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Lake Forest board adopts final FY25 budget, projects $7.7 million year-end reserve
Summary
The Lake Forest Board of Education approved the district's final fiscal year 2025 budget and financial position report 5-0 after a detailed mid-year review that highlighted unit-count growth, added state discretionary revenues and potential risks from a state equalization formula review.
The Lake Forest Board of Education voted 5-0 Thursday to adopt the district's final fiscal year 2025 budget and financial position report.
Kurt Kelleman, the district's business manager, told the board that the district received "over $1,600,000 additional state discretionary funds" in the mid-year period and that those revenues, together with higher local interest receipts and additional Perkins grants, pushed the district into a projected surplus. "Essentially we're looking at with those additional revenues primarily a surplus still of about $923,000," Kelleman said during his presentation.
The board's vote finalizes a budget that reflects rapid recent growth in Division 1 units (the state's unit-count metric for staffing funds). Kelleman said the district earned roughly 13 additional Division 1 units over two years and reached about 292 Division 1 units in the most recent count, a driver of both higher state formula revenues and increased local salary obligations.
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