Jeff made the motion to open the meeting remotely; Julie seconded the motion. The motion passed unanimously.

Discussion on budget was held.  Not many changes compared to the last budget presented to Fincom, mainly relating to tweaks in individual salaries. 5% salary increases on average is as good as can be expected.

This budget is based on assumption of 224 students enrolled and blended PPE prediction of $16,653 for the 2022-2023 school year.  After this budget was created, DESE issued us with their predicted PPE which translates to a blended PPE rate of $17,677.  This is however pending finalization and approval of the state budget.  Therefore, it is advised to use this current budget for now and to potentially submit an update to the Board after September and adoption of the new PPE numbers by the state.

If the new PPE number is confirmed, the extra monies will be used for building improvements, which will be budgeted and tracked as a separate line item.  Until then, building improvements expenditure will have to be funded out of the Board-restricted fund.

A brief discussion of monthly financials followed which tracked with the notes posted for this meeting.

Jeff Barry sent a request to Rockland Trust to start conversations about potential refinancing options for the school’s mortgage. Rockland bought East Boston Savings bank in 2021.