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Sioux Falls closes FY25 with small positive fund variances; staff to seek efficiencies
Summary
Finance staff reported the FY25 wrap-up: general fund revenues nearly met budget, expenditures underspent, unobligated general fund balance rose to 11.8%; board acknowledged the wrap-up and discussed priorities for next year's budgeting.
Finance staff told the Sioux Falls School District Board on Tuesday that the district closed fiscal year 2025 with modest positive variances and maintained fund balance targets while facing the end of one-time federal COVID-era funds.
Mister Beek, the district finance presenter, said tax‑supported fund revenues came in at about 99 percent of budget while general fund expenditures were about 96 percent of budget. He reported the district ended the year with an unobligated general fund balance of 11.8 percent, above the previously projected 10.1 percent. Capital outlay and special education fund balances were also reported as healthy.
Beek described several drivers of the variance: lower-than-budgeted operational services spending due in part to mild winter weather, curriculum spending that was reserved for future implementation, salary and benefit variances from unfilled positions and long-term substitutes, and timing differences that reduced required internal transfers.
On compensation, Beek said average teacher salary and average total teacher compensation both rose about 4 percent year over year. He noted the district’s average teacher salary exceeded the state’s target teacher salary by roughly 1 percentage point and that average total compensation was above the state target; the district remained within the statutory tolerance (greater than 97 percent of the state target) that avoids state aid penalties.
Board members asked what priorities staff should consider for the coming budget cycle. Beek and Superintendent Dr. Nold said staff will solicit teacher and staff input this fall as part of budget guideline development, and they reiterated that salaries and benefits remain the largest portion of the general fund budget.
The board acknowledged the FY25 budget wrap-up report by motion; the meeting record shows the motion carried on voice vote with no roll-call tallies recorded in the transcript.
