Jordan Pina, Chief of Staff, directed the attention of the Committee to the General Financial Updates provided by Cynthia Marie, CEO of CentralSource. Marie began by presenting the School's most recent Statement of Financial Position, noting that the School's overall cash position is very healthy, and includes some unallocated grant funds which the School is working to draw down. The school has had the funds to pay down some of the available loans. Marie also reminded that the School would be planning to pay down some of the Circuit Street Building mortgage during the upcoming refinance of the loan, and remain in a healthy position. Pina added that the Department of Education has requested the School to point out that they have a the line of credit. Pina mentioned due to the healthy cash flow of the school, the line of credit is not being used. Marie noted that the statements have not significantly changed since the Committee's meeting two weeks prior, and opened the door for questions. The Committee stated the updates shared were appreciated, and they felt they had a good understanding of the school's positive state.

Ted Gildea, Board Vice Chair & Treasurer, directed the attention of the Committee and guests to the Draft Budget Presentation & Discussion. Sonya Pratt, Executive Director, provided enrollment projections. Pratt mentioned that for FY2023-24, the School is conservatively basing its budget on a student count of 200, and noted that of the roughly 100 seats available in the 2023-24 Lottery that 74 new students had accepted. Cynthia Marie, CEO of CentralSource, framed the draft budget. She began with enrollment projections, mentioning the school can sustainably operate long-term 230 students. Marie mentioned that the facilities rate will be increasing, leaving the school in good shape. Marie flagged a slight change in the amount of Elementary and Secondary School Emergency Relief Fund (ESSR) grant funds that will be used. She explained that there are no concerns revolving the federal entitlements. She continued by explaining the reduction in administration, stating there will be large savings in technology in FY2024.  The School will be Marie opened the floor for questions from the Committee. The Committee inquired about the personnel costs of the school involving reducing staff, answered by Marie, Pina and Pratt. Marie confirmed that the School is expecting a slight reduction in staff, and Pratt reminded the Committee that this would be done via natural attrition and not backfilling roles, rather than layoffs. As discussed by this Committee previously, the School had been running a staffing model set for a much higher enrollment count, and this shift would be in line with the current number of students. Jordan Pina, Chief of Staff, mentioned she has generated a list of all the offers and estimates for potential hires to best project total costs. The Committee then raised a question regarding the School's budget surplus. Marie explained the school will request to reserve a portion of the revenue for capital improvements and the remainder to back up the loans. The Committee members inquired about the projections after the discontinuation of the ESSER funds. Pratt explained the School has plans based on enrollment to adjust to the discontinuation of the ESSR funds in FY2025. Pratt explained the goal to enroll more students and the intentional investments made this year by the School for student recruitment, planning accordingly for the ESSER funds discontinuation. She also noted that the School is evaluating which methods work best, and planning discontinuing those which did not yield a strong return.