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District finance staff reports year-end surplus, flags audit adjustments and grant opportunities
Summary
District finance staff said revenues for fiscal year 2025 exceeded expenditures by about $433,957.62 and outlined the audit calendar, state paid-leave reporting and grant opportunities including a safety grant and a cyber-insurance grant.
A district finance staff member told the LAKE OF THE WOODS SCHOOL DISTRICT board’s July 28 working session that preliminary figures show the district ended fiscal year 2025 with revenues of $8,569,355.54 and expenditures of $8,135,347.92, leaving an estimated surplus of $433,957.62. The staff member cautioned the numbers are unaudited and will change during the external audit and final state reconciliations.
The presenter said revenue receipts are uneven by source: state receipts were reported at about 92% received, federal receipts about 71%, and local receipts stronger than expected. The staff member attributed the improved year-end position to a late June influx — “just under $2 million” in state and county payments — that substantially improved the district’s cash position.
School finance staff also reviewed the audit timetable: the external audit is scheduled for Sept. 29–Oct. 2, the unaudited UFARS submission is due Sept. 15, the audited UFARS is due Nov. 30, and final financial records are due to the state by Dec. 31. Staff said routine audit adjustments and timing differences (transfers into or out of the fiscal year) will change the final surplus figure.
The presentation included several grant and risk-management items. An SFM representative met with the district after a modest premium increase driven by three claims (mostly slips and falls), and staff said an SFM safety grant would reimburse roughly 50% of eligible purchases for slip/trip/fall prevention (applicants should apply before purchasing and the SFM deadline was said to be Oct. 31). Staff also said Valor Insurance has a cyber-insurance grant opportunity capped at about $40,000 for a district of this size (application due Aug. 29).
Staff discussed claims experience and how premiums are calculated, noting custodial, food-service and transportation areas historically have higher workers’ compensation claims. The finance presenter recommended coordinating with the facilities/safety committee to target prevention spending where claims are concentrated.
The meeting’s finance update also reviewed implementation of the state’s paid-leave reporting requirement, effective Jan. 1, and discussed whether the district would administer the program directly or use National Insurance Services (NIS), which already contracts with the district for long-term disability and life insurance. Staff reported NIS can administer the reporting and that MSBA guidance indicates employers should follow statute language and consider 50% employer cost-sharing as indicated in the overview materials.
