District finance review shows $5.06 million in state aid; expenditures near 94% of budget

The Lake of the Woods School District reported $5,064,000 in state aid received so far this fiscal year, which the superintendent said represents about 87.4% of the district’s expected state aid. He told the board that, across funds, expenditures are running at roughly 94% of budgeted amounts and that the district remains "under budget for the year."

The superintendent highlighted two items that board members should notice: a tractor purchase with a final cost described as "a little over $60,000" that has been paid but not yet posted to the accounting system because of invoice timing, and a planned fund transfer of $204,000 from Fund 1 to Fund 4 to account for the pool. He said the $204,000 transfer will not change the district’s overall position, only where revenues and expenditures are displayed. The superintendent also said employee benefits are at about 94% of budget and that food-service activity year-to-date showed expenditures of about $334,000 against a revised expectation of $368,000 (about 82%).

Board members asked clarifying questions; the superintendent said the typical state holdback could still adjust final state-aid totals once the state completes its year-end accounting. No formal motion was required for the finance presentation; the board moved on after the review.