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Board reviews preliminary July finances, grants and construction bond timeline
Summary
At its Aug. 25 working session the board heard that July is an early, preliminary month for FY26 accounts as auditors move entries between FY25 and FY26; staff reported $2.45 million in cash and investments, ongoing cybersecurity grant submissions and a favorable commissioner review on a proposed $5 million bonding package and 10-year capital levy.
The Lake of the Woods School Board reviewed preliminary July financial figures at its Aug. 25, 2025 working session and heard that numbers remain provisional while auditors complete the FY25–26 reconciliation.
A staff presenter said July is the first month of the fiscal year and recommended treating the presented revenues and expenditures as interim: auditors may recommend moving receipts and expenditures between fiscal years before final submission to the state. Staff reported cash and investments of $2,449,237.82 as of July 31. The presenter listed a revenue figure of roughly $107,888 and expenditures of about $533,634 for a July snapshot; staff characterized the resulting shortfall as preliminary and subject to audit adjustments.
The cybersecurity grant application to the Minnesota Department of Education was submitted; staff said the district may still submit additional eligible expenditures (for example, quotes for security cameras or insurance-eligible costs) and will file supporting documentation as needed.
On capital planning, staff said the district’s construction project materials were reviewed by the commissioner of education and received a favorable review and comment. The materials describe a proposed bonding package of roughly $5 million and a capital-levy plan of $400,000 per year for 10 years, with project line items (roofing, windows, envelope repairs, flooring, site improvements, contingencies and fees) included in the estimate. Staff outlined next steps for the referendum process: publication in the newspaper, receipt of affidavits, and the board’s approval of election judges next month; district officials said they have coordinated with the county auditor and the secretary of state's office.
Board members approved routine financial consent items during the session, including invoices, bank reconciliations and purchase-card statements, and they approved several personnel appointments and a teacher contract that were presented as part of the consent agenda.
Staff emphasized the preliminary nature of July’s figures and said a reconciliation and final audit adjustments will be reported when complete.
