Facilities Planning Committee Update (presented by Charles Stern & Carlos from Schoolhouse):

The committee is doing exploratory work on construction and financing for potential expansion to grades K-4

- No decisions made yet, in the early planning stages

- Carlos presented his experience with charter school facility projects in the NYC area

- Discussed the process of determining space needs, finding sites, managing design and construction 

- Emphasized the need for comprehensive planning, not a piecemeal approach

- Reviewed some past projects as examples

- Community relations are important when constructing new charter school building

- Potential issues with unions, and prevailing wage requirements that can increase costs

- Typically use the same architects/engineers/contractors when possible

Finance Report (presented by Kim Johnson):

- Operating cash balance as of Feb 29: $238,000 (additional $500,000 in money market account)

- Total revenue YTD: $4,618,000 (slightly less than budgeted)

- Total expenses YTD: $4,762,000 (under budget of $4,797,000) 

- Net operating deficit of $144,000 as of Feb 29 (budgeted surplus was $27,000)

- Projecting total revenue of $7,356,000 for the year (vs budget of $7,091,000)

- Projecting total expenses of $7,409,000 for the year (vs budget of $7,050,000) 

- Projecting deficit of $52,000 for the full year (budgeted surplus was $40,781)

- Have cash to cover projected deficit, not a cash flow issue

- Discussion of putting aside funds as a "rainy day fund" - no decisions made

- State auditor mama du Barry has been auditing the school since August 2022

- Met with Finance Committee members John Kuo and Jim Killoran to discuss preliminary findings

- Issues noted: 1) Policies & procedures not always followed, lack of internal audit function 2) Need for better segregation of duties for expenses/payments 3) Inconsistent awareness of policies & procedures among staff

- Plan to update financial policies & procedures (last updated in 2017) 

- Will look at options for checks & balances/internal audit functions through combination of CSBM, external auditors, in-house staff

- Changes in personnel (CFO leaving, etc.) cited as contributing factors, not placing blame

Academic Accountability:

- ELA mock exam results reviewed - grade level proficiencies range from 51% to 67%

- Math mock exam results concerning - grade-level proficiencies range from 4.8% to 16.1%, much lower than last year especially in 8th grade  

- Urgent action plan being put in place with targeted small group instruction leading up to state math exam on May 8-9

- Investigating new math curriculum, the current one is not rigorous enough

- Examining teacher-level data to make staffing decisions for next year

Enrollment & Recruitment:

- Current enrollment holding steady at 343 students

- 52 applications for 5th grade so far, below the target of having grade filled by April 1 

- Extending outreach efforts - billboards, social media ads, in-person recruitment events

- Priority to fill 5th grade, then can offer additional spots in grades 6-8 which are currently oversubscribed based on waitlists if needed

- Enrollment drives the school's revenue, $19K per student from the district of residence 

- Challenges with enrollment declines seen across the charter sector

- Maria leading enrollment efforts with support from the leadership team

- Discussion of expanding recruitment efforts to neighboring areas like Bronx, New Rochelle, and Yonkers to boost enrollment

- But requires change to charter which currently prioritizes Mount Vernon residents

- Takes time to get material charter revision approved

- Decline in enrollment citywide impacting charter schools' ability to meet targets

Next Steps:

- Continue enrollment push especially for incoming 5th grade

- Implement academic action plan for math 

- Update financial policies & procedures, research internal audit options

- Plan Teacher Appreciation Week activities

- Promote upcoming school events

- Consider longer-term plans for material charter revision to expand recruitment area