Henry Campus:  Structural Repairs

• Critical masonry structure repairs

Bids will be posted by April 6th, awarded by April 24th, and work will start in May.

Howell Campus:  Due to a HVAC emergency at Howell, KIPP contacted the state to request the funds allocated for LED Lighting be reallocated for the HVAC emergency repair.  When the vendor began the switch from heat to air, leaks were discovered which was cause for immediate repair and created the need for immediate action.

Chief Carr presented the following presentation:

2022-2023 KIPP Memphis Adjusted Budget vs Actual 

• All Schools, KIPP Forward, SST, and KMPS Consolidated

FY 2023 Cash Projection

• 41 Days projected cash on hand at June 2023
• Cash projection excludes the KIPP Foundation $750,000 CD and Charles Schwab $2.5m investments

2022-2023 ESSER Update

• ESSER 2.0 & 3.0:  Revised Budget, Projected Actuals 3/31/2023, Remaining Balance
• Total ESSER:  Revised Budget, Projected Actuals 3/31/2023, Remaining Balance  

Chief Carr message to the committee:  It has been communicated to the board as well as an email sent to be board on April 4, 2023 that KIPP will be making the recommendation to the board to consolidate the middle schools.  The recommendation will be made at the April 20th board meeting.  KMPS believe operating one middle school is the best pathway forward for KIPP.  Therefore, the initial budget that will be  presented to the Finance Committee has the recommended three school model with a total projected enrollment of 1,158.

Chief Carr presented an overview of the 2023-2024 TISA Projections based on the enrollment. There is a meeting at Memphis Shelby County Schools that is scheduled for April 19th to hopefully get more information on how the TISA funds will flow.

Chief Carr presented the 2023-2024 Budget as follows:

• 2022-2023 Adjusted Budget:  All Schools, KF, SST and KMPS Consolidated 
• 2023-2024 Initial Budget: All Schools, KF, SST and KMPS Consolidated
• A portion of the employee retention credit is included in the budget.

Some of the proposed budget changes:

• Cancel Car Allowance (6 employees) $125 per/pay period.
• Cancel Cell Phones:  Only Managing Directors and above and employees in crucial roles will have cell phones.
• Reduced office supplies.  
• Pre-K is not in the initial budget for next year.

Chief Carr presented the All Schools 2023-2024 Initial Budget (By Funding Source) as follows for State/Local, ESSER, Title I, SNP, Charter School Facility Grant and Schools All Sources

J. Worles presented enrollment updates on all schools (KMCE, KMCM, KMAM, KMCH) as follows:

• Targeted Enrollment, Budgeted Enrollment, January Milestone Goal 50%, February Milestone Goal - 75%, March Milestone Goal - 100%, Retention Goal - 80% and 23-24 Enrollment
• 1,089 Total Enrollments (including new-student applicants)

Current Recruitment Efforts:

• School based execution of recruitment plans
• Weekly Thursday regional recruitment meetings
• Continued promotion of Refer-A-Family Referral Campaign
• Charter School Fair
• Targeted mailer campaign to 38106, 38107, 38108 non-KIPP households
• Paid Media
• Canvassing at community events and follow-ups to interested families

Thank you Chief Carr and Ms. Worles for the detailed presentation and Dr. Burt for all of his comments.

CEO Burt commented on the Finance Presentation and gave an update to the committee on the purchase cost for the Howell and Henry Campus.