Ron Molina-Brantley was not present for this meeting and there was not enough votes to proceed.  

Ron Molina-Brantley was not present for this meeting and there was not enough votes to proceed.  

Meghan provided an update on the January financials, noting that revenue increased slightly, which was unexpected. Amy asked whether there were any upcoming expenses Meghan was concerned about. Meghan noted that snow plowing costs are significantly over budget this year. She also reminded the committee that state funding is finalized in March, which means revenue should remain stable for the remainder of the school year. Amy commented that she appreciates the consistency of the financial materials, noting that it helps her clearly understand the school’s financial position.

Meghan provided an update on the investment policy and reviewed the changes made to the document following committee feedback. Ron asked whether a version date could be added to the document for tracking purposes. Amy asked about the conflict-of-interest provisions in the policy and how they align with the school’s Finance Policies and Procedures. Patrick noted that similar language appeared in all example policies he reviewed, and Bill added that related conflict-of-interest provisions are addressed in other areas of the school’s policies.

Marelin provided an overview of the budget memo prepared for the meeting. A board member asked whether the memo could also include an update on per-pupil funding from the state. Marelin noted that funding has increased in recent years due to the Student Opportunity Act, and that the school uses this model to align projected budget increases.

She also discussed potential capital considerations the school is evaluating from a budget perspective, including paving work and the possibility of installing EV charging stations. Marelin shared that the Massachusetts Charter Public School Association provides guidance on any changes to federal funding. 

She noted that some federal funding streams are population-based, which could negatively impact Massachusetts. A 10% reduction in those funds would represent approximately a $50,000 decrease for the school.

Amy expressed appreciation for the school’s budget planning process. Marelin noted that the current projections assume roughly a 1% annual increase in revenue, compared to a historical range of approximately 2–2.5%. Amy asked whether salary increases might need to be lower in the future, noting that the school is currently in a healthy position but that recent increases could create pressure over the next five years. Meghan explained that the school retains flexibility within the budget to make adjustments if needed.

Bill provided an update on the school’s fundraising efforts. Amy praised the school for exceeding its fundraising goals. Bill noted that there has been a decline in interest in charter schools among some foundations, which he attributed in part to leadership changes at those organizations. He shared that the annual appeal was successful and helped fund the high school advising program, and that the alumni support program was also fully funded. Bill also highlighted the role of a fundraising consultant as an important factor in the school’s recent success.

Amy asked whether Springfield Prep staff run scenario analyses to consider how fundraising revenue could help offset potential budget shortfalls. Meghan explained how the school has done this in the past and noted that it would continue to consider these funds as part of future financial planning. Bill added that next year will be the final year of Student Opportunity Act funding, which could impact the overall budget and make fundraising an important component of filling that gap.

Meghan gave background on the need for the contract. Amy asked about the total number of hours included. Meghan explained that the costs were not limited to meeting hours and also covered preparation time and access to a library of resources included as part of the engagement. Amy suggested that these details be added to the contract summary for the board to review so that members have a more holistic understanding of the engagement.

The time of Friday, May 1st at noon worked for those present.