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Board hears LTFM update; FY26 plan shows small shortfall and planned projects for next years
Summary
Staff updated the board on the long-term facilities maintenance program, reporting projected FY26 expenditures of roughly $2.9 million against revenue of about $2.7 million and a reserved LTFM fund balance of $700,000 to cover the shortfall; near-term projects include elevator controls and a Meadowview retractable wall replacement.
The board received an update on the district’s Long-Term Facilities Maintenance (LTFM) program and the 10‑year reporting process required by the Minnesota Department of Education.
Staff explained that the LTFM formula includes building age and enrollment components and has both an aid (state) and levy (local) portion; for Farmington, roughly 51% of LTFM funding comes from the local levy and 49% from state aid, the presenter said. Using the most…
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