You were sent the financial statements updated for January 2025 as well Board packet in pdf, bank reconciliations & Loan Statement. I’ve also uploaded the requested documents to ShareFile for Round Table to retrieve.

• On the Executive Summary tab of the excel document high lights of the statements can be found.
• FEFP accrual is still based on an FTE of 500; this is decrease in budgeted revenue of $160k, however - DOE has yet to release the confirmation of October counts with the updated FEFP calculation worksheet. This is unusually late for it not to be available. With the updated worksheet I can more accurately calculate annual FEFP. The district has however ahead of the DOE worksheet being available, increased the FTE they are paying on to 487 from 429 (last year) in an effort to close part of the gap of funding starting in July with the increase in students.
• The Days Cash on Hand & Debt Service Ratio covenant calculations are updated each month based known projections of revenues and expenses. On the Exec Summary tab you’ll find where the numbers are YTD as well as projected to be at Jun 30.
  • December was the first official measure of this covenant; I prepared the required documentation and have submitted to SVB prior to this email. Next official measure is Jun 30 with COH required to be 60 days and Debt Service Coverage Ratio being 1-1.1.  
• Reminder, to better follow where I’m projecting the year end projected figures, they’ve been added in blue to each of the individual revenue and expense tabs. This should ease the comparison of YTD actuals compared to expected Year End. My projections are largely based on following the approved budget until I see material change in actual activity, or I’m informed of expected changes from board/school administration. All Construction related expenses is pulled out from the regular operating activity to allow focus on Operating vs Construction.
  • One area I’m seeking input is the Tuition, both college and FLVS to ensure I am not overestimating the annual expense; generally, I base this on the 1st semesters invoice, but I’ve not seen any large invoices received at this time.
  • Also stipends were paid in January, was the full years stipends or will there be a second round later in the year? If there will be a second round what is the estimate of that.
• Overall the projections look very good and I have no concerns for year end in regard to meeting the required covenants related to the loan.

Last month I shared with you all General Appropriation had been reimbursed; the final deposit was Jan 10. As of now, the final payment to principal using General Appropriation has been made.

Friday we had a meeting to begin transition from current bank accounts to SVB/1st Citizens accounts

Capital campaign update (Sean Preston stared at the beginning of the month)

Discuss any Foundation financial matters or other updates:

(Race Budget)

Budget Updates presented by the school management team (click here)

Attached is the budget and the proposed Term Sheet for the Triumph Grant.

In 2025, we have a possible $1,150,000 in eligible reimbursement funds:

Personnel: $650,000

Furniture and Equipment: $250,000

Certificates: $100,000

Professional Development: $40,000

Project Management: $100,000

Estimated NEW spending Spread over 12 months

Personnel: $400,000 

Professional Development: $40,000

Project Management: $100,000

Salary Scale Review (Starting December 2024) - Completion by March 2025

(Drafted a version that provides a 7% to 10% raise over the next two years. (Click Here)

(Walton County School District Scales)

- Received feedback from six employees

- Main concerns: 

1.  It doesn't include all supplemental stipends school system receives

2. Chance we can fall behind the school system again if not reviewed annually

Next Steps: (If approved)

1. Run salaries through performa

2. Evaluate the stipend structure of the school system

These are the approved areas we can utilize our LCIR and Capital Outlay Funds. Highlighted are the areas we are currently earmarking these funds. 

Purchase of Real Property

Construction of School Facilities

Purchase or Lease of Permanent or Relocatable School Facilities

Purchase of Vehicles to Transport Students

Renovation, Repair and Maintenance of School Facilities

Payment of the Cost of Premiums for Property and Casualty Insurance to Insure School Facilities

Purchase or Lease of Driver's Education Vehicles, Maintenance Vehicles, Security Vehicles, or

Vehicles Used in Storing or Distributing Materials and Equipment

Computer and Device Hardware and Operating System Software for Gaining Access to or Enhancing

Use of Electronic and Digital Instructional Content and Resources, and Enterprise Resource Software

Payment of Costs of Opening Day Collection For Library Media Center

Insurance and Benefits Vetting (Spring 2025) - Completed for vote by May 2025

5 Year Budget Review/Staffing (December 2024) - Completed by January 2025

• Update 12/24 - There are two drafts of the 5 year (one SFS and one internal)
• Internal will be ready for review in January (click here for access - under operations and instruction tab)

*Annual Cash Flow Projections (July - September 2025 - Started November 2024) - Completed by January 2025

Triumph Grant Execution (Will need to have a grant project leader for all tracking)

• Grant submitted and voted for term sheet approval. Job descriptions and recruitment of project leader to begin in January 2025. 
• Submitting Grant to St. Joe Foundation to support technology and equipment SCHS

• Required to move our accounts (other than petty cash type account) from Regions/Truist to First Citizens
• First Citizens recently approved as a qualified public depository in the State of Florida