Committee reviewed the February financial statements and the cash flow projections.  Enrollment was discussed and how that will play out through the remainder of the school year.  No particular outliers were identified that warranted further review.

Ms. Moree and the committee acknowledged the work of BoostEd to rework the financial statements and reconciliations from 2023-24 to correct the error made by the prior business administrator.  The draft audit is completed and an alert has been provided to CSI.  The final audit will be presented at the March board meeting for acceptance.  BoostEd has the systems in far better position for a timely 2024-25 audit, after two years of tumult.  Josh Moreau will review the final audit and any findings with the committee to make any recommended changes to financial practices, manuals, etc.  Once the final audit is accepted by a vote of the Board, a copy will be provided to CSI, SED and Wilmington Trust, consistent with bond covenants.  

The Committee discussed developing the budget with a target enrollment of 400, consistent with what Mr. Currie and Ms. Peoples presented at the February Board meeting.  Board Trustee Ms. Getto will work with Mr. Currie to provide the staffing grid to the Finance Committee, with an expectation that the grid will be completed by April 4th.  That grid will serve as a foundation for the development of the overall FTE targets for the 2025-26 school year proposed budget.  Mr. Currie asked for clarification on other aspects of the process; he was advised to be prepared to discuss any specific wish lists, and big ticket items at the April finance committee meeting, for the Committee to consider as they refine expectations.  Mr. Currie also noted that there has been a consistent attrition rate and sought clarification on how to incorporate that into his planning.  The Committee acknowledged such -- and reminded him that retention and recruitment work hand in hand.  The committee is well aware of the trends year over year, and it was as important that his leadership team also embrace those trends in any of their projections.  Discussion on the February Board meeting and how that works with what is being asked for budget development was reiterated.  Mr. Currie sought clarification on what an 'academy' model looks like; the committee stressed that the aspirational objective is to move to a 6-12 academy model over a multi-year cycle and move away from a middle and high school separate concept.  Recruitment in certain subject matter areas was discussed and continues to be challenged.  Mr. Currie was tasked with understanding what other schools are doing to address the same challenges and to explore whether shared positions may be an option.  Mr. Currie spoke to the need to add to recruitment incentives including tuition assistance models for those pursuing certification.  He was unable to provide a current list of faculty who are pursuing certification, those who are certified and those who have shown no movement toward certification.  He was asked to present such for further consideration.