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New London School District director: equalization aid down 2.74% ($495,254); board approves $1.65 million in expenditures
Summary
Director of business Joel told the board a July 1 equalization estimate shows a 2.74% decrease in state aid ($495,254); the board approved expenditures of $1,653,832.64 and recorded a register receipt of $4,806,270.82.
Joel, the district's director of business, told the New London School District board on July 1 that the July 1 equalization estimate required by state statute shows the district is projected to receive 2.74% less state equalization aid for 2025-26, a difference of $495,254 in the estimate the district received.
"Our estimate is showing, 2.74% less, or $495,254 that we got this year," Joel said, noting that DPI certifies aid on Oct. 15 and that the July 1 figure is an initial estimate. He explained that equalization aid is distributed by formula and that a drop in aid typically offsets tax orders under the revenue limit formula: if equalization aid drops, property taxes rise unless other budget changes offset the loss.
Board members asked about the newly signed state budget and whether Act 20-related grant funds (for curricula and reading supports) would be available for reimbursement. Joel said agencies will publish rules and that the district will apply for reimbursement if it qualifies; a board member noted rules and cutoffs remain undecided and that the funds are limited.
In the business office recap Joel highlighted this month's voucher items including property insurance tied to an insured value of approximately $171,000,000 for district buildings and contents, annual Skyward (student and financial suite) expenditures, and HRA (BMO) transactions for certain employee accounts. He said the district is closing out the fiscal year, preparing for the audit, and expects to report on 2024-25 budget results in coming meetings.
The board then voted to approve expenditures listed for 07/01/2025 in the amount of $1,653,832.64. A roll call recorded named board members voting yes (see action record). Gordon Speeds read the register receipt of $4,806,270.82 to the board.
The director said the district will monitor DPI guidance and any grant reimbursement processes and will continue budget work through the 2025-26 process, with a budget hearing and final approval scheduled in October.
The board also accepted the annual notice of academic standards and heard reports on scheduled meetings and professional development dates; no additional financial motions were pending at the meeting's close.
