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Board approves revision to FY24-25 budget; carryover projects at 4.4%
Summary
Trustees approved Revision No. 1 to the FY24-25 budget, reflecting a 2% legislative inflation increase to base funding, an estimated one-time capital supplement (about $71,000) and a projected 4.4% carryover above the 4% minimum.
Finance staff presented Revision No. 1 to the FY24-25 budget and the board approved the revision by voice vote.
Staff explained the change reflected the state legislature's approval of a 2% inflation increase to base maintenance (M) funding and noted an estimated one-time capital supplement equal to roughly 4.6% of the district's capital allocation, which staff estimated at about $71,000 for this revision. The presenters said final state figures will be available in December and that the revision accounts for updated interest, actual expenditures and a revised carryover estimate.
The district's projected carryover after adjustments was reported at about 4.4% of the budget, above the district's internal minimum of 4% and in line with best-practice guidance. Staff said ADM (average daily membership) projections were not increased in the revision and that base-level funding calculations use prior unweighted ADM figures. A trustee asked how the revision would affect timeline-sensitive projects, and staff said capital-parts delivery and state paperwork are delaying completion of a traffic-signal project in Sun Valley.
Motion to adopt the revision was made and seconded; the board carried the motion by voice vote. The board was reminded that adjustments may still be required when the state provides final numbers in December.
