Topic tabled for full board discussion 

Ensure we have a plan in place to achieve financial goals. Currently paying 6.25% on bonds. How can we retire debt early? Can be accomplished by paying down the debt. Can build up cash and pay off the debt. 

The CFO presented the financial results for the month ended July 31, 2026. Total revenue was $831,936, approximately $57,335 below the budget of $889,270. The revenue shortfall was primarily attributed to lower QBE funding resulting from lower FTE counts.

Total expenses were $786,834, approximately $131,418 below the budgeted $918,253. The CFO noted that the school was closed during July, contributing to lower-than-budgeted expenses. The school reported a July net surplus of approximately $45,101, which was approximately $74,084 favorable to the budgeted deficit of $28,982.

Cash on hand at July 31 was approximately $4.65 million. The CFO reported 2,155 days of cash on hand based on year-to-date expenses and approximately 155 days based on prior 12-month expenditures.

No significant budget, debt, system, or operational challenges were reported. The CFO identified continued focus on quality control and streamlining daily operations. The committee noted the importance of monitoring QBE revenue and FTE levels as the fiscal year progresses. 

The CFO presented the results of the School’s 2025/2026 annual audit. The independent auditors issued an unmodified opinion on the financial statements. No material weaknesses, significant deficiencies, financial statement findings, federal award findings, or material instances of noncompliance were reported. The School also met its required debt service coverage ratio and maintained the required minimum cash-on-hand covenant as of June 30, 2026.

Topic tabled for full board discussion 

Topic tabled for full board discussion 

Topic tabled for full board discussion 

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