May 12, 2026 Finance Committee Meeting

St. Joseph School District Board (workshop) · May 12, 2026

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State legislature budget and formula underfunding

Presentation

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Presenter (staff member) summarized the state legislature approved a budget to meet a constitutional deadline but did not fully fund the foundation formula; staff cited an aggregate underfunding figure of about $362,700,000 across this and next fiscal year and said the per‑pupil SAT funding in the budget is roughly $69.50 versus the $71.45 in statute (Senate Bill 727).

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Staff presented a preliminary budget showing a projected $3.7 million shortfall for next year after the state underfunded the foundation formula and other state grants; staff proposed using bond premium/interest to code completed HVAC projects to avoid roughly $200,000 IRS repayment and discussed program and staffing impacts.

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Transcript

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