Ted Gildea, Committee Chair, opened the meeting by directing the Committee's attention to the Finance Updates. Sonya Pratt , Executive Director, provided a comprehensive overview of the organization’s recent expenditures, highlighting efforts to maximize the use of ESSER funds. She assured the Committee that the school remains in a financially stable position, thanks to a conservative approach to budgeting, even amidst current over-enrollment.

Diana Landry, Business Manager at Central Source, presented the School's Budget vs. Actuals as of September 30, 2024. She reported that spending is on track for this time of year. Landry also confirmed that the Department of Elementary and Secondary Education (DESE) has approved the allocation of remaining ESSER funds to cover transportation costs, providing further financial flexibility for the school.

Gildea then directed the Committee's attention to the Fiscal Year 2023-2024 Financial Audit conducted by the firm Daniel Dennis CPA. Hayley MacDonald, Supervisor at Daniel Dennis CPA, reported that the audit yielded no findings or material weaknesses. MacDonald noted that the audit findings for the Fiscal Year 2023-2024 indicate a strong financial standing for the organization. She mentioned that the audited financial statements have been issued in draft form, and the Independent Auditors' Report presents an unmodified opinion on these statements, although no opinion is provided on the Management Discussion and Analysis (MD&A). She added that the compliance and internal control report identified no significant deficiencies in internal control over financial reporting, nor were there any reportable instances of non-compliance. Additionally, she noted that the report on compliance for each major program also received an unmodified opinion, with no material weaknesses noted.

MacDonald presented the financial ratios for City on a Hill Charter Public School  as of June 30, 2024, along with benchmarks set by the Department of Elementary and Secondary Education. Most ratios indicate a low-risk financial position, reflecting the school's strong financial health. However, one moderate risk is noted in the percentage of program expenses covered by tuition, which stands at 82%. This figure is slightly below the low-risk benchmark of 90% and the state average of 88%. This variance is attributed to a portion of program expenses being covered by ESSER funds, highlighting the impact of federal support on the school’s financial structure.

The Auditor Consultants opened the floor for questions, inviting committee members to seek clarification or further insights regarding the financial audit and the presented financial ratios. The committee expressed gratitude for the thorough presentation and, after a brief discussion, indicated that they had no further questions.