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Mineral Point board approves preliminary budget, small meal‑price increase and annual line of credit
Summary
The board approved a preliminary budget to enable summer purchases, a 10‑cent paid‑meal price increase, and renewal of an annual line of credit (3.53% quote) to manage cash‑flow timing; administrators said the district remains in a solid financial position and will refine projections before the October levy certification.
The Mineral Point Unified School District board approved a set of fiscal measures at its June meeting, including a preliminary budget that allows administrators to begin summer purchases, a 10‑cent across‑the‑board increase in paid meal prices (5 cents for milk), and renewal of the district’s annual line of credit.
Finance committee members presented a conservative 'worst case' preliminary budget to permit necessary summer purchasing while staff continue forecasting revenue and state reimbursement figures for a final October levy decision. Administrators told trustees that the $600,000 placeholder for referendum dollars in the preliminary budget is likely to shrink as updated special‑education reimbursement rates and other revenues are finalized; staff said a newly confirmed 38% special‑education reimbursement rate will reduce projected referendum reliance.
On food service, director Kimmy described recent supplier disruptions and fuel surcharges and recommended a 10‑cent increase for paid lunches and 5 cents for milk; the board approved the maximum allowed one‑year increase for paid prices. The change does not affect free or reduced‑price meals.
To manage timing differences between district expenditures and receipts of state aid and property tax revenues, the board approved renewal of the line of credit at Farmer Savings Bank at the quoted 3.53% interest rate. Business staff said the line is a routine annual renewal and the district typically minimizes drawdowns; they noted past years when the district did not need to borrow.
Trustees said they were pleased that current projections show the district may use fewer referendum dollars than anticipated in the five‑year plan, and requested a detailed salary/benefits year‑over‑year breakdown at a future finance meeting. Board members approved the motions by roll call.
The board also reviewed Fund 46 capital maintenance items (elementary handicap ramp repair; classroom outfitting) and directed staff to proceed with planned summer projects within previously approved not‑to‑exceed figures.
Next steps: administrators will finalize fiscal year‑end numbers and present detailed budget mathematics and options to the board at the July and October budget reviews prior to levy certification.
