No quorum to approve minutes. 

In August or September we will have to approve minutes from April '23 (did not have a quorum), June '23 & July '23. 

Follow up: Nikki will add in invite email for Sept. that we need a quorum so we can approve all the minutes. 

Revenue Highlights and Changes: Actual enrollment at year end is 477 students. The projectioned tuition revenue is based on an average of 489 students from the beginning of the school year until February. Grants are fully expended and we are waiting on a few more vendor invoices to close out ESSER III and PREP grants. Expected amounts are accounted for in the projections for technology and health services. A couple of small grants were approved and expected to be fully expended by June 30, 2023: MyCAP $9k and PREP $25k.

We were un-enrolled at each grade by the end of the year so every grade will have new students enter this coming school year. We are keeping the lottery open until school starts. We are still planning on having 101 students enrolled in each grade at the beginning of the year for a total of 604. Our plan is to never go below 604 - so we will backfill seats if necessary. 

We have done things to ensure that we are connecting with incoming families - personal phone calls, Accepted Scholars Day, etc. 

Rachel and Nikki will be taking over the Parent Association next year to help with word of mouth marketing in terms of student recruitment. 

Expense Highlights and Changes: See notes on the bottom of the Statement of Revenue, Expenses and Change in Net Position for more details regarding expenses. 

Lynne and Kimberly look at this daily to make the draw as close to the end of month as possible. The spending to get the second floor of the high school up and running has been very expensive and it all has to happen in July to have the floor ready in August. 

There was a tax bill that also included added expenses that Lynne has not anticipated (i.e. snow removal from the property). Denise says to get something in writing that defines the cost of snow removal for the future. Lynne says now that we have a new facility manager, we will have them go out to bid for snow removal next year. 

Denise asks if there are other things that Joe handles for us that we could also move off of him or get a better price through someone else for? Lynne says yes for example, landscaping. 

Denise says will moves like this help us recover some of our cash balances?

Lynne says it should a bit. 

Denise says we should do a cash flow budget and if we have to borrow from the line we should know how much, when, and how long. We really need to look at expenses and start saying no to things we don't have the money for. Lynne says the staff has begun to do this and are taking it very seriously. 

Denise asks what has the result of this been - what are the actual savings?

Lynne says it's been $1,000 here and there - she gave examples related to software, IT, and stipends. 

Denise says because it's so early in the year, it might be beneficial to amend the FY24 budget with these savings in mind and then we can vote on it and better monitor our progress throughout the year. 

Lynne says when we drew on the line in the first quarter last year, there was interest but far less than if we had leased or gotten a loan for any of the capital projects we completed with that money. Lynne plans to do the same thing this upcoming year. 

Change in Net Position: With cash averaging below $500k we are currently experiencing a 15 day window of available cash which is 75 days short of ideally where it would be, so there is strong need for future surpluses to build the available cash back up to a healthy level. We expect to draw on the working line of credit in the first quarter of FY24.

We are ahead of schedule with the audit. The compliance phase comes next. Lynne mentions that auditors will reach out to Denise as well. 

Denise asks if we tested the covenant? 

Lynne says yes, she will forward the email to Denise from People's Bank.