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Board approves budget adjustments, $1.8M capital transfer and benefit changes as district faces multi-year deficit
Summary
The board approved fiscal-year 2024–25 adjustments, a $1.8 million transfer to capital projects, a 2025–26 budget with an operating deficit target near $1.6 million, an 18.8% rise in medical premiums driven by the insurance trust, a 10¢ lunch price increase and a new banking services contract with Triad Bank.
Chief Financial Officer (Mr. Myers) presented multiple finance items on June 11 and the board approved a series of actions to close the current fiscal year and set policy for 2025–26.
For fiscal year 2024–25 the board approved Budget Adjustment No. 4, which did not change total revenue or expenditures but transferred amounts between accounts to conform to DESE accounting codes. Mr. Myers reported an estimated ending fund balance of 49.96% for 2024–25 that includes the capital transfer the board later approved.
By board motion the district authorized a capital transfer of up to $1,800,000 from operating funds into the capital projects fund, the maximum allowed by DESE, to build capital-project reserves for facility maintenance and Prop S follow‑through. The motion carried by voice vote.
Myers presented the proposed 2025–26 all-funds budget and said the district projects an overall deficit of $11,741,000 across all funds; removing bond proceeds and debt-service timing, the operating funds show a projected recurring deficit of about $984,000 and a total operating shortfall of approximately $1.6 million. He said the state’s “adequacy target” included in the legislature’s budget proposals would add about $1.8 million to state aid but cautioned that the governor could still act before June 30.
Health‑insurance premiums administered through the regional CSD Insurance Trust are projected to rise 18.8% for the district. The trust recommended plan design changes including higher deductibles, increased co‑payments, elimination of an HRA rollover and other trust‑wide adjustments; Anthem won the medical/pharmacy bid for the pooled trust. The board approved the recommended benefit changes and the district will absorb the board‑paid share of the premium increase while holding employee-only contributions flat.
The board approved a 10¢ increase in paid meal prices for 2025–26, keeping the new elementary paid lunch at $3.15 and high‑school standard lunch at $3.15 and noting district prices remain lower than several neighboring districts. Chartwells will continue as the food-service management company. The board also approved awarding district banking services to Triad Bank after a competitive bid; Triad offered competitive interest and waived banking fees.
The board adopted the East‑West Gateway 2025–2030 St. Louis Regional Hazard Mitigation Plan resolution, enabling municipal participation in the regional FEMA‑aligned mitigation plan. The meeting closed into an executive session to discuss personnel.
