By Tina Snell, Staff Writer
Business Manage Nancy Henderson presented the budget for the 2014-15 school year at the May Little Falls School Board meeting. At Monday’s meeting, the Board voted to approve the budget.
The district estimated there would be $2.69 million in the general fund as of the end of the fiscal year, June 30.
The revenue budgeted for 2014-15 comes to $24.774 million and expenses have been estimated at $24.771 million, leaving a difference of $2,300.
The estimated fund balance for the food service fund June 30 is $210,689. The district expects $1.135 million in revenue and $1.231 million in expenses for the 2014-15 school year. The budget difference would decrease the fund balance by $96,153, leaving fund balance at $114,563 June 30, 2015.
The community service fund balance as of June 30 is estimated at $61,563. Expected revenue during the upcoming school year is estimated at $854,087 and expenditures are estimated at $908,434. As of June 30, 2015, the community services’ fund balance is expected to be $7,216.
The debt service’s balance as of the end of this fiscal year is estimated to be $95,151. During the upcoming school year, the estimated revenue will come to $805,525 and expenses will be $759,756.
The expected fund balance as of June 30, 2015 will then be $140,920.
The total of all funds is estimated to be $4.709 million as of the end of this fiscal year. Total revenues are expected to be $28.786 million and expenses at $28.88 million, leaving a $4.58 million in all fund balances as of June 30, 2015.
Some assumptions the school administration made to formulate the budget included the increase in state aid, an increase in the cost of labor contracts but no increase in the cost of supplies and materials and no increase in the cost of utilities.