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Board approves year-end budget transfers and step increases, shifts debt timing to gain aid and interest savings
Summary
Trustees approved technical budget transfers, a $5.7 million timing move into Fund 39 to accelerate a high‑school debt payment, and staff step increases; finance staff explained the shift increases projected state aid next year while lowering long-term interest costs.
The Verona Area School District board approved several finance motions intended to close the current fiscal year accurately and improve the district’s long-term debt position.
Finance staff recommended a year-end transfer that moves about $5.7 million into Fund 39 in July to be used for an extra debt payment on the high school. Pete, the district finance lead, explained that shifting the payment into the next fiscal year can change how the state’s equalization aid formula treats the district and is projected to increase aid in 2026-27 while generating interest savings over time. “We believe we're on solid footing; we will not be closing up the year with a deficit budget,” Pete said while walking trustees through the hold-harmless (85%) rule and modeled aid gains.
The board voted to approve the budget-transfer recommendations and a proposal to provide staff step compensation increases for a year of service in 2026-27. Trustees discussed trade-offs including the possibility of using some of the aid gains to hold the mill rate flat, and staff emphasized ongoing uncertainties: Title I revenues are expected to decline substantially and health-care costs may increase in the coming year.
Board motions on the transfers and step increases passed by voice vote as recorded on the agenda; staff will follow up with formal budget book adjustments, DPI filings and continued enrollment monitoring.
