Omari provided an update on the school's capital construction project, noting that portions of the project are experiencing a temporary delay. He reported that the school has received a commitment letter for financing and is awaiting completion of the appraisal before the loan can be finalized. 

NH team expressed confidence that the project will remain within the lender's required construction timeline once financing is secured.

The Committee discussed the status of the remaining capital projects, which are scheduled to begin in July pending approval by both the Finance Committee and the Board of Trustees. 

NH team  and the Committee members also reviewed the school's ability to utilize available cash reserves to begin construction, if necessary, with the understanding that those funds would be reimbursed upon receipt of the loan proceeds. It was further noted that final project costs may ultimately come in below current estimates. 

The Finance Committee reviewed the year-to-date financial report through May. Financial performance remains consistent with budget projections, with revenue at approximately 89% of the annual budget and expenditures at 92% of budgeted spending.

The Committee discussed the Professional Services and Student Activities budget lines. Suzanne explained that additional revenue received during the fiscal year had been strategically reallocated to support the school's mission and expand student programming and services. 

Administration anticipates no material financial changes through the close of the fiscal year and expects to finish the year within current projections.

Suzanne presented the proposed renewal of the West Chestnut lease. The renewal extends the lease for an additional five-year term and includes an increase in monthly rent from $6,000 to $7,000, which the Committee agreed is consistent with current market conditions.

The Committee also discussed aligning the lease term with the school's charter renewal period. Leadership recommended revising the agreement to a four-year term with either a one-year extension option or an automatic renewal provision to better align with the current charter authorization. 

The Committee concluded the discussion by recommending the revised lease agreement be presented to the full Board for review and approval.