Shanan Egger will present the financial statements as of May 31, 2022.

Committee will have the option to Vote to recommend Board approval (or is this approve?) a temporary $150,000 drawdown of the Line of Credit to provide additional liquidity on June 30, 2022.  The $150,00 would then be immediately repaid.

Shanan and Dan will present the Administration's proposed FY23 Draft Budget.  Presented alongside FY23's proposed budget will be a long-term Financial Model covering FY24, FY25, and FY26 as well as FY23.  A proposed staffing chart is provided as well.  

The Budget is identical to that presented June 13th, except that adjustments were made to certain position salaries as discussed.  

Admin was asked to present potential  FY23 savings of $150,000 to facilitate Board priorities, such as an Executive Director position.  Admin would highlight the following for consideration

1.  Adjustment of software licensing budget assumptions, for a savings of $14,160.

2.  Adjustment to clinician staffing, for a savings of $15,792 in salary and benefits cost.

3.  Elimination of the part-time Admin Assistant during FY23, for a savings of $30,000 salary and benefits.    

4.  Reduction of Friday Field Studies to a weekly Friday program for 26 students, suggested to be facilitated by Kayode Kareem.  The budget could become $15,000, a savings of $35,000.  

5.  Beyond the $94,952 of savings described above, further savings to be identified, such as anticipation of reduced ISBE Administrative Fee.  And/or, additional revenue to be derived, from the following: additional State facility funding possibly at FY23 enrollment levels; increased busing reimbursement above conservative 50% estimated reimbursement percentage.

This Budget is presented for final review, with the goal of having the Committee vote on any final additional changes so that a Budget reflecting such be presented to the Board for its decision, with the Committee's recommendation.

Dan will present the June COO Report.  

No update since March 15th Special Meeting on this topic.

The next meeting of the Finance & Operations Committee would normally be on the third Tuesday in July - July 19th.

The Committee may wish to set its schedule for F23.  The months in which the third Tuesday of the month could present a problem would likely be August (16th, since the first Tuesday is August 2nd) and November (15th, since the first Tuesday is November 1st).