Board accepts February financial report and approves first reading of FY26 general fund budget

The board approved the February 2025 financial report and approved the first reading of the FY26 general fund budget during the April 10 meeting.

Nick Michael, finance director, reported district-wide revenue of over $136,200,000 and expenditures of over $136,000,000 through Feb. 28, resulting in a year‑to‑date net gain of $172,303 and increasing the district’s fund balance to $2,701,080. He highlighted that about $243.7M of the current allocation is recorded under state aid to classrooms and that the district transmitted roughly $132.5M to schools under that line.

Michael presented the FY26 general fund first reading based on the House budget version: the projection incorporated 45‑day membership counts, two new schools, a proposed increase in the state minimum teacher salary to $48,500, and an anticipated $450,000 in interest revenue. The proposed FY26 budget included a 3% cost-of-living salary increase, bringing total salaries and benefits increases and plans to bring IT and PowerSchool support in-house by adding six FTEs (net increase of four FTEs relative to last year). Staff described revenue assumptions as conservative; trustees asked about the security of interest projections and miscellaneous income items tied to state assessment revenue transfers.

The board moved, seconded and approved the February financial report and then approved the first reading of the FY26 general fund budget by voice votes. Staff will continue to monitor state budget outcomes and provide updates as the legislative process continues.