November 6, 2024 at 7:30 AM - Budget Committee Meeting

Description:  The purpose of this agenda item is to discuss the next steps in the 2024-2025 budget process. Attached please find the budget timeline. Please note that the Final Draft of the Budget was approved at the October 28th Special Board Meeting.

Description:  The purpose of this agenda item is to review the steps  we completed for the fourth draft of the budget for the 24-25 school year. In addition, we would like to discuss potential budget revisions for 24-25 and establishing an end of the year balance goal. Administration also requests a discussion on taking steps proactively to meet this goal, rather than waiting until next summer. 

Description:  The purpose of this agenda item is to discuss the results of the November 5th referendum.

Description:  Administration would like to begin the discussion on the existing financial commitments that could/should be budgeted moving forward. Based on the results of the referendum and discussion on 24-25, administration will bring back a multi-year plan at the December budget committee meeting. 

Description:  The purpose of this agenda item is to discuss the next round of borrowing for the remainder of the November 2022 referendum funds. As a reminder, the district issues a $9.98 million borrowing in December of 2022 and $99 million borrowing in January of 2023 (with a 5-year rate that will need to be locked in by January of 2028). 

Erik Kass from PMA will be present to review financial options with the committee. The options revolve around one remaining borrowing versus two, as well as incorporating project savings back into the financial plan. There is no attachment at this time. One will be added if received before the meeting, otherwise it will be shown during the committee meeting. 

Description:  The purpose of this agenda item is to review the process of locking in a percentage of our natural gas volume for December-March. The budget committee expressed an interest at the last meeting to start this process one month earlier. Attached please find a report that shares the market rates that we typically purchase through. Market rates are currently slightly higher than the average cost from last winter, but have declined since the last committee meeting. Administration will discuss options for this process, including the percentage of the gas volume to lock in.

 

Description:  The purpose of this agenda item is to provide an update on the Data Wrangler implementation. The trial period started on October 1st as the meters and all technical systems have been installed. The district has met with Data Wrangler to review the initial data. This first meeting led to a secondary meeting that involved NAMI, our HVAC contractor. A number of savings opportunities were reviewed. Administration has implemented some of the opportunities and continues to evaluate others. Attached please find an example of the type of opportunities that are being evaluated. We will continue to bring this forward as a future agenda item.

Description:  If time permits, Administration would like to begin discussion on the district fund balance policy. Attached please find the current policy. For perspective, the most recent statewide data for fund balance is 26% and 25% in Dane County. 

As an example, the increase in fund 10 expenditures from 23-24 to 24-25 is $4,143,522. A fund balance goal of 15% would require a 24-25 end of the year balance of +$621,528 and a 10% goal would require a positive balance of +$414,352. 

Description:  The purpose of this agenda item is to discuss the district transportation policy. As a reminder, we have attached the board approved hazardous transportation plan that begins in the 26-27 school year for the middle school (can be seen on page 19 of the attachment). Administration would like to discuss the next steps in our evaluation of the transportation policy. In addition, we would like to discuss a budget committee member's request for information. 

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