Ted Gildea, Committee Chair, directed the attention of the Board to the General Finance Updates. Cynthia Marie, CEO of Central Source, displayed the School's Budget vs Actuals as of September 30, 2023, and noted that the School was on track for spending based on the time of year. She noted that the School's tuition payment would be adjusted in December, given the School is tracking to be slightly below projected pre-enrollment numbers submitted to DESE in March 2023, but the School is not expecting it to cause any issue given the current budgeting. She then reviewed City on a Hill's Statement of Financial Position as of September 30, 2023 and shared that the School continues to have at least 6 months of cash on hand available, as previously discussed with this Committee. She also noted that the School continues not to use its Line of Credit nor does it carry any debt. The Committee agreed the School was in strong standing, and thanked Pratt and Marie for their work.

Next, Gildea directed the attention of the Committee to the Fiscal Year 2022-23 Financial Audit Draft. Pratt and Marie shared that the School was happy to share that the audit had no findings or material weaknesses. They also noted that previous findings had been fully addressed through corrective action.

Marie also reminded the Committee that while the audit shows a surplus, there were major capital expenditures and the Foundation debt pay-down that were not reflected, and this is explained in the Management Discussion and Analysis. Pratt also shared that this year's process was very smooth due to the infrastructure changes implemented by City on a Hill and Central Source over the last year, including transitioning all accounting, accounts payable, and expense reports to a single online ecosystem which allowed for auditors to have direct access to all requested financials. Previously, this process was incredibly manual and required a significant amount of administrator time to coordinate files to provide to the auditing firm.

Pratt asked if the Committee had any additional questions relating to the audit. The Committee confirmed that they believed this to be a straightforward update, and asked if Marie would be in attendance at the upcoming Board Meeting in the case that there were additional questions from other Trustees. Marie confirmed that she would, and that the draft audit would also be in the Board Packet.

Gildea thanked Marie again, and called for a motion to recommend the approval of the Fiscal Year 2022-2023 audit to the Board of Trustees.