Estimated increase to school reserves looks to be $437,000
After delayed passage of the School Finance Act in Colorado due to the coronavirus shutting down legislative activity, Holyoke School District finalized its June budget for 2020-21 and appropriated funds for the year at the June 25 special meeting of the board.
For the 2020-21 fiscal year, the district will start with an estimated beginning fund balance of just over $2.4 million. However, included in that number is $429,000 that was received in federal stimulus money, noted Budget and Finance Director Ben Rahe.
The stimulus money will be spent in 2020-21 for a decrease to the reserve, offsetting this year’s large increase. The true estimated increase to the reserve after the 2019-20 year is $437,000 with an ending fund balance of just over $2 million.
Rahe emphasized that these numbers are unaudited and expected to change after the district’s audit in October.
The June adopted budget shows a deficit budget in the amount of almost $470,000. However, eliminating the $429,000 stimulus money from the government brings the deficit closer to $41,000, Rahe pointed out.
“It’s not as bad as what we thought, but not as good as we want,” said Rahe.
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