Approval of 2020-2021 Revised Budgets

Approval of the revised 2020-2021 budgets will change the individual fund totals as follows: 

1.       General Fund Revenues from $115,169,488 to $112,641,458.

2.       General Fund Expenditures from $114,938,256 to $117,774,201.

3.       Food Service Fund Revenues from $3,839,000 to $4,026,518.

4.       Food Service Fund Expenditures from $4,789,183 to $4,752,201.

5.       Community Service Fund Revenues from $6,602,425 to $6,181,472.

6.       Community Service Fund Expenditures from $6,840,519 to $6,472,356.

7.       Debt Service Revenue from $8,293,248 to $51,732,511.  

8.       OPEB Trust Fund Revenues from $450,000 to $900,000.

9.       OPEB Trust Fund Expenditures from $760,047 to $1,288,000.

10.       OPEB Debt Service Revenues from $964,203 to $957,509.

Enclosed, as a separate document, is the recommended revised 2020-2021 budget for Mankato Area Public Schools programs.  This revised budget is an annual process and is recommended by the administration as a result of revised revenue projections, and a number of budget modifications which have occurred since the original budget was adopted in June of 2020. The significant increase in Debt Service Revenue is due to refunding existing debt at lower interest, saving local taxpayers roughly $3.5 million over the payment schedule.  Funds are held in escrow to the bond call dates.  A primary driver behind many of the changes in this Budget compared to the Preliminary Budget is the impact the COVID-19 Pandemic has had on all operations with the school district.