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St. Joseph schools report reserve shortfall; district to present budget revision and corrective plan in October
Summary
Preliminary ASBR filings presented July 24 show the district's reserve ratio near 10% absent certain federal reimbursements; administrators described frozen and delayed federal funds, enrollment declines and rising staffing costs as drivers and pledged an October budget revision and district reduction plan.
St. Joseph School District administrators told the board July 24 that preliminary figures for the Annual Secretary's Board Report (ASBR) show an ending reserve ratio well below the board's 20% policy target, and that corrective actions will be required.
The district's finance presenter, Dr. Rockford (staff member), said the preliminary ASBR without late federal reimbursements shows a reserve ratio of 10.02 percent; including federal funds that arrived before year-end would raise that estimate to about 15.94 percent, still below the board policy target. He said the ASBR numbers are preliminary and must be finalized before the Aug. 15 filing deadline.
School finance matters matter because reserve ratios indicate how long the district can operate…
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