Board approves midyear budget revisions; district cites enrollment shortfall and $3.77M projected fund-balance drawdown
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Summary
Roseville Public School District trustees on Feb. 10 approved midyear revisions reflecting an estimated $1.3 million net revenue reduction tied to lower enrollment, modest expenditure increases and a projected drawdown of roughly $3.77 million in fund balance, which keeps the district above its 6% policy minimum.
District finance staff presented midyear revisions to the general fund budget at the Feb. 10 Roseville Public School District board meeting and the board approved the revisions in a single motion.
Presenters told the board the district is under-enrolled relative to last year’s projections by roughly 72 students but conservatively estimated a net 62-student reduction for funding purposes. That shortfall reduced general-education revenue by about $1,051,000, staff said. An update to special-education aid reduced expected support by approximately $570,000, while new Department of Education grants added roughly $308,000. Taken together, presenters said, total revenue adjustments were about negative $1,300,000, bringing revised revenue to about $133,187,000.
On the expenditure side, staff reported modest increases (about $538,000) driven by recently added positions, the district’s share of Paid Family Medical Leave premiums and final staffing adjustments. That raised revised expenditures to approximately $136,959,000; staff projected a draw on the fund balance of about $3,771,000, producing a revised fund balance near $12,206,973, or about 8.91% of expenditures — above the district’s 6% policy floor but below the 10% mark noted in discussion.
Board members asked how the district will plan for future years given declining enrollment; staff said a multi-year projection will be prepared for the finance committee and noted that some relief may arrive when a technology levy funding stream begins to support tech salaries starting July 1. Staff also warned of potential federal and state funding uncertainty, including an estimated 19% decrease to Title I funding based on what they have heard from the Minnesota Department of Education.
A board member moved to accept the revised budget as presented; the motion was seconded and the board voted to approve the midyear revisions. Board discussion pointed to ongoing monitoring and a planned multi-year projection for the finance committee.
