Committee reviewed and acknowledged.  

Separately, Ms. Moree noted that in working with BoostEd, we issued a RFQ to solicit interest for a new auditing firm.  We will be moving to Cusack & Co. as the auditing firm of record.  Ms. Moree has signed necessary commitment letters with Cusack on behalf of the School; she has also signed requisite paperwork with EFPR to ensure relevant transfer of records to Cusack for purposes of getting the 2024-25 audit underway.  Cusack anticipates getting work started in July and will likely be onsite.  

Ms. Moree advised the committee of her 1.5 hour  introductory meeting as Finance Committee chair with Dr. Large, attended by Josh Moreau and Dale Getto.  Ms. Moree and Mr. Moreau went through a high level overview of the financial process including revenue (tuition billing), federal and state funds and the process used to claim those funds.  An overview of the bond and bond reserve funds was provided.  Discussion ensued on the budget development process, the finance reporting to the CEO and the cash flow estimates provided as part of the monthly financial reports.  The Business Administrator noted the function does not make decisions - rather it provides necessary information to the CEO to make those decisions.  Trustees also discussed opportunities to think beyond a traditional public school model and to use the flexibility provided in a charter model to look for areas where collaboration or coordination may lead to improvement.  The discussion concluded with an in-depth discussion on recruitment and how that flows into the financial projections and statements, particularly going into the summer months.  

At May meeting, Committee reviewed in depth a proposed budget at 375 students.  Committee requested a proposed budget at 355 students for comparison purposes.  Subsequently at the May Board meeting, Advancement Officer noted she anticipated enrollment to be around 365 students based on applications in hand.  The committee discussed the variables in the proposed budget at 355 students.  We noted large areas of expense and opportunities for the system to enhance investments should enrollment exceed expectations.  Academic programming was discussed as a priority, and class sections could be adjusted and staffed based on enrollment.  School leadership would be carefully adjusting throughout the summer as the recruitment team finalizes its work.  After a discussion on the pros and cons of each budget, the Committee recommended advancing to the full board a proposed budget at 355 students.