school board

Budgets adjusted for increased costs

Posted

The De Smet School Board met at 5:30 p.m. Mon., July 25 to discuss the budget for fiscal year 2022 and 2023. Abi Van Regenmorter presented the school board with the numbers.

GENERAL FUND 2022

The fund balance increased $48,249 in 2022. The transfer from the capital outlay fund continues to ensure the school district’s ability for the general fund to meet the increases in basic operations of utilities, fuel and maintenance.

The transfer increased the fund balance percentage to just over 50 percent. Without the transfer, the fund balance would be 32 percent. The lowest cash balance was 21.7 percent in April.

Expenditures for 2022 were 95.44 percent of the budgeted amount. Revenue for 2022 was 99.38 percent of the budgeted amount, which includes amounts transferred in from the capital outlay fund.

CAPITAL OUTLAY FUND 2022

The capital outlay fund balance increased $20,988 to increase reserves for future building renovations. These funds go toward technology upgrades, new curriculum, athletic uniforms, security upgrades, weight room equipment, Event Center rental and payment on certificates.

Funds were spent on the Laura Ingalls Wilder project architecture fees, well project, bus garage, technology, new bus, Gator, Pacifica, uniforms, athletic storage, track surfacing and throwing area.

SPECIAL EDUCATION FUND 2022

The special education fund balance decreased $27,076.76 in 2022. Ninety-two percent of the budgeted amount was spent.

FOOD SERVICE FUND 2022

The current net assets have increased $5,803.31. $5,000 was transferred from the general fund.

Student participation rate was 71 percent.

FISCAL YEAR 2023

There will be a new bond fund which will consist of three percent of the revenues in the budget.

GENERAL FUND 2023

The proposed budget shows a decrease of $17,944 in expenditures. Reasons for this are adjustment of services and reassignment of staff, COVID bonus for staff and less supplies for cocurricular activities.

General fund breakdown by taxing source:

45% local taxes
36% state sources
10% federal sources
8% transfer from capital outlay fund
1% county sources

General fund expenditures for 2023 by object:

58% salaries
20% benefits
12% services
6% supplies
4% other

CAPITAL OUTLAY FUND 2023

Expenditure decreases of $379,484. The school will still need to utilize this fund to supplement the general fund, and it is likely the transfer amount will need to be adjusted.

Current levy is two dollars per $1,000. Taxes are based on student enrollment. This severely limits the district to utilize growth in development of commercial property.

The amount the school can transfer from the capital outlay fund to the general fund is set by the state legislature. They can transfer up to 45 percent right now, if it is needed.

SPECIAL EDUCATION FUND 2023

This fund will increase by $105,646 in 2023 because of an increase in salaries and benefits.

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