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District projects modest fund-balance growth, $21M LTFM bonding and possible $800K insurance shortfall
Summary
Lakeville's revised budget projects a $3.2M-$3.3M increase in the general fund balance to about $29M, plans a roughly $21M LTFM bonding, and flags a potential $800,000 shortfall in the internal service (insurance) fund that administration said could be covered by temporary borrowing against the general fund.
Bill Holmgren, executive director of business services, presented the district's revised budget at the Feb. 10 work session and highlighted key changes and risks.
Holmgren said the general fund balance is expected to increase by roughly $3.2 million to $3.3 million, bringing the projected total to about $29 million. "On the first page... we're expecting about 3.2 to $3,300,000 increase in the total fund balance," Holmgren…
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