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Holmen finance director details third-quarter budget revisions, larger deficit and special-education changes
Summary
Executive Director Julie Homan presented revised 2024–25 budgets showing a $2.531 million general fund deficit estimate, increases in revenue from interest and a June Medicaid settlement, and an anticipated lower special-education aid percentage recommended by DPI.
Julie Homan, Holmen School District's executive director of finance and operations, presented the district’s 2024–25 third-quarter budget revisions at the April 14 board meeting, reporting a revised general fund deficit, revenue adjustments and an expected reduction in the special-education aid percentage.
Homan said the revised general fund budget shows a planned deficit of $2,531,000, an increase of about $73,000 from the October adopted plan. She attributed higher revenue to stronger-than-expected interest earnings and an anticipated June Medicaid settlement from 2022–23 that the district estimates will arrive in June and be credited to the general fund.
On expenditures Homan said the revised general fund outlay is $58,752,000, an increase of just over $1,000,000 compared with the original budget. That includes a $573,000 increase in the interfund transfer to special education, which Homan said offsets higher contracted services and student supports.
Homan also explained Department of Public Instruction (DPI) guidance recommending a lower special-education reimbursement percentage for the year. "DPI is recommending that all districts do that and so they sent out estimated aid revised for this year," Homan said, describing a recommended drop from 33.3% to 29.6% for calculated aid due to a prorated state pot of funds.
Other fund notes: Homan reported an increased Common School Fund (library aid) allocation, revised upward to $260,000 from the $200,000 embedded in the October budget. Capital projects fund balances depend on construction schedules; the district completed a bond settlement in February that increased interest earnings on capital funds through June.
Estimated June 30 general fund balance: Homan said the district estimates a June 30 general fund balance of $15.7 million (about 26.84% of general fund expenditures), with approximately $1.5 million restricted/committed and $14.3 million in assigned/unassigned designations.
Board members asked about DPI's recommendation to reduce special-education aid assumptions; Homan said the change is a pragmatic recommendation so districts are not surprised when final calculations arrive in June.
Item status: Homan said the revisions will appear on the April 28 consent agenda for formal board approval.
