Madison finance committee credits $375,000 health‑insurance savings as net available funds top $88,000

MADISON — At a meeting of the Madison Public School Board of Education finance committee, district staff reported approximately $375,000 in health‑insurance savings and a preliminary net projected available balance of $88,436 for the 2024–25 fiscal year.

The savings stem from a lower‑than‑expected increase in insurance costs after the district’s fall renewal and stronger claims performance through early winter, district staff said. “We were pleasantly surprised in January,” Stacy, a district staff member, said. The committee voted to move the recommendation on the insurance reduction to the full board for approval; the motion was seconded and the motion carried.

The committee’s finance presentation broke down the district’s preliminary end‑of‑year balances. Staffing salary accounts have an estimated positive balance of about $230,000 (including substitutes), employee benefits about $18,000, and payroll taxes that generally track salary savings. Legal expenses for special education stood at roughly $15,000, though staff said general‑education legal bills were still pending and could raise that figure.

District staff reported building‑level and miscellaneous balances totaling about $6,065,000 across schools and central office. After accounting for projected deficits and planned reallocations, the committee calculated $88,436 in net available funds at this time. “These numbers are very preliminary,” Stacy said; she and other staff cautioned final figures could shift in the coming weeks as invoices and reimbursements are finalized.

Special education was highlighted as a variable line item. The state informed the district that its excess‑cost reimbursement rate will be 82.8 percent for the relevant period, up from the 66 percent rate the district had budgeted. Because total special‑education costs also came in lower than expected, the higher reimbursement produces a favorable effect of about $66,000 to the district’s position versus the original budget assumption. District staff noted the state also committed an additional $40 million to excess‑cost reimbursements statewide, with the district told it would receive payment by June 30; the timing of that payment remains the district’s only firm guarantee.

Athletics and activity accounts show a projected deficit the committee expects to address with the available funds. Lower participation and gate receipts, rising officials’ fees and transportation costs have left those accounts short by roughly $50,000 this year, staff said; the committee discussed but did not adopt any programmatic changes at the meeting.

Staff proposed several one‑time uses for available balances and recommended shifting funds to cover higher than anticipated costs on capital improvement project (CIP) items: an equipment upfit for a replacement pickup truck, additional funds for the baseball field and an add‑alternate to place turf between the baseball and turf practice fields, acoustical wall panels for the dining/assembly hall, replacement of the 20‑year‑old sound system in the Daniel Hand gym, upgrades to the Brown stage sound, repairs and window work in the cafeteria, renovation of the Olson health office, esports equipment for a newly advised team, and iPads for STEAM instruction. Committee members discussed prioritizing those items if final balances remain positive.

Committee members and staff said the district’s financial software (Munis) allows school administrators real‑time access to their accounts and that staff will continue to refine figures before the June close. The committee agreed to endorse the proposed line‑item transfers and to send the package to the full board; staff said final action on any transfers will appear in the next board packet and that the finance chair and staff will seek formal wrap‑up and votes in June.

Public comment was not received during the meeting. Staff and committee members said they expect to provide updated, more finely tuned numbers at the June meeting once outstanding invoices and state reimbursements are finalized.