Madison School District 2010-2011 Budget Update: $5,100,000 Fund Balance Increase since June, 2009; Property Taxes to Increase 9+%

685K PDF: Fall Budget Assumption Update.

The district received $51,169,349 in Equalization Aid in 2009-10. The 2010-11 Spring Amended Preliminary budget projected the district's Equalization Aid to be $43,761,095. On July 1 the district received an Equalization Aid projection from the Department ofPublic Instruction for $45,330,641. This equates to a projected increase in aid o f $1,569,546 from the 2010-11 Spring Amended Preliminary budget.

On October 15 the district will receive an updated and certified Equalization Aid calculation for the current fiscal year from the Department o f Public Instruction.

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An adequate Fund Balance is necessary for the successful fiscal operation ofthe district. Maintaining a sufficient operating reserve allows the district to minimize short-term borrowing, reduce financing costs, and safeguard against unanticipated and unrealized revenues. The District's financial condition remains strong and maintains a MIG I rating by Moody's Investor Service.

On June 30, 2009 the District General Fund Balance was $35.3 million (6/30/2010 Fund Balance was $44,490,453.59, page 13). The 2009-10 was projected to utilize $2.6 million ofthe District's General Fund Balance, but due to revenues exceeding expenditures in 2009-10 an additional un-audited $5.1 million will be added to the District's General Fund Balance. The major areas making up this $5.1 million are as follows:

Page 19 discusses the property tax rate (9+%) and levy (5+%) increases.

I did not immediately see a revised 2010-2011 2010-2011 total revenue forecast in this document.

Posted by Jim Zellmer at September 24, 2010 8:22 PM
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