The Agenda was reviewed and approved with no changes.

Chief Carr presented the 2025-26 Financial Update for All Schools, KIPP Forward and SST.

• As of February2026, overall revenues exceeded expenditures by $1.2m.
• FY 2026 Cash Projection is 188 Days projected on hand at June 2026 (after the purchase of the building and the liquidation of the Charles Schwab investment)

Chief Carr presented an update on enrollment as follows:

• As of March 28th, enrollment enrollment fell short of 24 students from the adjusted enrollment of 1,030.  Finance is monitoring enrollment and will continue to update financial projections.

Chief Carr presented and update on the following:

• In February, the Finance Committee and Board approved the Cordova building purchase. In accordance with policy, the adjusted budget is being presented for Board approval to reflect the impact of that purchase.
• The planned use of fund balance increased from $1.5 million to $5.8 million.

Chief Carr presented an overview and update to the Initial Budget as follows:

• The internal enrollment goal remains higher, with a target of 1,250 students and current recruitment efforts focused on reaching between 1,045 and 1,100 students.
• The FY2026-27 initial budget enrollment is 1,002.
• Presented the 2026-27 Initial Budget update for All Schools, KIPP Forward and SST.
•  Salaries for teachers, teacher-type roles, principals, and assistant principals were aligned with current M-SCS salary scales.
• Hard to Staff/Retention Bonuses for SPED and ESL Teachers.
• The budget includes a $2.1 million planned use of fund balance, primarily to support operating and capital expenditures for the new elementary school.
• FY 2027 Cash Projection:  163 days projected cash on hand at June 2027 (excludes First Horizon CD)

It is recommended that the KIPP Memphis Board of Directors approve the KIPP Memphis Public Schools 2025-2026 Adjusted Budget