ITEM NUMBER: 6.C.
School Board Regular Meeting
- Meeting Date:
- 03/20/2023
- Prepared By:
- Amanda Heilman
Item Type:
Subject:
Approval of FY’24 Budget Adjustment Plan
Background:
Since January 2023, the district leadership team has been working to develop a budget adjustment plan for the 2023-2024 school year. Largely due to the state’s investment in public education not keeping pace with inflation and a loss of revenue related to a significant enrollment drop, the district has identified $9,157,600 of adjustments in order to balance the FY 24 budget. The goal of this plan is to stabilize the district’s budget, and create a long term structurally balanced financial plan. We implemented a detailed process for gathering input and developing our budget adjustment plan. We created a design team made up of district administrators that was tasked with creating options for the adjustment. We also created an input team, made up of both internal and external stakeholders, that was tasked with reviewing the design team options to assess each option for its strengths, weaknesses, and areas for improvement. School Board members have been updated throughout the process. The full Board conducted a work session on March 13. In addition to all principals and program leaders, the district also received valuable input from an all-staff survey and meetings held at each building during the month of February. The recommended plan being presented tonight incorporates much of this input from staff, our teams, and the School Board.
School Board Policy 723 establishes a minimum fund balance goal of 8.0 percent, which is 30
days of operation. At the end of the current 2022-23 year, the district anticipates the total general fund balance to be at less than 1 percent. This recommended plan will put the district in position to begin rebuilding its fund balance to achieve policy compliance. Tonight's presentation will display the plan, with a summary version attached to the Action Item below.
School Board Policy 723 establishes a minimum fund balance goal of 8.0 percent, which is 30
days of operation. At the end of the current 2022-23 year, the district anticipates the total general fund balance to be at less than 1 percent. This recommended plan will put the district in position to begin rebuilding its fund balance to achieve policy compliance. Tonight's presentation will display the plan, with a summary version attached to the Action Item below.
Recommended Action:
The Administration recommends the approval of the FY 24 Budget adjustment Plan as presented. These adjustments will become part of the FY 24 Preliminary budget, which will be presented to the School Board in June.