EPIC board approves 2025–26 budget, amends 2024–25 budget and authorizes Regent Bank line of credit

The EPIC Blended Learning Charter Board of Directors voted Thursday to adopt the district’s 2025–26 proposed budget after a public hearing, approved a roughly $500,000 amendment to the 2024–25 budget and authorized a line of credit with Regent Bank and payment of associated fees to cover summer cash-flow needs.

Board members voted unanimously among those present to approve the actions; one trustee, listed in the meeting as Mister Hammonds, was recorded absent for the votes.

Board Treasurer and interim finance staff presented the financial picture before the vote. Michael (CFO, EPIC staff member) said the district used conservative revenue assumptions based on the district’s October 1 student count and Annual Statistical Report and employed a zero-based budgeting approach to recalibrate staffing and contracts. He described the budget as “student facing” and said the budget was built to minimize requests for additional funds from the board.

Michael said the district reported a fund balance of about $13,700,000, a cash balance of about $22,000,000 and roughly $8.7 million in outstanding warrants in the most recent month. He said the district’s recent revenue and expense figures were roughly $252,000,000 in revenue and $238,000,000 in expenses, producing a modest positive adjustment to the current fiscal year budget of about $500,000. For the coming year, he asked the board to approve $223,915,083.70 in planned expenditures.

The board first voted to authorize the establishment of a line of credit with Regent Bank and to give the interim superintendent authority to execute necessary documents under the bank’s terms. The board later approved a purchase order to pay the fees associated with that line of credit.

Board members also approved an amended 2024–25 budget — the amendment was described as routine and intended to reflect finalized bonus and learning fund numbers — and formally received the district’s financial statements. The board then opened and closed a public hearing on the 2025–26 proposed budget (no public commenters were recorded), and subsequently approved the 2025–26 budget as required by the state Budget Act.

The CFO emphasized that the line of credit was intended to bridge cash needs in July, August and September for payroll and contracts until regular school-year funding is available. He said the district was aiming for a healthy carryover and described a goal to avoid future emergency requests to the board.

Votes recorded at each roll call generally show the same pattern: Miss Berry, Miss Casper, Miss Myers and Mister Vela voting yes; Mister Hammonds absent.

The board also approved a routine set of ministerial items, including approval of minutes and receipt of financial statements, during the same meeting.