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Board approves revised FY25 budget after staff reports on cash-flow and rating meeting
Summary
The board approved a revised fiscal year 2025 budget after staff reported no major surprises, planned fall cash-flow borrowing, and an upcoming Moodys rating review; meeting discussion referenced a $420,000,000 reduction seen at the state education finance level.
The Kenyon-Wanamingo School Board approved the revised fiscal year 2025 budget after staff summarized adjustments and fiscal outlook. District staff told the board the revised budget reflects the years changing conditions and that the district may need to arrange cash-flow borrowing in the fall; the district also recently met with Moodys and expected a rating result the following week.
A staff member summarized legislative and finance developments and noted a large state-level adjustment: "When it goes down to education finance, we were really surprised to see the $420,000,000 reduction," the staff member said. Board members moved to approve the revised FY25 budget; the motion passed after the chair asked for a vote and the board indicated approval (recorded as carried in the meeting minutes).
Staff also encouraged finance and technology committees to consider drawing on available WETEC and checking reserves for prioritized technology needs; the meeting record lists available balances and recommended that committees seek creative solutions to replace diminishing e-rate funding.
