Board to vote on 2013-14 budget assumptions
The Mounds View School Board was presented with the quarterly budget along with budget amendments for fiscal year 2012-13.
According to Director of Finance Carole Nielsen at the Jan. 8 board meeting, revenues and expenditures are within the budget for the second quarter ending Dec. 31, 2012. She added that they are very comparable to this time last year.
At the end of fiscal year 2012-13, the unreserved general fund balance is projected to be at about $21 million, and the general fund reserve for capital expenditures is projected at about $3 million.
Revenues as of Dec. 31 are approximately $107 million, which is about 74 percent of the budget. Expenditures are at approximately $55 million, which is about 33 percent of the budget.
General fund budget expenditures for fiscal year 2012-13 are at about $42.6 million of the district’s $119 million budget, which represents 35.8 percent, compared to 35.2 percent last year.
General fund budget revenues for fiscal year 2012-13 are at $59.4 million of the district’s $113 million budget, which represents 52.6 percent, compared to 42.9 percent last year.
The debt service fund has collected $43.2 million of the $15 million dollar budget.
“It looks a little out of line, but we’ll ask for a budget amendment in the fund that is a direct result of refunding bonds,” Nielsen said.
Settlements took place this past October, and the revenue collections for refunding those funds need to be adjusted.
“We’re doing that to save interest in our debt service fund,” she said.
The board unanimously approved the amendment relating to the revenue and expenditures as a result of refunding bonds. Board members also unanimously approved the amendment relating to building generated revenues and expenditures that occur at the district’s buildings.
Contact Kassie Petermann at [email protected]