Elk Mound school board reviews $15.6 million budget for 2025-26 school year
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By LeAnn R. Ralph
ELK MOUND — The Elk Mound Board of Education reviewed a preliminary expense and revenue budget of $15.6 million for the 2025-2026 school year at a special meeting July 28.
The school district’s budget hearing and annual meeting are scheduled on August 18 at 8 p.m. in the school district board room.
The budget is preliminary until the October Board of Education meeting when the exact amount of state aid will be known so that the final budget and property tax levy can be approved.
Revenue for the 2025-2026 school year is expected to include $2.93 million in local property tax levy, which compares to a local property tax levy of $2.94 million for 2024-2025; $2.525 million for open enrollment, which compares to $2.165 million for 2024-2025; and $9.88 million in state aid, which compares to $9.65 million in 2024-2025.
The general fund property tax levy and the debt service property tax levy will amount to a total property tax levy of $3.719 million.
Open enrollment in 2025-2026 is expected to be similar to 2024-2025.
The budget for open enrollment is based on 250 students open enrolling into the school district and 60 students open enrolling out of the school district.
Expenditures for 2025-2026 will include $8.28 million for instruction; $4.94 million for support services; and $2.4 million for non-program transactions.
Gifts and donations
The gifts and donations fund (Fund 21) has a beginning balance of $279,000, which compares to a beginning balance in 2024-2025 of $263,509.
Total revenues and total expenditures for 2025-2026 are expected to be $310,000.
The ending fund balance is listed at $279,000.
Special education
The special education fund (Fund 27) revenue will include a transfer of $1.367 million from the general fund, which compares to $1.271 million in 2024-2025.
Other revenue for Fund 27 is listed at $1.013 million, which includes state and federal funding.
Total revenues for special education are listed at $2.38 million, which compares to $2.14 million for 2024-2025.
Total expenditures are listed at $2.38 million.
The special education fund always starts with a beginning balance of zero and ends with a balance of zero.
Long-term debt
The long-term debt service fund (Fund 30) has a beginning balance of $579,359.
Property taxes are listed at $191,911, along with $15,000 in interest and $169,180 in transfers from Fund 49.
Expenditures will include $890,000 in principal and $459,391 in interest for total expenditures of $1,340,391.
The ending balance is listed at $332,059.
Capital improvements
The long-term capital improvement trust fund (Fund 46) is listed as having a beginning balance of $4,100,323.
Revenues include a transfer from Fund 10 of $300,000, along with $70,000 in interest.
The ending balance is listed at $4,470,323.
Revenue in Fund 46 comes from budget surpluses.
Under state law, school districts that started a Fund 46 must put money into the fund for five years before the money can be spent.
Fund 46 expenditures can only be for items on a capital improvements list approved by the Board of Education.
The option to open a new Fund 46 is no longer available to school districts.
Food service
The food service fund (Fund 50) is listed with a beginning balance of $277,170.
Total revenue for the 2025-2026 school year is listed at $639,000, which compares to $630,781 for 2024-2025.
Total expenditures for 2025-2026 are listed at $753,235, which compares to $740,605 for 2024-2025.
The ending fund balance is listed at $162,945.
There will be no increase in lunch and breakfast prices for 2025-2026.
The cost of milk, however, will increase from 25 cents to 30 cents.
Food costs are higher than in previous years, and it is anticipated that food costs will continue to increase this year.
Employee benefits
The employee benefit fund (Fund 73) has a beginning fund balance of $2.769 million.
Contributions for 2025-2026 are listed at $160,371. Member contributions are $51,000, along with interest income of $48,000.
Total revenue for 2025-2026 is listed at $259,371. Total expenditures are $253,800.
The ending balance is listed at $2.77 million.
Fund 73 is maintained to manage payments for future retiree liabilities.
The calculated payout for retirees is invested with MidAmerica Administrative and Retirement Solutions, and the funds are withdrawn to pay current retiree obligations.
The Fund 73 balance is sufficient to pay all of the retirement obligations for current retirees.
The Elk Mound school district has reduced the early retirement benefit offering to employees, and that has reduced the future liability.
Outstanding debt
The Elk Mound school district currently has outstanding debt of $15.09 million.
A total of $3.345 million was borrowed in 2010 for the construction project at an interest rate of .34 percent.
The remaining debt on the $3.345 million is $480,000.
A total of $9.57 million was borrowed in 2020 through referendum refunding notes with an interest rate of 2.11 percent.
Out of the $9.57 million, outstanding debt is $9.57 million.
A total of $6.13 million was borrowed in 2020 with referendum general obligation promissory notes at an interest rate of 1.54 percent.
Out of the $6.13 million, outstanding debt of $5.04 million remains.
Mill rate
The total property tax levy is projected to be $3.719 million, which compares to a levy of $3.35 million in 2024-2025, representing an increase of $370,703.
The mill rate for 2025-20256 is projected to be $5.43 per $100,000 of property value, which compares to a mill rate of $5.33 per $100,000 of property value in 2024-2025.
The projected increase in school property taxes for 2025-2026 is $10 per $100,000 of property value.
Equalized value
The equalized value of property in the school district for 2025-2026 is listed at $684.36 million, which compares to an equalized value of $627.85 million for 2024-2025.
The increase in property value this year is about 9 percent, which compares to an increase in property of value of 8 percent last year.
The increase in property value between 2022-2023 and 2023-2024 was 19.3 percent.
Property values went from $487.37 million in 2022-2023 to $581.55 million in 2023-2024.
