The budget process of a school district requires the district to produce and adopt a budget by June 30 for the upcoming year. The Board is required to certify twice each year that the district is able to meet its financial obligations during the year. The two intermediary reports afford the district the opportunity to adjust the budget’s revenues and expenditures based on the current climate and events. The First Interim Report reflects activities for July 1st to October 31st and is adopted by December 15th. The Second Interim Report covers July 1st to January 31st and is adopted by March 15th. By September 15th, the district publishes the Unaudited Actual based on July 1st to June 30th of the previous year.
The Board reviewed the budget assumptions for the 2021-2022 Budget and Multi-Year Projection (MYP) at the June 3rd board meeting. The assumptions included an estimate of the assessed valuation growth to be 2% in 2021-2022, and carried the assumption of 1% growth to years two and three of the MYP (2022-2023 and 2023-2024, respectively) due to uncertainty.
Using our Estimated Actuals budget, the estimated ending balance for 2020-2021 is anticipated to be $27,875,069, unrestricted and restricted combined. The estimated ending balance of 2020-2021 is the beginning balance for the 2021-2022 budget adoption.
The presented 2021-2022 Budget Adoption reflects the District’s priorities for the upcoming years while taking into account the COVID-19 impact on our funding. The District will have a balanced budget in the 2021-2022.
Fund 01 General Fund 2021-2022
Unrestricted Beginning Balance: $26,077,410
Total Revenues: $88,744,967
Total Expenditures: $87,547,514
Unrestricted Ending Balance: $28,447,965
Estimated Reserve: 31.12%
It is recommended that the Board of Trustees conduct a Public Hearing and discuss the 2020-2021 Budget Adoption with final adoption at the June 17, 2021 Board meeting.