Monique provided an overview of the status of the FY24 Audit. 

• The ZEST BOD will need to approve the FY23-24 meeting minutes. 
• Auditors do have questions regarding segregation of duties from EdTech and school-based staff. 
• The goal is to have the final audit approved by the end of the month. ZEST is awaiting confirmation to provide a final notification date to the SCSC. 

Monique presented the FY25 and forecast provided by EdTech. The budget does show a potential anticipated cut in revenue. 

• Need to review actuals vs YTD. ZEST will continue to partner with our back office providers to reconcile expenses to determine actuals. 
• As we review YTD, we are able to make expense cuts and make room to make modifications. 

Monique presented the midterm QBE adjustment. ZEST was notified on March 18, 2025. ZEST is anticipating a potential decrease in QBE allotment of 50% or more from March 2025 to June 2025. 

• Decrease is aligned to enrollment and forward funding. 
• ZEST was forwarded funded for SY24-25. However, ZEST was able to maximize 2-2025 FTE funding. 
• The finance committee reviewed a copy of the anticipated allotment sheet from March 18, 2025. 
• ZEST discussed formally writing to the SCSC for an Emergency Hardship Grant. 
• The finance committee discussed next steps to support the decreased allotment. 
  • CSDC, RIF's, sale of land, freezing non-essential expenses, adjusting employee start dates, major fundraising donations. 

To date, we have 167 applications: 80 eligible applicants in Kindergarten for 60 spaces, 28 eligible applicants for first grade 60 spaces, 16 applications for second grade 60 spaces, 15 applications for third grade for 40 spaces, 16 applications for fourth grade spaces, and 8 applications for fifth grade. 

• ZEST has a 96% (198) intent to return rate based on family submissions. 
  • 26 returning sibling families.
• 47 new families with siblings tagged in the lottery. 
  • ZEST will confirm the total number of potential siblings for returning and new families. 
• Increase in SpED population for SY25-26. 
• Community enrollment events are upcoming on April 12, 2025, April 19, 2025, and May 17, 2025. 

Monique presented multiple options for the FY26 budget. 

• Departmentalization for grades 3-5.  
• Modifying Teaching Fellows (para-pros) roles in Kindergarten classrooms. 
• ZEST removed Fulton County from the school pay scale. The adjusting of the ZEST pay scale will align more to Douglas County.
• Monique will be able to present a more affordable budget to the finance committee following the meeting with the financial back office provider. Considerations include reduction in pay for the senior leadership team, reduction in Executive level contractual hours and contracting services for academic and special education compliance services.

ZEST officially sent out a financial RFP on Monday, March 24, 2025, to potential back office providers. The proposal deadline is April 18, 2025. The RFP is posted on the school website. 

The current ZEST facility is not sustainable regarding the finances and growth. The finance team will meet with the Facility Resource Center to discuss short-term facility options during the week of March 24, 2025. ZEST is currently exploring options for satellite space. However,

GaDOE  and the authorizer will need to provide approval for a satellite campus. ZEST is in the initial discussions of enrollment pause based on facility space concerns.

The finance team will meet with the FRC to discuss long-term facility options. Board Member HR will also support in researching long-term facility options. ZEST may have found a viable option and will seek guidance from all stakeholders.