Welcome and Call to Order

The meeting was called to order and a quorum ascertained at 6:35 p.m.

Approval of Agenda

So that there is agreement between board members on the agenda, and the amount of time spent on the meeting, the board shall vote to approve an agenda for the meeting. To the best of its ability, it will follow that agenda, and allow for the chair to move the board through the agenda as specified.

Review Draft Budget

Per Ms. Lee, the draft budget was not available in presentation form.

The Finance Committee discussed the timeline for preparing and approving the FY26 budget. Ms. Lee proposed presenting a draft budget at the April Finance Committee meeting, holding public budget hearings in May, and potentially voting on the final budget at the May board meeting. The committee agreed to have Ms. Lee send budget materials in advance for review. They also discuss the need to clearly explain any proposed changes compared to the current budget. The regular Finance Committee meeting is scheduled for April 15th, and Ms. Lee will aim to send draft materials by the Friday before spring break (April 4th).

QBE Earnings and Enrollment Adjustments

Ms. Lee discussed the revenue QBE earnings, which were originally set at $6,839,020.85 but were reduced by 22,000.287,055 cents to $6,816,733.30. The QBE was based on 502 students, which was the March FTE count. Ms. Arnold raised concerns about the trend of enrollment numbers and the impact on the school's budget. Ms. Lee clarified that the budget amendment captures the original funding projections and the midterm adjustments based on the March count. The adjustment would not change the amount earned for the full year at an enrollment of 502 scholars.

Finance Team Discusses Budget and Funding

The finance team discussed the school's budget and funding situation. They are waiting for midterm adjustments from the charter authorizer, which have been delayed. Ms. Lee presented financial reports showing current revenue and expenditures. The team discussed QBE funding amounts received so far and projected for the rest of the year. There are concerns about potential funding cuts due to lower enrollment. Ms. Arnold raised questions about ESSR funds and other funding sources that may have been missed. Dr. Bostic was asked to follow up on some specific funding requests from last year (what was requested from ESSR versus what DPA actually received.)The team reviewed the proposed budget amendment, which accounts for current staffing levels and known revenue amounts.

Finance Committee Reviews Budget Amendment

The Finance Committee discusses a proposed budget amendment with Ms. Lee, the finance officer. The amendment aims to reallocate funds from salary savings due to unfilled positions to other line items. Committee members, particularly Ms. Arnold and Ms. Wilhite, requested more detailed explanations for each change, including the reasons for increases in substitute teachers, software, and building expenses. They also sought clarity on how many positions are vacant and the plan for filling them. Ms. Lee agreed to provide a more detailed two-page explanation of all changes by the next day. The committee suggested adding a column to show projected spending for better understanding. There is concern about using this amended budget as a base for next year, as it might result in starting the new fiscal year with insufficient funds for salaries if vacant positions are filled.

Next steps

Ms. Lee to provide detailed explanations for all budget amendment line item changes by the next day.

Ms. Lee to add a forecast column to the budget amendment form showing projected spending.

Dr. Bostic to follow up on some specific funding requests from last year (what was requested from ESSR versus what DPA actually received.)

Dr. Bostic to propose dates for budget hearings and send to the board.

Dr. Bostic to get an updated engagement letter from Marshall Jones for auditing services.

Other Items

Teacher Appreciation Week Funding Discussion

The committee discussed plans for teacher appreciation week, which is estimated to cost over $6,000 for items like food, t-shirts, lanyards, and lunchboxes. There are concerns raised about using general funds or QBE funds for these expenses, given budget constraints. Dr. Bostic agreed to look into using student activity funds or seeking donations from partners instead. The committee requested more clarity on the funding source before approving the expenses. They also discussed the need for board approval since the total cost exceeds $5,000.

The Meeting was Adjourned

The meeting adjourned at approximately 8:18 pm