Changes in the Budget since November include the $102,000 in personnel costs given as holiday bonuses, the addition of the $51K federal rural education grant, and the continued surplus for the year. Pamela shared that her plan is to roll that surplus over to cash assets at the end of the year to add to options for capital additions.

This information was FYI only. Board may need to vote to approve this addition to the budget when the new FMLA policy is approved.

Upgrading our bonds to investment grade would be time-consuming and costly, but very beneficial to the bond holders, and potentially to our financial "status" once we go looking for future expansion financing. 

Pamela to pursue getting the details on whether we could pursue buyback of our taxable bonds from the holders, and return with details on the cost and impact and feasibility. 

It was decided that Nicole would create a document that annotates the monthly statement with definitions, calculations, rules and explanations. Pamela will create a powerpoint presentation for the full board, and to be stored for orientation for new board members.