Please correct error in minutes where it says motion to adjourn did not carry.

Lynne presented the monthly financial statement and shared that she is moving known savings to the bottom line. Lisa asked where we anticipate the surplus will end for the year. Lynne explained that website revisions and other expenses that didn't happen are creating savings of approximately $130k. We plan to designate some of these funds towards findings from the compensation and retention study and the remainder will go towards cash reserve and/or capital plan. A recent transfer from the Friends of VPCS (approved by the Directors of the Friends of VPCS) to the school is for the fee determined by the collaborative space and services agreement. Lisa said kudos to management for managing the budget so well this year. Managing enrollment tightly has paid off and we should continue to do this. 

The committee discussed the potential of investing cash reserve in money market or another flexible, fluid type of investment account that would have a higher yield than our current peoples bank account. Matt shared a few potential options and the committee discussed the pros and cons of each. We will continue to explore options and consider moving funds in the future as the cash reserve grows. 

Increases in tuition will help cover costs of increases to teacher compensation and additional positions. Additionally, eliminating cell phones will reduce costs. Matt will introduce to the board on Friday and ask them to review and come prepared to discuss at the May meeting.