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Board approves amended budget, appoints district treasurer and authorizes bank-financing agreements
Summary
The board approved an amended budget for 2024–25, appointed Michael Florey as interim district treasurer, and authorized the superintendent to execute agreements with counsel to obtain bank financing to address short-term cash flow timing.
The EPIC ONE ON ONE CHARTER SCHOOL board on May 15 approved an amended 2024–25 budget, appointed an interim district treasurer and authorized the superintendent, in consultation with district counsel, to execute agreements necessary to obtain bank financing.
Michael Florey was recommended to serve as district treasurer until a full‑time chief financial officer is hired. A motion to appoint Florey passed on a recorded roll call; votes recorded in the transcript show board members voting yes. The board administered the oath of office as part of the appointment process.
On the amended budget, Finance presented that some budgeted funds had not been appropriated for specific spending and the action increased the amount the district can spend this fiscal year. The board approved the amended 2024–25 budget after a motion and recorded roll-call vote.
The board also considered authorization for the superintendent to pursue a bank line of credit or other financing in consultation with district general counsel. Brandon Webb (district counsel/staff) and other presenters told the board the district faces a short-term cash-flow issue because enrollment surged and the district capped new enrollments in spring; the presenters said state revenue for students who enroll after the district’s cutoff is delayed until distributions in August and a midterm adjustment in January. Brandon Webb said the financing would “help us get through June and through July.” The board voted to allow the superintendent, with counsel, to execute agreements to obtain that financing.
Discussion versus decision: the budget amendment and treasurer appointment were formal board actions; the financing authorization gives staff authority to negotiate and execute loan or credit agreements subject to counsel review.
