Ms. Moree and Mr. Moreau discussed the financial statements, the ongoing discussions with bondholders, and the delayed action from leadership on aligning staffing with enrollment.  The delayed action will impact financials through the end of December putting additional stress on the financials.  Dr. Large noted that it was his understanding that staffing reductions needed to occur by the end of the calendar year, despite direction to the contrary.  

Ms. Moree provided context for the multiple conversations with bondholders and bondholder counsel and the multiple revisions to requested projections being provided.  

Ms. Moree and Mr. Moreau have been in frequent conversations with CSI about the enrollment miss, the stress on the financials, and the initiation of forbearance conversations with bondholders.  CSI has requested the meeting for a current financial position view, and the expected placement of the school under monitoring.  Committee reviewed the current cash position, total payroll (biweekly), weeks of operating cash on hand, outstanding accounts receivable.  CSI has stressed so we need to be prepared that we need to be cognizant of trends in the region and across the state.