Approval of 2021-2022 Revised Budgets

Approval of the revised 2021-2022 budgets will change the individual fund totals as follows, as compared to the FY 22 Preliminary Budget which was board approved in June 2021: 

1.       General Fund Revenues from $114,613,148 to $118,839,114.
2.       General Fund Expenditures from $114,513,583 to $116,366,145.
3.       Community Service Fund Revenues from $5,975,991 to $6,514,769.
4.       Community Service Fund Expenditures from $5,955,885 to $6,702,947.
5.       Construction Fund Revenues from $0 to $31,310,000.
6.       Construction Fund Expenditures from $17,000,000 to $21,000,000.
7.       Debt Service Revenue from $8,608,122 to $10,421,652.  
8.       Debt Service Expenditures from $8,793,932 to $10,392,432.
9.       OPEB Debt Service Revenues from $811,500 to $808,000.

Enclosed, as a separate document, is the recommended revised 2021-2022 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 2021. The primary drivers behind many of the changes in this Budget compared to the Preliminary Budget include:  The use of one-time federal funds received for pandemic response, continued enrollment loss, increase to general education aid formula, employment agreement updates, and substitute teaching. The increase in construction fund revenue is related to bond sales for the purchase and renovation of MRCI, along with Phase Two of the District's Indoor Air Quality Project plan.  The debt service revenue and expense increased due to an increase in LTFM aid to pay for Phase One of the District's Indoor Air Quality Project Plan and the issuance of refunding bonds at a lower interest rate.  District administration recommends approval.