All documents provided to G. Tonon to the bank.  Waiting to hear.  Documents provided were copies of the most recent tax return, audited financial statement and most current budget.

In the interim, the bank has approved a small loan for $40,000 if needed to bridge gap to next payroll.  As soon as the bank finalizes all paperwork, Jill and Bob will sign the paperwork.

Discussion regarding various line items and options.

Committee acknowledged that the budget income includes a reduction from $400,000 to $300,000 a year due to a decrease in Special Education Students (both Academic and Counseling Support).

Committee discussed adjustments that had been made to the budget based on changes in Insurance and Health Insurance costs.

Committee acknowledged the impact that the reduction in Special Education Billing has had on the overall budget which has led to where we are with this budget.  Bob added that our budget is created without fully understanding total number of students, total number of Special Education Students, amount fo funding received for Title I and Title II Grants, and that this is the first year that there has really been a problem of this magnitude.

A discussion began about compensation and staffing levels and the committee moved to Executive Session to discuss further.

Council entered Session to discuss matters related to Executive Director Compensation and Staffing Levels.