FY22 2nd Quarter Budget vs Actual was present and discussed.  Half way through the year there are no significant areas of concern.  One place to note as well over the budgeted figure was the Miscellaneous Revenue Account - this represents funds received from the new company being used for school pictures.  Annual projections will be included with the next report at the end of the 3rd quarter or the April 2022 meeting.

A review of the DESE 2nd quarter tuition projection was conducted.  Overall we are tracking to finish $314,992 better than budget if the projection holds true.  Part of the reason for the increase is the Commonwealth's commitment to fund the Student Opportunity Act.  Many of our sending districts have made no changes in their above foundation rates, for this reason we should remain conservative in our approach to spending and predicting how the year will end.  We will see these adjustments with the 3rd quarter projection (April 2022) and they could be substantial.

Remember that the 2nd quarter numbers are based on 2021-2022 October 1st student enrollment and demographics and sending districts above foundation rates from the fall of 2021.  Districts are able to adjust their above foundation rates at any point during the year but most district have this information determined by the third quarter.

Both the 1st quarter and the 2nd quarter projections are favorable for meeting the 4% increase in tuition (per the CBA) that would trigger staff raises in May 2022.

This item will remain on the agenda until we have more information from the Board and the Executive Search Committee about the funding required for the search.  The Committee will decide how to proceed once more is known.