District feels positive about budget
A projected budget for the 2018-19 school year was approved by the Osakis School Board at a 6:30 a.m. Wednesday special meeting. A budget revision will be considered in early 2019, if necessary.
Superintendent Randy Bergquist presented the budget summary with comparisons for the past three years, and invited comments from Theresa Moore, district bookkeeper.
"The grand total revenue projected for 2018-19 is a 'guestimate' based on student numbers," Moore told the board. "The projected revenue is $10,388,187, and the projected total expenditures is $10,449,595."
"We were projecting a fairly large deficit for fiscal year 2018," Moore said, "but so far at the end of June, revenue is actually higher than we projected. So far it does look like it is a little more positive than what we projected."
Bergquist agreed. "We are feeling positive about this budget." He referred to Principal Shad Schmidt, who reported that 10 new children have already been registered for fall, and five of them were as a direct of advertising done this spring.
Moore pointed out upon a question from board member Tom Grundman that the expenses are down for 2018-19 in the secondary department because there is no Chromebook project this coming year.
It was also noted that the staff changes are built into the new budget, along with negotiations and adjustments for the food service Budget.
Revenues for the 2018-19 budget are predicted to be $10,296,674, which is down $3,011 compared to the current budget year. Grand total revenues including School Store and OPEB Fund 45&47 are estimated at $10,388,187, down $7,660 from the current year.
Local revenue is projected to be $765,156, which is down $77,723. State revenue is projected to be $7,732,194, which is up $152,657; federal funds are projected at $170,119, down $69,881 for this current budget.
Grand total expenditures are projected to be $10,449,595, which is down $20,780. This includes an increase in elementary and Title I expenditures of $63,127, to the expenditure of $3,473,017.
Total fund balance at the end of the year is projected at $3,906,200, down $293,203 from the present year.
2018-19 budget summary
REVENUES 2018-19 2017-18 adjusted
General Fund, Local $765,156 $842,879
Gen. Fund State $7,732,194 $7,579,537
Gen. Fund Federal $170,119 $240,000
Total Gen. Fund $8,667,469 $8,662,416
Food Service $366,400 $363,900
Community Service $184,219 $197,050
Debt Redemption $1,078,586 $1,076,319
Total Revenue $10,296,674 $10,299,685
School Store $10,000 $10,000
OPEB Fund 45&46 $81,513 $86,162
Grand Total Revenue $10,388,187 $10,395,847
Gen. Fund District $1,905,270 $1,945,162
Gen. Fund Elem & Title I $3,473,017 $3,466,794
Gen. Fund Secondary $3,241,080 $3,498,061
Total Gen. Fund $8,619,367 $8,910,017
Food Service $375,005 $397,833
Community Ed. $238,927 $254,595
Debt Redemption $1,085,033 $1,084,483
Total Expenditures $10,318,332 $10,646,928
School Store $10,000 $10,000
OPEB Bonds Fund 45 $37,083 $34,250
OPEB Bonds Fund 47 $84,180 $85,630
Grand Total Expenditures $10,449,595 $10,776,808
General Fund $3,826,678 $3,778,576
Food Service $51,126 $59,731
Community Ed. ($135,430) ($190,138)
Debt Redemption $163,826 $170,273
Total Fund Balance $3,906,200 $3,818,442
The 2018-19 budget had to be approved by the School Board by June 30, and sent to the state.