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Board adopts revised 2025–26 budget after discussion of enrollment, federal revenues and capital projects
Summary
Trustees adopted a revised 2025–26 budget based on updated Florida DOE counts (Survey 2 / third FEFP calculation), which reflected a net systemwide enrollment decline of about 60 students, adjustments to federal program revenues (Title I/II/other) and capital‑project borrowing to close campus buildouts.
The Lake Wales Charter Schools board on Wednesday adopted a revised 2025–26 budget after receiving detailed explanations from the chief financial officer about updated state funding calculations, school‑by‑school enrollment changes and capital needs.
CFO El Ricky Smith told trustees the revised budget uses the Florida Department of Education’s third FEFP calculation and Survey 2 counts to estimate revenues. That process produced a net reduction of roughly 60 students systemwide compared with prior adopted estimates, and a projected FEFP impact of about $375,000. Smith said the revised numbers also account for recently allocated federal program funds (Title I, Title II and others), which increased special‑revenue totals and offset some general‑fund shortfalls.
"We met with principals where counts declined and adjusted staffing and program budgets to avoid instructional disruption," Smith said, describing school‑level conversations and remedial steps the central office took.
Trustees pressed for clarifications about several line items: a reclassification between food‑service 'other sales' and 'other revenue' that produced an 80% swing on a line item (CFO: classification error corrected), capital‑projects borrowings to finish campus closeouts and a projected $772,000 draw from reserves to complete one campus buildout this fiscal year that will be repaid over time via internal transfers and capital receipts. Smith said the capital fund includes PICO/state revenues and internal loans; he confirmed the campus construction project was closed out and the additional borrowing and debt service were budgeted accordingly.
On the district’s self‑insured health program, the CFO said pharmacy and claims cost runs above projections and the stop‑loss threshold was set higher to control premiums (stop‑loss referenced near $200,000 per individual cycle). The report said reserves remain adequate (about $3.1 million) but that the health fund will likely draw on reserves this year and the administration will propose adjustments for the 2026–27 budget cycle.
After discussion and answers from staff, the board voted in roll call to adopt the revised 2025–26 budget. Trustees also directed staff to supply requested clarifications on the food‑service classification swing and other schedule details to the board before the next meeting.
What happens next: Administration will provide corrected schedule line‑item explanations and a timetable for capital‑fund borrowing and repayment; the finance office will continue working with principals on enrollment and operating adjustments ahead of the 2026–27 budget.
