Community Grant Budget Due
• May 15: CNA submission deadline
• May 26: Next full board meeting (Junior Academy) 
• May Board Meeting: Recommended second reading of FY27 budget
• May 28 Kindergarten and May 27 first-ever 5th grade graduation ceremoniesClosing Notes