Not many changes to budget packet

Page 4 - Actuals and what's remaining
Total revenue of $477,000 and $64,000 remaining. 
Salaries $91,000 remaining to be spent
$373,000 in expenses and $188,000 remaining
$103,000 surplus as of the end of March

Leigh - P-card statements need to be reconciled.  Cash has been take out of the account and has been booked to educational supplies for the time being. Those may shift to other expense categories. 

Updated forecast - $20,000 to the positive right now
Personnel - slightly increased - School software and assessment went up.
Reduce educational supplies slightly.

$561,000 in expenses - better than budget by $15,000.  More savings are anticipated.

P & L deficit of $20,000 which includes the contingency of $44,000. We are to the good of $11,000.

Cash surplus of $24,000 vs. original of $3,000.

State surplus calculation - current year drops down to $24,000

P&L balance is actually $60,000 but Jeremy did it on at total equity.  She will make that update next month.

3% is measured against expenses not revenue.

Accounts payable of $7,124 - That is an old legal invoice  We thinks that's been paid. That will be additional savings.

Total equity of $123,560.

Cash will be at $56,000 at the end of the year if you paid all of the expenses.

We need to set next year's budget meeting - will start doing that in the coming weeks.

 

J.P. passed around the schematic of new building which has been submitted to LSU.
Buddy Ragland, Robert Pettit, and J.P. met with LSU facilities.  Everything has been submitted to the Board of Supervisors April 26th meeting.   Robert asked if one of us should be at the meeting - J.P. will ask Patrick Martin about that. 

Hopefully, Board of Supervisors will give King Alexander permission to finalize the terms of the lease with The Emerge Center.
So everything is on track with LSU.  

Melissa, Leigh and J.P. have talked with EBR about the professional services agreement and the Polk Elementary lease. The professional services contract is awaiting Warren Drake's signature.  Melissa will follow up to find out when that will be signed.

We need to negotiate a few more points on the potential Polk Elementary lease.  J.P. will revise and send it back to Mr. Shamlin.  The description of the premises needs to be clarified that we are using the first floor classrooms.

At next month's Board meeting, hopefully we will have the finalized version of the Polk Elementary lease ready for review.  

In terms of fundraising for the new building, we have $1.2 million in cash right now.  We have $400,000 in pending asks which we hope to hear back from by June 1.  We should be very close to $1.4 million by early June and hopefully we will plan to have a ceremonial groundbreaking in early fall.  

Leigh gave an update about school operations at Polk.  The HVAC maintenance is all included in the rent. We should be covered with our existing general liability insurance policy although it may need to increase with a bigger student body. 

We've talked with EBR's CFO.   We will not loose that $900 per pupil that we receive for being in a non-school building. 

On April 12, the Center and School staff will visit Polk and start thinking about what it will look and think through the logistics to troubleshoot those in advance. 

We are also working with 4th Sector on the move and logistics. 

We met with General Informatics about internet usage and have connected them with EBR's IT department. We can use EBR's internet to access the cloud (we may not need to have a hard server on site).  There may be additional cost for computers for school  staff and we are looking into a capital lease for review by the board.   

Melissa commended Leigh for all of the hard work she's put in and for juggling so many demands . 

Leigh is also meeting with School Food Solutions and Melissa suggested working with the architect early to make sure  any modifications are considered.