Reply to Eagle Academy council hearing video is available

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[quote=Anonymous][quote=Anonymous]Excellent summary. Thank you.

[quote=Anonymous]Allen re Nevada and Ohio, unhappy that the PCSB doesn't track that at reviews, they found out when other people did. What happened to the $4m in regular funding. Will Henderson says Eagle has $1m frozen in their bank account. $1m was spent on payroll, $1.3m to pay outstanding line of credit for rent etc., $1m for prior year and summer expenses. [b]Trying to get it back. [/b]Loan from Joe Smith to the school bore interest(!), he has not been paid back. [/quote]

I wonder how they will get back money that they paid for payroll, prior year and summer expenses and paid off the line of credit? They won't get that back but maybe the 1m frozen in the bank account?? How much is the PCSB paying for the Eagle close out?

[quote=Anonymous]Henderson: What gave you confidence they could turn it around? Wright: Thought they could make budget cuts and enroll more kids in August/Sept, and PCSB could have provided funding and orderly closure. Henderson pushing her bill to require training. Asks how many LEAs are currently meeting only minimum targets. 7 are on monitoring list, 3 FCAPs, 70% of the schools met all minimum targets for FY2024. [/quote]

The most recent financial report (FY2023) that was released a few weeks ago from the PCSB says that 60% of schools met the financial floors. That's 40% that missed. The FY2024 figure of 70% is still 30% who missed. Is there a plan for those that miss the floors?

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I think they might get back the $1m frozen in the bank account. I'm not sure how much they're paying for the close-out (and remember, DCPS owns the building so there won't be costs of selling it), but in general for closing down schools I believe there is a fund for this, which all charter schools have to pay into? Not sure how much it is going to cost.

For those that miss the floors, I believe the standard approach is for the PCSB to increase its financial monitoring and if needed, impose a FCAP. And I wouldn't be surprised if we see one or two shut down in this review cycle or after a year's probation. Some are up for review this year that are already in very clear financial and academic trouble (Hope and Capital Village for example). There are apparently 68 charter schools total, so 30% of that is 20 schools. [/quote]

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