The Milaca School Board approved a budget for next year that would set spending just below revenue and grow the unassigned fund balance.
The board approved two budgets during the June 21 meeting: the revised 2020-2021 budget and the initial budget for the 2021-2022 school year.
The district revised its 2020-2021 total revenue to about $27 million. Total expenditures were revised up slightly to $28.5 million, from just over $28 million.
Revenue in the general fund was revised up to $22.5 million, from $21.8 million for the 2020-2021 school year. General fund expenditures also increased by almost $300,000 to $22.3 million. The rest of the funds accounted for about $4.5 million in revenue and just over $6 million in expenditures.
The total fund balance was set at $6.2 million for the end of the 2020-2021 school year. The final amount in the general fund balance was revised up to $2.3 million, from an original estimate of $1.9 million. The new balance is an increase of just over $100,000 from the balance at the beginning of the year. That leaves the unassigned fund balance at 4% of the annual budget.
The district is anticipating about $24.4 million in revenue during the 2021-2022 school year. Expenditures were set at $24.3 million.
The 2021-2022 general fund revenue was set at almost $20 million. General fund expenditures were set at $19.8 million. The rest of the district’s funds account for about $4.5 million in revenue and $4.4 million in expenditures.
The 2021-2022 The projected fund balance for all funds was set at almost $6.3 million. The general fund balance was expected to start at $2.3 million and end at $2.4 million. That would leave the unassigned fund balance at 6% of the annual budget. The district has a policy seeking to maintain an unassigned fund balance of 10% of the annual budget.