Budget Process - Overview
Each step requires School Board approval and is open for public inspection and comment. The process spans multiple school and calendar years; the district can be in multiple phases of the process at any given time.
Property Tax Levy– The process begins with submission of estimated property tax levy information to the Minnesota Department of Education (MDE) by August. The MDE sets the maximum amount each district may levy based on current legislation.
Truth in Taxation Hearing – December, prior to the School Board certification of the tax levy.
Preliminary Budget Projections - Includes enrollment projections and budget forecasts, developmentof
staffing guidelines and determination of revenue and expenditure assumptions. During this time period the state legislature will provide information about anticipated school funding. The School Board approves any necessary adjustments to the General Fund in March.
Final Budget Approval – The School Board approves a final budget in June per state statute.
Fiscal Year Begins – July 1
Annual Financial Report and Audit– The final step involves closing the books and preparing financial
statements for the year. During this step the district undergoes an independent audit as required by law. The audit typically takes place in October and November and the School Board reviews the audited financial report in December.
Source: Minnesota Department of Education 2011
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