Update from October meeting.  The Friends of PVPA accepted PVPA's proposal to work the increased lease payment into the budget over the next five years while also reducing the balance owed to PVPA by the Friends.

1st quarter tuition numbers from DESE (8/6/24) were reviewed.  Important point to remember is that these numbers still reflect the tuition rates, enrollment and demographics from FY24 final numbers.  Shifts for this fiscal year will begin with the 2nd quarter projections that will reflect the October 1st reporting from schools.  DESE's tuition projection is $7,761,269 vs budgeted tuition of $7,719,979 - trending favorably by $41,290.  To meet the lowest contingency in the CBA for the one time payment based on the tuition increase over FY24, the tuition would need to be $7.8 million - which is not trending favorably.

Budget vs actual for the 1st quarter ending September 30, 2024 was reviewed.  At this point in time (a quarter of the way through the year) we expect to see about 25% of the budget received/spent.  The first quarter shows no signs of being over budget and there are no significant concerns to share.  A few items that are over or significantly under the 25% mark were reviewed and explained:

Revenue

Auxiliary Revenue - bus contracts are all booked at the beginning of the year, as adjustments in ridership and payments are actually received this number will adjust downward.

Expenses

Education Salaries - at 11.35% is significantly lower - this is normal and is caused by the timing in which 10 month salaries are paid/accrued (basically Sept through June).

General Education Expense, Technology, Worker's Compensation, General Administrative Expense, Facilities Salaries and expenses all show over the 25% due to contracts, memberships and the timing of work completed being in the 1st quarter and are normal.