The Balance Sheet and P&L Budget vs Actual were both reviewed:

Balance Sheet - this document was requested at the December meting and will now be a part of the quarterly financial review.  The date of the report was December 28, 2023; notable were the current assets totaling $2.6 million, which includes the CDs that were purchased in the fall and payroll withholding that had not yet cleared as December 28th was a payday.

P&L Budget vs Actual - Half way through the year, discussion was around where items are not aligned to budget.  Grant revenue does not match grant expenditures due to the late approval of the grants and the reimbursement process; this issue will be resolved as time goes by. 

Revenue:

• Auxiliary Revenue is high and will go down as the year proceeds due to the process of issuing bus statements, making adjustments and collecting the funds.
• Interest is higher than budgeted due to the interest from the CDs.

Expenses:

• Recruitment of Employees will be over budget due to hiring a search consultant to find a school nurse.
• Board of Trustees Expense may be over budget, depending on legal fees for the year, due to the hiring of a consultant for the Board retreat.
• Facilities Expense is a little high but should finish within budget for the year.

As of December 27th DESE released the FY24 second quarter - updated for enrollment from the October 1st report and some adjustments in district above foundation rates.  The projection decreased from $7.5 million in the first quarter to $7.4 million in the second quarter.  Even though this is a decrease in DESE projected tuition, the budgeted tuition was $7.1 million.  Overall the budget remains stable; we will continue to watch the FY24 third quarter above foundation changes and the impact on budget.