Financial statements and accompanying narrative were reviewed.  The enrollment miss continues to be reflected through the statements and cash flow documents.  Dr. Large effectuated the staffing realignment discussed in September and October, effective date of November 17th.  A discussion ensued on overall budget alignment to reflect enrollment of 284 (initial budget projected at 355, Advancement Team targeted opening with 325 based on trend and applications in hand).  

Mr. Celestine noted that school cash flow issues are not unique to ALCSG and inquired on whether we had aggressively pursued other line of credit options.  It was noted he could not make recommendations on such, but strongly suggested that this be pursued.  

Dr. Large noted that enrollment has held steady throughout October and shows a slight uptick to 287 as of November 21.  It was noted that three billing periods remain in the school year, and the addition of students is very positive, but everyone needs to remain hawkish on expenses given that newly added students will only provide 3 billing cycles.  Dr. Large was advised to work closely with the team through the upcoming holiday cycle; the trend since school inception has been that post-Christmas break an enrollment dip occurs.  Various budget line modifications to adjust to revenue were discussed.  Ms. Moree provided an update on meetings with the Diocese, and Bond Trustee and bondholders.  She noted that counsel for bondholders has been retained and engaged and discussions are progressing in the right direction.  She has been clear about timelines with all parties.  

Separately, she provided an update on exploration of partnerships with other school systems.  Bondholders had inquired at the October 3rd meeting on whether the Board had explored affiliation options, which we had not.  Three board members met with a potential affiliation option in early November.  Subsequent conversations are being scheduled.  This may provide a longer term stability solution, with a particular emphasis on enrollment opportunity; it is not a near term revenue lifeline.