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EPIC Charter Schools board accepts financial reports, outlines cost cuts after state-aid pressures
Summary
Board members heard that revenues exceeded budget for September but expenses remained high; administrators described personnel reductions and cash projections, and the board accepted financial reports and approved routine business and executive session.
EPIC Charter Schools board members on Nov. 14 accepted financial reports and approved routine business after administrators described recent personnel reductions and cash projections made necessary by pressures in state aid.
The superintendent—s office told the board that revenue for the month ended Sept. 30 was $91,700,000 and expenses were just under $82,000,000, leaving a fund balance of about $9,800,000. Presenting the numbers, Janice, the finance presenter, said the revenue-to-expense gap and the timing of state aid required "necessary cost saving measures" including canceled travel, suspended vendor contracts and pay cuts.
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