Monthly Financials Summary
The team reviewed the financial statement, highlighting strong cash flow performance and increased confidence in meeting monthly payroll. No further questions were raised on the current statement.

Regarding revenues, it was noted that the contingency line was removed and added to the bottom line. Denise inquired about the comprehensiveness of the projections. It was confirmed that the projections are inclusive, with the exception of potential internal budget shifts—such as reallocating savings from instructional materials to purchase textbooks and math workbooks in advance.

A question was raised about the absence of fundraising revenue on the school side. It was explained that the transfer from the Friends account has not yet occurred. Coordination with Katrina is pending, particularly to determine what portion of the recent spring appeal was restricted. This update will be provided next month.

Enrollment and Retention
Lynne mentioned that they will dig into enrollment and retention data further, possibly in June, once Rachel and the team have more answers or strong assumptions about the reasons behind student departures. The current numbers do not provide insight into the 'why' behind the enrollment trends.

Quarterly Cash Flow Report
Denise noted that the quarterly cash flow report looked good, with no figures in the red and more green than yellow. The report showed an improvement in cash flow, with under-restricted cash sitting at around 40 days, which is a positive trend from the beginning of the year.

Capital Budget - Window Project
Lynne reported unexpected high costs for the window project, estimated at around a million dollars. The high cost is due to the recommendation for ballistic-rated glass on the first level and structural reinforcement needed for all windows. The team discussed the possibility of phasing the project, starting with common areas and administrative offices before moving to classrooms.
The group considered the long-term implications of the investment and the potential need for financing.

Personnel Costs and Staffing
Lynne presented projections for personnel costs, noting an increase due to the addition of staff for the 12th grade, including special education teachers, elective teachers, and early college teachers.
There was a discussion about the restructuring of leadership roles and the addition of a behavior intervention teacher. The team discussed the potential impact of cuts in entitlement grants and the necessity of maintaining certain programs, such as the associate teacher program.

Budget Planning and Contingency
Denise emphasized the need for a worst-case scenario budget plan to prepare for potential cuts in funding. The team discussed the possibility of cutting non-essential programs, such as athletic programs, in the event of significant budget reductions. Lynne mentioned the importance of understanding the impact of potential cuts and the need for a clear plan to react to such changes.

Financial Convening and Budget Vote
Lynne planned to attend an in-person convening of charter school financial leaders to discuss policy and gain more information on grant assurances and federal funding.

The team anticipated that the budget vote might be delayed until June or potentially a special meeting in July, due to the complexity of the issues and the need for more information.

Action Items 
 

• Lynne to provide a breakdown of staffing changes (additions and reductions) for the next academic year, highlighting the delta compared to the current year. 
• Lynne to narrate the worst-case scenario, potentially considering a 50% cut in entitlement grants and its impact on the budget and operations. 
• Lynne to gather information on the potential impact of cuts to federal funding for Diversity, Equity, and Inclusion (DEI) programs in Massachusetts and its effect on the school's budget. 
• Lynne to explore options for phasing the window replacement project, potentially starting with common areas and administrative offices. 
• Lynne to provide a breakdown of the window replacement project costs, separating the costs for first-floor windows (with higher-rated glass) and second-floor windows.