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Wayzata reports $16.99 million unassigned reserve, above policy minimums
Summary
The district’s unassigned General Fund balance as of June 30, 2024 was reported at $16,989,020 (8.3% of expenditures), above the Board’s stated 5%–7% policy target; staff described this reserve as important for credit ratings and emergency contingencies.
Board materials reviewed the district’s fund balance policy, which calls for an unassigned General Fund balance equal to at least 5%–7% of one year’s expenditures. The presentation listed the unassigned General Fund balance as $16,989,020 as of June 30, 2024, representing 8.3% of the expenditure budget.
Staff emphasized that maintaining a prudent fund balance supports financial stability and is a key factor for bond rating agencies. The materials named potential risks that reserves are intended to cover, including tax delinquencies, enrollment fluctuations, unanticipated price increases (fuel, utilities), state aid reductions, employee negotiations, federal sequestration and public health emergencies.
