Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Overview topic
No spam. Unsubscribe anytime.
Royalton finance committee report: $3.56M cash, revenues trailing at 79.3% of budget
Summary
The Finance Committee reviewed the monthly budget May 27, reporting a $3,564,503 cash balance while revenues trailed at 79.3% of the annual budget and expenditures reached 83.5%. Accounts payable totaled $77,375 and the district noted an estimated $1,223,214 state-aid holdback.
The Finance Committee of the ROYALTON PUBLIC SCHOOL DISTRICT reviewed its monthly budget report on May 27, noting that 83% of the fiscal year is complete while revenues stood at 79.3% of the budget and expenditures at 83.5%. The report listed a cash balance of $3,564,503 and an accounts payable balance of $77,375.
Committee materials also recorded a prior-year state aid receivable of $39,967 and a current-year federal aids receivable of $3,550 tied to grant reimbursements awaiting submission. The presentation stated that salaries and benefits payable were being accrued to cover estimated summer payments to staff after June 30. Food service reimbursements for April were deposited in May in the amount of $81,973. The FY26 audit with accounting firm Brady Martz is scheduled for Sept. 8-10.
The budget report noted that the Minnesota Department of Education (MDE) will continue to adjust holdback entitlements until June 30 and provided an estimated current-year holdback of $1,223,214 that the district expects to receive in the fall. No vote or formal action was recorded in the document; the segments provided are a presentation of financial status and scheduled audit dates.
