There was no quorum physically present, so the committee will approve the minutes at the next meeting.

The committee reviewed the school's August financials. Meghan highlighted these items:

• The cost of facility repairs is misleading because janitorial costs were shifted to the personnel line. Because 2 out of 3 janitorial staff are part-time projections on the benefits side may increase.
• The grant process is underway.  All grant funds will be approved by the end of October and then the school can start drawing down funds.  
• Despite the increased costs on other line items, the YTD actual to budget is still lower than anticipated because there is one open staff position left to fill, an Associate Teacher position.
• DESE tuition projections have increased since April, when the budget was approved.

Tricia shared some of the strategies she uses to review the financials.  She will share these with board members at a future board meeting.

The committed noted that the cash flow does not connect to SNP; MW will look into this and determine the issue.

Meghan explained that the school's audit report came back clean and that the auditors noted that the school is in a strong financial position, especially given the age of the school.

Tricia raised the question of whether building planning should be considered a part of budget highlights. Megan will ask the auditors whether this item should be included.  

The committee discussed the comps and noted two highlights: (1) SPCS personnel costs are a bit lower than the average and (2) a larger portion of the school's program is paid for by tuition than the average.