Carl Nystrom reviewed the month financial actual vs budget update for the 9/17/24 BOT meeting. There are 2 line items that should not have been on the Approved FY25 Budget:

• Line item 51307 Social Worker Expense credit balance of -276,173
• Line item 51331 Dean of Students Expense credit balance -150,000

Pravin Patel recommend that the line items be removed from the Approved FY25 Budget. Alan Miller said we can vote on that change in the BOT 9/17/24 meeting to be held at 5:30PM. 

Finance committee members reviewed the FY2024 Draft Financial Statements and comparison data for previous years. Carl Nystrom reviewed financial indicators from DESE Massachusetts financial dashboard with the Finance Committee. Alan Miller stated that Collegiate had low risks indicators in every category except % spent on facilities. Carl Nystrom indicated that this was a result of the purchase of the building, land & turf field over the previous years. 

Carl Nystrom reviewed the DESE excess surplus carryover explanation form the DESE Charter School financial web page. 

The finance committee discussed potential solutions for additional space needs at the school site.  Alan Miller requested getting some preliminary estimates to add office / classroom space over the Art Room first floor area. Carl Nystrom said he would get back to the committee with cost estimates.

Carl Nystrom discussed the building of a storage garage on site. The finance committee discussed a few different options. No decision was made on garage location.