Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Board unanimously approves revised fiscal‑year 2025 budget update
Summary
The Lakeville Public School District School Board unanimously approved the district’s revised FY25 budget update on Feb. 25 after business‑office staff presented revenue and expenditure updates and fund‑balance projections.
The Lakeville Public School District School Board voted unanimously on Feb. 25 to approve the revised fiscal‑year 2025 budget update as presented by Executive Director of Business Services Bill Holmgren and the business office team.
Holmgren summarized the end‑of‑January numbers and explained revenue and expenditure changes since the prior report. He highlighted that state and local revenues were performing as expected and that the district’s general fund unassigned balance is projected to be approximately $12.9 million at the end of the fiscal year, or about 6.3% of the general fund — above the board policy minimum of 5 percent.
Key budget points Holmgren highlighted included: - Revenue drivers: a 2% state formula increase plus additional one‑time Legislative REED Act dollars and higher interest earnings; changes in federal special‑education timing affected federal revenue recognition. - Expenditure changes: increased salaries and benefits tied to contract settlements and staffing for the new elementary school, higher purchased‑services related to special‑education contracts, and a drawdown of assigned teaching‑and‑learning dollars carried from the prior year. - Fund balances: capital and LTFM draws for Highview Elementary were noted; the student nutrition fund balance was being managed down per state guidance; community education is projected to end the year in surplus.
Holmgren and the business‑office staff said the revised budget presented a conservative projection and that the district expects to meet or better the forecast in most categories. Board members asked clarifying questions about timing, assigned versus restricted fund balances, and the effect of enrollment changes on next year’s tax levy and revenue assumptions.
After questions, Director Anderson moved to approve the revised FY25 budget update; Director Nicholson seconded. The board voted unanimously to approve the update.
The approved revised budget will guide administration as it prepares the FY26 budget and continues to monitor enrollment and other variables that affect revenue and expenditures.
