School Board approves 2020-21 budget with spend down of fund balance
Tuesday, June 23, 2020 - At the Monday, June 22 School Board meeting, the school board approved the 2020-21 budget. Finance Director Aaron Bushberger provided a review of the 2020-21 budget, which included the anticipated revenue and expenditures for the General, Food Service, Community Service and Debt Service Funds. The General Fund budget for 2020-21 is anticipating a nearly $1 million shortfall. Each year 80% of the district’s general fund revenue comes from the State of Minnesota and given the state’s current financial challenges and other COVID-19 related impacts, the district could face an even greater shortfall than previously projected.
To help shore up resources, the board approved using more of the fund balance as a one time resource to support the district in this time. District policy currently requires a 12% fund balance. After intentionally spending this down to 10% as a part of budget adjustments this spring and approving the 2020-21 budget, the fund balance is projected to be at 8% at the end of the 2020-21 fiscal year.
You can access a video of the school board meeting by clicking here.As additional information becomes available we will routinely revise the budget and share information on our website and in staff and family newsletters.