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Board approves FY27 proposed budget with planned fund‑balance drawdown and several capital and policy measures
Summary
Director Holt presented the FY27 proposed budget showing a $1.83 million projected spending variance and an unassigned fund balance near 9.94%; the board approved the budget and also approved multiple policies, handbooks, technology purchases, bus financing and a parking‑lot project.
The Richfield Public School District board approved the fiscal‑year 2027 proposed budget after a presentation by Director Holt that detailed revenue adjustments, enrollment assumptions and planned expenditures.
Holt said the FY27 proposal built in a 2.69% formula allowance increase and projected a net reduction in general fund revenue of $3,404,566 driven by enrollment drops, compensatory funding recalculations and special‑education reimbursement changes. The budget assumes a projected reduction of about 177 students next year. Total budgeted revenue across funds is $114,811,976 with proposed expenditures of $116,645,616, yielding a projected spending variance of −$1,833,641; Holt said an assigned drawdown of fund balance ($3.2M) would leave an unassigned fund balance around 9.94% (about $8.8M), within board policy targets.
"We are on track as of 05/31/2026 for the fiscal year 26 budget," Holt said during the presentation, describing assumptions and anticipated reductions tied to state and federal changes.
Board discussion probed coding changes that shifted some roles into district administration, special‑education revenue tied to prior‑year transportation expenditures, and the district’s past practice of building fund balance to phase in reductions. Members noted state aid was down and that rightsizing staff and programs will continue over the next two years.
On the same agenda the board approved a set of governance and operational items: the consent agenda; policy 6.16 (school‑sponsored student publications) on its third reading; policy 7.42 (student transportation services); updated management and classified management team handbooks for 2025–2027; authorization to purchase 609 Acer Chromebooks (CDWG/Sourcewell) for $331,905; authorization to enter lease‑purchase financing for two school buses (estimated financing $351,781.01 with American Capital at ~5.013%); and a parking‑lot reconstruction project for approximately $263,225 funded from long‑term facility maintenance revenue.
Each motion was moved, seconded and approved by roll call. The board concluded the open meeting and recessed to two closed sessions for labor negotiations and the superintendent evaluation.
