School Finance 101 — Top 12 Topics
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Fund Accounting — All revenues/expenditures are separated by fund as follows:
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Fund 10 — General Fund — majority of all activity occurs in this fund unless it is required to be accounted for in a different fund
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Fund 21 — Special Revenue Fund — Donations, Student Activities, Scholarships
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Fund 27 — Special Education Fund
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Fund 38 — Non-referendum debt — Current debt balance = $3,560,000 with final payment due on 3/01/2025
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Fund 39 — Referendum debt — Current debt balance = $0.
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Fund 41 — Capital project fund — Funds levied in prior years specifically set aside for capital projects (roofs, boilers, etc.)
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Fund 50 — Food Service
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Fund 80 — Community Service Fund — See Below
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Fund 99 — Cooperative Fund for cooperative programs with other Districts
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Fund Balance — Assets minus liabilities as of the end of the fiscal year (substantially similar to personal “net worth”) — most recent — 6/30/2023
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Fund 10 $2,035,318
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Fund 21 $305,538
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Fund 38 $135,742
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Fund 39 $3,642,219
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Fund 41 $20,396
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Fund 50 $53,937
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Fund 80 $143958
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Budget Calendar
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May/June — Board approves “preliminary budget” so we can begin fiscal year on 7/1. Much of the information necessary to develop an accurate detailed budget is unknown at this time.
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August — Board approves “annual meeting budget” which is the budget presented at the annual meeting in September. More information is known at this time but there is still some information outstanding that prevents a final budget at this time.
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October — Board approves “final budget” and tax levy
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Contracted Services
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Treasurer’s Report — provided monthly with Board packet
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Includes
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Bank Reconciliations
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Skyward Financials
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Balance Sheet
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Revenue Report
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Expense Report
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Monthly checks report
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Monthly journal entries report
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Monthly receipts report (bank deposits)
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Purchasing card detail report
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Revenue Limits
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Established 1993
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Goal: Property tax levy controls
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Includes levies into the following funds:
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Operational referendums available if needed to exceed limits
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Limits placed on levy based on student enrollment
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September 3rd Friday Count
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Summer School Membership FTE (full time equivalent)
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The prior year revenue limit acts as the base
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State Aid
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Tax Levy — the tax levy is comprised of separate levies into the following funds (most recent year provided):
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Fund 10 $8,716,992
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Fund 38 $0
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Fund 39 $373,782
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Fund 41 $0
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Fund 80 $100,000
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Total $9,190,774
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Federal Funds included in current year budget
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Purchasing Cards (pCards) — we currently have 37 credit cards issued to staff. Transactions are uploaded into Skyward from BMO on a daily/weekly basis and staff enter a description of their purchase, a budget account code, and upload a copy of the receipt. Submitted information is verified by the Business Manager prior to being posted to the general ledger.
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Fund 80 — Community Service Fund
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Banking — Current Accounts
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BMO — Payroll
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Advia Credit Union — Accounts Payable and Student Activities
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Local Government Investment Pool — Cash Reserves
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US Bank — United States Treasury Bond — Scholarship Fund
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