RVCS Finance Committee Meeting
Committee confirmed receipt of a $150,000 Newburyport CPC award earmarked for the Grounds Redesign (expected January 2026), reported Phase 1 appears on budget, and discussed beginning Phase 2 planning and submitting 2026 CPC requests.
The Finance & Facilities Committee reviewed year-to-date financial results through November 2025 and discussed cash-management and staffing issues. Committee members noted tuition revenue slightly above projection and interest income on cash balances at roughly double projections; the group agreed to further discussions with ECCF about investment opportunities and to review FDIC coverage options. Staffing expense was modestly below budget and the Executive Director raised the need to consider administrative assistance within the previously approved salary budget. The committee also approved the minutes from the October 8, 2025 Finance Committee meeting.
The committee tracked the Grounds Redesign finances: Central Source will consolidate the budget file with change orders and actuals, and current numbers indicate Phase 1 is on budget though final Phase 1 projects were lower-cost than originally earmarked. Members discussed starting Phase 2 planning now that funding is available; the committee expects to receive a $150,000 award from the Newburyport Community Preservation Committee in January 2026 and noted that a few ledger entries will be required to allocate those funds to the proper general ledger lines. Karen reported she will submit CPC requests for 2026 later in the week. No public comments or contested items were recorded.