Lynne explained in late summer we exchanged two internet switches and the old switches need to be disposed. This requires board approval to dispose of an asset. Lisa and Rachel have reviewed and approved the asset disposal form. These assets were fully depreciated and have no current value so there is no loss or gain. Lisa will present to the board for approval at March 1st meeting. 

Though Springfield Prep has not occupied our facility this year because they found another space to be in, they have been honoring the lease and paying rent each month. They have asked that we consider reducing the rent and we are considering doing this. The committee discussed our current financials, projections for the year. The committee discussed capital needs for the building and other competing needs and landed on a proposal to bring to the board for their input.

We are in good fiscal shape. Board fundraising will not likely meet the projected amount but contingency will cover most of that loss. Facility costs are higher because of unexpected maintenance and repairs. This is a trend so we will build in more contingency into future budgets to anticipate more repairs. 

Rachel will be requesting that the Friends of VPCS directors approve a transfer of funds to the school in March. These funds are from the management fee for VPH and the Peabody grant. 

Lynne gave an overview of the FY20 draft budget, provided an update on tuition projections and how we've incorporated the revised compensation structure for teachers. The committee will review and come to next meeting ready to discuss the draft FY20 budget.