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Board debates fund-balance percentages; favors 10% goal with triggers and quarterly review
Summary
Board discussion centered on adopting a 10% unassigned general fund balance target, a 7.5% trigger requiring a financial improvement plan, and a 5% minimum that would require explicit board approval to fall below.
Board members continued a multi-session review of a proposed revision to the district’s fund-balance policy at the April 22 meeting, discussing percentages and governance triggers the district should adopt.
Director Brian Thompson presented a draft that mirrors guidance from the Minnesota School Boards Association and proposed three “bands” for the unassigned general fund balance: a 10% target (the district “will strive to have” an unassigned general fund balance of 10% of the annual expenditure budget), a 7.5% trigger that would require the superintendent to produce a financial improvement plan if projections showed balances…
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