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Preliminary budget shows modest surplus; district reserves above policy minimum
Summary
District staff reported a preliminary FY budget with revenues exceeding expenditures by about $154,911 and an unassigned fund balance increase of roughly $173,000, leaving approximately 9.5% unassigned reserves (above the board policy minimum of 8%).
District finance staff presented a preliminary budget update at the May 11 Mahtomedi school board meeting showing a modest surplus and reserves that meet board policy.
Tim Ericson presented the preliminary figures and said revenues exceed expenditures by about $154,911 and that the unassigned fund balance rose by approximately $173,000, translating to roughly 9.5% unassigned reserves. Ericson told trustees that the district remains within the board policy minimum of 8% for unassigned fund balance, giving the district "a little bit of breathing room" as it proceeds through the budget process.
Ericson said the finance advisory committee will meet May 19 and that the board will get more detailed, fund-by-fund information at the June 8 meeting, including the potential impacts of pending state legislative action. He noted that revenue and expenditure estimates have seen only small changes since March.
Trustees asked follow-up questions about when a potential change to the permanent school fund would take effect if voters approve it in November and how district-level allocations would shift; Ericson said he would research the specific fiscal-year timing and district-by-district impacts and report back.
No final budget adoption occurred on May 11; trustees were scheduled to consider further detail at upcoming meetings after the finance advisory committee report and final legislative outcomes are known.
