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Board approves midyear budget adjustments, one-time staff payments and reserve transfers
Summary
The Academy District 20 Board approved a midyear budget update that recognizes unfilled positions, directs one-time staff payments, and transfers funds to capital and reserve accounts. Trustees voted unanimously to adopt the midyear adjustments at Monday’s meeting.
The Academy District 20 Board of Education approved a midyear budget update that tightens revenue and expense estimates for the 2024-25 fiscal year, authorizes one-time payments to district employees and moves several million dollars into capital and project reserves.
Becky Allen, district finance staff, told trustees the midyear process adjusts assumptions made in May, including actual ending fund balances, staffing shortfalls and updated enrollment. Allen said the district’s unassigned fund balance at the end of the previous fiscal year was $13.1 million higher than budgeted in part because about $9.7 million of payroll budget went unspent when positions…
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