Lake Norman Charter board approves budget amendment to cover gym repairs, salary changes and capital timing shifts

Mrs. Wilson, the finance presenter, told the board the school’s October 31 financials showed about $15,300,000 in assets, most of it cash, and about $6.8 million in revenue against $5.9 million in expenditures as of that date. She described timing differences that moved some planned FY25 spending into FY26 and said the budget amendment would accommodate those charges and the gym-floor insurance deductible.

Wilson outlined compensation adjustments built into the amendment: an average salary increase of about 4.1% overall, with scheduled positions ranging roughly 2.5%–5.7% and a 3% flat increase for staff not on the salary schedule (administrative, front-office staff and teacher assistants). She said 82% of staff would see at least a 3% increase and 59% would see at least a 4% increase under the proposed schedule.

Wilson emphasized that the district is operating under last year’s state budget until the legislature completes FY25–26 appropriations; she flagged uncertainty about pending state tax-rate changes and other negotiations and said county revenue was currently coming in well. She also described about $1.2 million in capital expenditures recorded and interest-income gains that improved the fund balance.

After board discussion and questions about worst-case funding scenarios and the timing of state action, a board member moved to approve the budget amendment as presented and a second was made. The motion carried.

The approval authorizes administrators to reallocate funds and post the revised salary schedule; the finance committee will continue to monitor state budget developments and return with refined recommendations if the state appropriations change.

The board voted to adopt the amendment; the meeting record does not list an exact roll-call tally.