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Board approves FY2024–25 budget amendment after finance presentation
Summary
Finance Director Ebony Thompson presented and the board approved Budget Amendment No. 1 for FY2024–25, which increased revenues and expenditures and reduced the projected ending fund balance to roughly $389,000, driven by timing of invoices and changes in grant funding.
On Feb. 3 the Madison District Public Schools Board of Education approved its first budget amendment for fiscal year 2024–25 after a presentation by Finance Director Ebony Thompson.
Thompson told the board that Amendment No. 1 reflects increased revenue estimates (stated in the presentation as an increase of about $1.23 million) and higher expenditures largely driven by invoices from the prior fiscal year that were applied to FY25. The amendment presentation stated amended expenditures of about $19.02 million and an estimated ending general-fund balance of roughly $389,000 under the revised figures.
Thompson outlined revenue changes and grants influencing the amendment: increases in some categorical grants and an expected property-tax increase, an expanded mental-health services grant (Section 31n) increasing from $128,000 to $411,000 as presented, and a new regional Title I assistant grant of $39,000 for Madison Elementary. She also noted several grant reductions not awarded this year that reduced prior expectations (examples cited in the presentation included declines in certain federal/state grants).
On the expenditure side, Thompson said approximately 75% of the district’s expenses remain salaries and benefits; other increases reflected a timing issue in applying late invoices and higher healthcare and benefit costs (a 3% increase noted in January). She and the superintendent said they will look for opportunities to apply eligible funds to sinking-fund projects to relieve pressure on the general fund.
The board voted to approve the budget amendment on a roll‑call vote. Those recorded as voting "yes" were April Anelo, Mary Bush, Rebecca Chamblas, Cindy Holder, Mark Kimble, Chera McAlpine Taylor and Gloria Thompson.
The administration said it will continue to refine budget assumptions and report back to the board with details on how certain expenses may be shifted to capital or sinking‑fund sources where permissible under law.
