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Board approves revised FY 2024–25 budget amid planned construction spending; several routine motions passed
Summary
The Faribault board approved a revised fiscal‑year 2024–25 budget that intentionally spends down construction and other fund balances while maintaining a healthy unassigned general fund balance. The board also approved donor resolutions, the ice‑arena contract and other routine items; the final budget passed 5–1.
The Faribault Public Schools Board approved a final revised fiscal‑year 2024–25 budget at its May 19 meeting after a detailed presentation by district finance staff.
Finance staff said the revision reflects updated federal, state and local revenues, higher health‑insurance costs and planned spending from the construction fund. Highlights the board reviewed: - General fund: Revenues and expenditures were updated to reflect titles and federal aid corrections; benefits rose by approximately $1,170,000 largely due to insurance and contract adjustments. The district’s unassigned general‑fund balance is projected to end the year at about $8.99 million (roughly 14.19% of expenditures), well above the district minimum policy target of 9.5%. - Construction and capital:…
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