FY24 1st quarter tuition was reviewed.  This projection versus the FY24 budgeted tuition shows that the conservative approach to budgeting is showing very favorable with a tuition overage of $474,302.  Caution is recommended as the demographics, rates and enrollment are based on FY23 final statistics.  Several adjustments will happen throughout the year; October 1st enrollment was reported at 391 and the 2nd quarter in December will begin to show adjustments in above foundation rates.  Across the state there are still major concerns over how above foundation rates will be adjusted as the COVID funds begin to dry up.  The AFR Comparison for PVPA already shows a downward shift of approximately $10,000 overall in above foundation rates from FY23 to FY24.  This could be a major concern for PVPA and more information will be available in December.

The cash reserves at the end of FY23 were at $3.3 million.  It is recommended that we examine the need to increase the three month operating expense reserve given the higher cost of services and increases in payroll. Shifts in the open capital projects were approved at the September meeting leaving $229,835 approved/budgeted for capital projects.  $2 million was recently invested into CDs with Florence Bank.

Possible new member James Montemayor was reviewed.  James is currently a commercial loan officer with Florence Savings Bank and was presented by the bank as a possible member of the Finance Committee.  James, or Monte as he prefers, has a BSBA and a MBA form Western New England University in Finance, has been in the local banking business for over 38 years, is currently the Treasurer for The Gray House Board and lives in Southwick.

Committee recommends that the President of the Board of Trustees appoint Monte to the Finance Committee.