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Lake Norman Charter board adopts fiscal 2025–26 budget with modest surplus
Summary
The Lake Norman Charter board approved a fiscal-year 2025–26 budget that projects roughly $99,000 in net surplus, preserves current staffing increases and adds three positions while building in an estimated $77,000 in athletic participation fee revenue.
The Lake Norman Charter Board of Directors voted to approve its fiscal year 2025–26 budget after a presentation from finance director Hailey Wilson. The motion to adopt the budget was moved by Nicole and seconded by Amy; the chair called the vote and the motion passed with no opposition recorded on the transcript.
Wilson told the board the draft budget assumes largely flat state funding and builds in a 0.05% state funding increase in the near term, about $160,000 in interest income and $77,000 from a new athletic participation fee. She said the school has about $25,000,000 projected revenue and $24,900,000 in expenditures under the current assumptions, producing a projected net surplus near $99,000 pending final state and county reconciliations.
"We're sitting right at about $99,000," Wilson said when summarizing the bottom line. She also noted the district recently doubled the balance in a money-market account and is projecting roughly 246 days cash on hand, which supports investor covenant ratios.
The budget sets aside funds for three new positions: a District 504 coordinator, a high-school guidance counselor and an additional facilities technician tied to the new elementary school opening. It also adds a stipend position for an assistant athletic director and includes planned increases for coach pay, with those costs expected to be largely offset by the athletic participation fee.
Board members asked how any additional one-time income would be spent; Wilson said she would prioritize salaries and noted the board's earlier decision to fund a holiday bonus. A member asked for clarification about technology cost increases due to tariffs; Wilson said she built a 3% assumption for technology costs but labeled it an estimate.
The board chair then called for formal action. "I move that we approve the budget estimate," Nicole said. Amy seconded and the motion carried.
Next steps: Wilson said the budget will be adjusted if the state or Mecklenburg County budgets change during reconciliation, and any necessary changes will be made via subsequent budget amendment.
