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Meeting Date:
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10/24/2023 - 5:30 PM
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Category:
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Items of Business
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Type:
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Action
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Subject:
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5. Action on a Request to Approve the 2023-24 (FY24) Proposed Fall Budget Adjustments to the Adopted FY24 Budget
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Strategic Plan Compatibility Statement:
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Goal 1 Academic Achievement Goal 2 Student, Family and Community Engagement Goal 3 Effective and Efficient Operations
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Attachments
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Attachment (1) 2023 - 2024 (FY24) Fall Budget Adjustments
Attachment (2) 2023 - 2024 (FY24) Final Amended Adopted Budget Resolutions
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File Attachment:
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Background:
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The Wisconsin Department of Public Instruction (DPI) certified school districts' aid amounts on October 15, 2023, and updated the District's revenue-limit worksheet on October 17, 2023. Since the institution of revenue limits, it has been routine to amend the District's annual budget at this point in the fiscal year in order to adjust projections to actual revenue and enrollment. These changes require adjustments to revenues and expenditures, as well as technical adjustments to the proposed 2023-24 budget as adopted by the Milwaukee Board of School Directors (Board) on May 25, 2023.
Attachment 1 summarizes the recommended fall changes to the budget adopted in May 2023, based on current data and the priorities established in the Board's three goals of academic achievement; student, family and community engagement; and effective and efficient operations.
Attachment 2 provides the proposed budget resolutions, including the total budget amount and the portion of tax levy for the School Operations Fund, the Construction Fund, and the Extension Fund. The final board-adopted budget resolution will be transmitted to the Common Council of the City of Milwaukee for adoption as prescribed by State Statutes, sections 119.46 and 119.48, prior to the adoption of the City's budget in November 2023.
In accordance with Board Rule 1.14(3)(g), a recorded affirmative vote of two-thirds of the Board's membership will be necessary to request tax funds or the sale of bonds for the purpose of school construction.
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Fiscal Impact Statement:
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Approval of the proposed fall budget changes as outlined in Attachment 1 will result in a total budget, including estimated categorical grants, which contains ESSER funding, of $1,607,809,055, based upon current law and revenue-limit calculations.
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Implementation and Assessment Plan
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Upon the Board's approval, the adjustments will be made to the 2023-24 budget.
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Recommendation:
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The Administration recommends the Board adopt the fall budget changes as proposed, and that the annual budgetary resolutions be adopted as indicated in Attachment 2 to this item.
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Approvals:
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Recommended By:
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Signed By:
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Martha Kreitzman - Chief Financial Officer
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Signed By:
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Keith Posley, Ed.D. - Superintendent
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