Ted Gildea, Committee Chair, directed the Committee's attention to the General Finance Updates. Diana Landry, Business Manager at Central Source, presented the financial statements for City on a Hill, including the year-to-date budget vs actuals as of May 31, 2024. She reported that in May, the School's operations proceeded smoothly without any unexpected issues. She noted Jordan Pina, Chief Operating Officer, and Sonya Pratt, Executive Director, effectively managed the school's expenditures, ensuring all planned initiatives were within the budget. Landry noted that the School's cash flow remained stable, ranging between $2.4 and $2.6 million. She highlighted no grant funds were utilized in May, but a drawdown of $250,000 to $300,000 is planned for June, with the objective of managing a surplus for the year. Finally, she mentioned that tuition rates have remained unchanged since March, with no adjustments notified for June. The Committee thanked Landry for the update, and shared that they had no concerns at this time.

Landry presented the FY2024-25 Budget to the Committee, and confirmed that given the School's closure and related planning, the majority of the budget had been discussed in some shape by the Board since February 2024. She stated that the budget is based on the school's pre-enrollment submission of 75 students, with flexibility to adjust down to 45 if needed, targeting 68 students ideally. Landry highlighted that personnel costs are allocated for 30 employees, with funds for three staff members to remain on staff after June 2025 for tasks related to closure. She mentioned that administrative expenses cover a range of items, including closure audits, outsourced accounting services, and IT support scheduled until October, potentially scaling back by July. Additionally, she pointed out that the budget accommodates the School's larger expenses, such as $52,000 in rent paid to the City on a Hill Foundation. Lastly, Landry underscored the importance of flexibility when drafting this budget to also accommodate any changes to rent made by a future owner of the Circuit Street building following sale from the Foundation. Committee members expressed their thanks for continued conservative budgeting by the School, and asked to hear more of the School's contingencies. Pratt confirmed that the Foundation does owe the School money for services and that she, Landry and Pina are also managing grants that will be drawn down upon when needed.