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The I.S.D. 166 school board held its annual school budget and levy meeting December 16, and approved a 0.89 percent increase levy for 2022.
Over the last five years the school board has held the levy pretty much flat.
Finance Manager Lori Backlund reported that the Fund Balance was in good shape, with $2,306,725 in the account as of June 20, 2021. Backlund pointed out that the fund balance received increased revenues after the initial budget was approved last year. These increases were because of increased impact aid and PILT (payment in lieu of taxes) funds from Federal Forest lands and revenue being over budgeted due to Federal Covid Funds and Taconite production.
Backlund also said expenditures were under budgeted by $27,566.
While there is a healthy, fiscally sound fund balance, some of that money is earmarked to purchase technology, buses and curriculum which totals $1,250,000.
The Community Service levy is increasing $23,202, largely because of ECFE and school age care.
Other Debt service payments include expenditures on alternative facilities, capital facilities and abatement bonds. These changes are decreasing the Debt Service portion of the levy by $20,220. A refunding bond issued in 2017 saved taxpayers $95,000 over seven years.
Backlund said the school district was in good fiscal shape with federal funds coming in over the next couple of years, but she advised the school board to be prudent and disciplined with spending.
Superintendent Chris Lindholm said the school board will ask the public to renew the current operational levy next year. Voters approved an excess levy referendum in 2016, but it will end in fiscal year 2022, and must be voter approved again or the district will be without those finances. This year those referendum market value dollars totaled $408,360, which was slightly up from last year. These RMV funds will be used for general operating expenses in fiscal year 2023.
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