• Expansion and Funding Update Timelines

Attached are financial statements for December 2023. Board packet provided in pdf, bank reconciliations are also included.

• We have thus far, projected FEFP based off a reduced FTE from the budget of 440 to allow for the historic attrition related to classes taken at South Walton. (2%).
  • The District has continued to pay on 399 FTE Jul – Dec, we are expecting the state-wide count to be released any day now. Since the School has been underpaid the first 6 months this has caused a Receivable to build on the Balance Sheet totaling $228,964 YTD. 
    • I expect the district will take any remaining balance due upon recalculation and spread that over the remaining months of the year. This will not immediately rectify the cash flow concerns.
  • A draw from the Foundation was made of $130,000, deposit was posted in December to prepare for bi-annual payments expected. As of now the Dual enrollment invoice for Fall, FLVS and SRO Invoices have not been received in our office.
• I am continuing to accrue the School’s allocation of LCIR, the District should be releasing information on the expected date of payment again any day. They are required to begin making payments no later than Feb 1. This is the reason for the receivable of $225,758, which is a contributing factor to the cash flow concerns.
• Tom, Tricia and I are continuing to work together to gather ESSER reimbursables as quickly as possible to submit to the district. This will be ongoing throughout the year as the expenses occur. As I invoice the expense, I’ll record the expectation of revenue to be received.
• The first request for reimbursement was submitted to the District for the General Appropriations and was paid quickly in December. This will continue to be paid on a reimbursement basis. We have a process in place to have the appropriate documentation so that upon payment of any eligible expenses we can quickly submit to the District for reimbursement. Should we expect monthly invoices from Wharton (Contractor)? I understand there is a quick turnaround to make their payment. We have not received an invoice in January.
  • I have mentioned to the Foundation members for this purpose I believe transferring a lump from the Foundation into the School’s Money Market account for larger invoices to come for the expansion may be necessary to ensure the funds are quickly available to make any payments to avoid compounding the cash flow concerns already present. This would be outside of the budgeted Foundation Transfer.
  • This hasn’t been confirmed yet to me, it may be something you all need to discuss and coordinate. Once decided upon, with a ‘paper trail’ of confirmation, we can process payments from the Foundation to have the funds deposited into the School’s account.

• Reminder the budgeted Revenues and Expenses are realistic to what the known factors were at that time of preparation. The budget was prepared with $125K surplus, providing some room for unexpected expense changes, more room may be possible if the Revenue comes back higher than budgeted once the State completes all recalculations mentioned above. This is different to how Seaside historically prepared a budget; with low Revenue expectations.
• Right now, I’m basing any projections as though the prepared budget is what will be followed. Once I have all the Revenue information we are awaiting I’ll do a deep analysis of the expense side as well to determine where the year-end is headed based on the recent months activity and the future known activities. Ideally I’ll have that for you next month pending the District/State disbursing the needed information.

Walton County District last night raised their teacher salaries in years 0-10 by 5K annually. 

Pages 53
 2023-24 WCEA CBA Changes Marked.pdf

I made the adjustments in our comparison sheet and for 80% of the scale, we are still, at minimum, a cost of living, greater than the local system. you can see the new difference in the highlighted column L. 

 Seaside Schools Salary

Note: We pay ALL Seaside School teachers at the Highly Exceptional Level...in Walton teachers would need to earn this status.

We will definitely want to take a look at this next year, as we planned, to ensure we stay far above the rest. 

There is definitely some communication to our veterans, and local veteran teachers, that we respect and pat for their experience levels. 

These are the total years we are below the new Walton Scale are 

01 $83 (Two teachers NEXT year)

23 $469

24 $1,660 (one teacher)

28 $1,131 (one teacher)

29 $2,375 

30. $2,917 (one teacher)

We have three teachers impacted currently.

This would add $5,708 to this year's personnel budget to match. 

Option 1: Update the line items to match

Option 2: Review Scale for next year's contracts

Current it is $125.

Walton County currently pays their subs $138.50 per day. 

Asking to raise our PTO buyback to $150 per day (starting January 1, 2024 - at the end of the 2023-2024 school year).

We will be promoting Melissa Wilcox to Data Control Specialist. This will add the month of June to her salary. 

Next year she will be a 12 month employee.

Financial impact $3,503.50 for this year

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January 2024

Personnel Items:

Total Instructional Staff: $5,708

Total Administrative Staff: $3,503.50 (adding for Registrar position)

Dec 8, 2023

Current Line Current Amendment Needed Change

Marketing Contractor Line:     $60,000 $65,000 $5,000

Substitute Teacher       $39,000 $49,000 $10,000

Textbooks $160,000 $105,000 -$55,000

Legal and Audit          $13,000 $13,000 $0

PTO BuyBack             $20,000.          $30,000                              $10,000

New Line Current Amendment Needed Change

Advert Expense 0 $10,000 $10,000

Audit 0 $17,000 $17,000

We have had six students withdraw since the first day of school. 

Potentially, this is a $30,000 impact to the overall revenue projections from the start of the year. 

Our current FTE is 435. 

There have been multiple times this year in which we have had to either request additional funding or increase the allotment allowed on the Prepaid Expense Card. 

This card acts as a DEBIT Card and is linked to the school's bank account. There is cap of $500 - $5,000 depending on the position. 

In times of emergency, or need to book quickly, this lack of a credit card slows down the process. 

We are asking to apply for a credit card, one per campus, one total account, to use for emergencies and large expenditures.

We have looked into this and can get one from Regions Bank. Our internal controls would be the card is signed out to people traveling, or for large expenses beyond the PEX Card for quick purchases (like booking travel).

Archived Spreadsheet
 ARP/ESSR Funds

Recommending we move funds from:

Mental Health Line

Tutoring Line

To cover any in house technology or growth expense.

The goal being not to spend any funds on recurring costs for next year.

LCIR Update: You will be paid the amount earned up to that point in the year. February would be 8/12th of the years allocation – you should see a deposit of $266K roughly at that time, then monthly payments after that through January.

What you’ve expensed won’t have any bearing on the payments received– it is NOT reimbursement based. It will be paid whether you have expenses specified or not; if there are no expenses specified the balance just carries over year after year. This won’t be the case for Seaside as we’ve identified plenty of uses for the funds.