The Business Office uses reasonably conservative assumptions, projections and budgeting practices to manage the District’s finances. For example, the reasonably conservative approach is applied to enrollment projections, state aid revenue projections, and estimates of property taxes. The District’s Long Range Financial Planning model is used to run various “what ifs” for projections to provide a range of financial information for the Finance Committee and the School Board.
- Prior Lake-Savage Area Schools' Community Budget Guide
- Property Tax Levy Certification
- Preliminary Budget
- District Revenue/Expenditure Budget Publication
- Final Budget
- Annual Financial Audit
The process begins with the submission of estimated property tax levy information to the Department of Education in July. The state then produces a detailed 37-page levy document that is reviewed by the School Board for preliminary certification in September. The School Board approves the final levy certification in December.
The collection of the property tax levy occurs during the calendar year and is utilized during the upcoming school year.
During the second half of the current school year, the District moves to the second step in the process and begins development of the preliminary budget for the next school year. A key component to the preliminary budget process is the enrollment projections completed near the end of the current school year. These projections are the basis for the budget process. The School Board must approve, by statute, a budget for the next fiscal year by the end of June. This gives the District spending authority for the upcoming school year.
The third step in the budgeting process happens during the late fall of the current school year. The Business Office updates the preliminary budget with revised enrollment and staff estimates and presents a Final Budget to the School Board in December. The budget is monitored throughout the year on a monthly basis.
The final step in the budget process is closing the books in late summer and the beginning of the independent audit in August. The School Board typically reviews the independent audit report in late October.