The Committee and School Leader reviewed the Q1 financials and the projected cash flow statements.  Cash flow was developed as a proxy for the Committee to understand how the Business Administrator anticipates building out the process for all of us to understand the flow of revenue and where the calendar and revenue flow may present challenges (ie January 2025 with a three payroll month).  The Committee noted that the financials are based on the number of students that have been billed (414 against a budget adopted of 435 students). Overall staff FTE is at approximately 70 FTE currently, against a budgeted FTE of 90.  In our prior meeting we had noted that the SPED functions must be filled, but other positions unless brought to us by Mr. Currie should not be filled until we have evaluated the forthcoming budget modifications.

Business Administrator noted that over the next two weeks he will be developing a revised budget to more closely reflect enrollment, other revenue and expense categories, and to determine whether a material modification needs to be filed with CSI.  Mr. Currie will work closely with the BA to also understand how and what modifications to existing practice may need to be implemented, pending the revised budget documents.

Business Administrator noted that they will complete and submit to CSI the Q1 financials, timely.

Committee chair and Business Administrator gave an update on the Audit process.  We continue to work with EFPR and, as of today, EFPR believes we are on schedule for a timely submission to CSI.  Both committee chair and BA have been answering the auditors follow up questions.  The HR and Benefits Administrator has been helpful in providing further detail, as needed, for some of the outstanding issues.

Finally, Committee Chair provided an update on the 2022-24 Desk Monitoring Review for ESSR funds.  She noted that most of the backup materials has been identified and asked that the School Leader appropriately advise the leadership team on the process to proceed with uploading into the SED portal.  Ms. Moree will work with the staffer who maintains the website to ensure materials on the website are consistent with the SED requirements for use of ESSR funds.  She has already provided that individual with links to websites of other charter schools and how they maintained consistency with SED requirements.  Some of the ALH details had been publicly posted but since archived, so the webmaster will work to refresh the page with all relevant SED material.  Ms. Moree will continue to work on the program narrative, as Mr. Currie directs leadership team to complete the uploading of the various documents.

Lastly, EFPR will be doing our bond covenant reviews as part of the ongoing audits.  Ms. Moree informed the committee that Wilmington Trust agreed to delay a meeting with the bondholders until this most recent audit was completed so that the two years could be reviewed in the one meeting.