2019-2020 Annual Budget Summary
By Ron Olson, Business Administrator
At the October Annual Meeting the community members in attendance approved the budget and levy for the District for the 2019-2020 school year. Even though it was more than three months into the school year, the state had not yet provided the final state aid amount, revenue limit calculation, and property valuation information. Those in attendance had to act on the information that was published prior to the meeting and presented at the meeting and then the Board made the final adjustments and approvals to the budget and levy at their meeting two weeks later once all the information from the state was provided.
The good news for the year was that there were increases in state aid that helped result in a reduction in the Fund 10 levy. The reduced levy along with increased equalized property valuations led to a new levy rate that was a 20-year low and within 5 cents of being the lowest in 30 to 40 years or longer. The per pupil aid again had a good increase for 2019-2020 as it did in 2018-2019. However, the revenue limit base again saw minimal increase per pupil. With the District's decline in enrollment, this will mean there will be a lower revenue limit base for the District in 2020-2021.
Final approved budgeted revenues for the General Fund actually decreased neearly 1% to $29,799,103. The majority of the decrease was a result of revenue reductions due to declining enrollment and grant funding that had ended.
The total tax levy for the District increased less than 1%. Property valuations for the District rose by over 7.5% to $1,221,445,588. This resulted in over a 6% reduction to the District tax levy and a levy rate of $9.91 per thousand dollars of assessed valuation on an equalized basis. This is the lowest levy rate the District has had in twenty years. (The actual rate can vary from municipality to municipality based upon municipality assessment rates.)
Budgeted Expenditures for the General Fund increased by 0.6% to $30,038,309.
The District General Fund has a budgeted deficit of just under $240,000 which would leave an ending fund balance of just over $7 million.
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