The DC Prep Board has reported a significant financial update during its June 2023 meeting, highlighting a total bond closure of $52 million and an additional $24.2 million in new market tax credit debt for Anacostia Elementary. The board is budgeting for private revenue of approximately $1.8 million, which reflects a decrease from last year but aligns more closely with realistic expectations for the current and future fiscal years.

The budget indicates a positive net cash flow of $780,000, with an operating income of about $3 million. However, the net income stands at a negative $2.8 million. The projected end-of-year cash and fixed income balance is expected to be just under $34 million, which includes cash and investments in U.S. government treasuries. The board confirmed that it is on track to meet all financial covenants required by its banking agreements.

Enrollment figures show a slight decrease, with a budgeted count of 2,126 students, while staffing levels remain stable. The board anticipates facing high inflation, budgeting for a 4% increase in general expenses.

Discussions also touched on the at-risk student population, which is defined by the city as families experiencing homelessness or receiving government benefits. The board has maintained its estimation of at-risk students flat compared to the previous year, although there has been a slight increase in the funding multiplier from the DC Council for at-risk support services.

Overall, the meeting underscored the board's commitment to financial stability while addressing the challenges of student enrollment and inflation, ensuring that the necessary support for at-risk students remains a priority.