• On the Executive Summary tab of the excel document highlights of the statements can be found. The Rev and Exp tab marked in green gives a snapshot of the current year’s surplus/deficit by Fund.
• The Days Cash on Hand & Debt Service Ratio covenant calculations are updated each month based conservative projections of revenues and expenses and other known factors or variables from the original approved budget for both the School and Foundation. On the Exec Summary tab, you’ll find those YTD calculations as well as projections for Jun 30.
  • December was the first official measure of Cash on Hand.
  • Next official measure is Jun 30 with COH required to be 60 days and Debt Service Coverage Ratio being 1-1.1.  
  • Overall, the projections continue to look good and have no concerns for year-end regarding the required covenants related to the loan.
    • As a reminder, to follow our projections of year-end reference the blue columns on each of the individual revenue and expense tabs as well as the combined tab. All Construction related expenses are pulled out from the regular operating activity to allow focus on Operating vs Construction. You can also find a few points that I monitor on the combined tab, very bottom. I monitor the salaries including benefits as a whole and FFE budget vs actual. Salaries are slightly over based on our projections; however, this is easily explained by the School Recognition payouts that were not budgeted, these payouts had equal revenue to offset which also was not budgeted. Other is all Furniture, Fixtures, and Equipment (FFE), this is coming out close to budget.
    • If you look further down at the Combined Revenue and expense tab, I’ve also included my calculation of the salaries and benefits as a percentage of FEFP. In years past this number has surpassed the FEFP funding received from the state for Seaside, but in recent years this number has come down. This year Seaside is showing salaries/benefits at 83% of FEFP, from our analysis of schools that we have worked with we typically see this number fall in the 60%-70% range depending on circumstances. Seaside does has a substantial amount of outside funding that helps support this higher number.
• March is the end of a fiscal quarter thus I’ll be preparing the required financial statements for the bank per the bond covenant to be submitted no later than May 30. You all will be copied on that submission when I submit.
• We have started preparing the FY26 budget with Tom’s input. We have our first in person meeting for this April 21st. We’ll be sending out the first draft before the end of this week. The bond does require the budget be submitted by June 1. I’ll confirm with Demetrie on whether this is the final budget or if this is a draft of which we can provide a final budget later closer to the beginning of school. I expect with so many pieces to this year’s budget we may not be prepared with the final budget until later in the summer.

Updated Budget

Capital Campaign Meeting Today

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

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

Click for access