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Fiscal Year 2024 Budget Planning

Business Roundtable

The Edina Public School district has begun the development of the 2023-24 school year budget. Budgets are set based on a combination of internal and external factors with the goals of 1) investing in educational priorities, 2) sound financial stewardship and 3) fulfilling commitments in the strategic plan. Strategy E5: “We believe in high performance of governance, administration, and partnerships, and effective and efficient use of time, human, financial, and physical resources in support of the mission.” 

Each year, school districts throughout the state make adjustments to their budget to address the perennial state funding gap (see chart below), or the difference between the actual cost to provide an education and revenues received.

General Education Formula Allowance, 2003-2023
Graph of General Education Formula Allowance, 2003-2023

Adjusted for Pupil Weight Change and Inflation (CPI)

As in past years, Edina Public Schools is in the early stages of that planning as well; plans seek to prevent increases to class sizes or eliminating program options for students.  High inflation and increased labor costs are outpacing the annual funding increases received by the state, exacerbating the funding gap. Districts, including Edina Public Schools, also have to compensate for the increasing cross-subsidy gap created by mandated but not funded programs. Districts close these gaps with money from their general fund or through program adjustments. In planning for fiscal year 2024, districts are also responding to the loss of ESSER (Elementary and Secondary School Emergency Relief) funds and CARES (Coronavirus Aid, Relief, and Economic Security) Act funds, one-time funding provided to cover costs associated with the pandemic. Many districts, including Edina Public Schools, experienced a one-time loss of enrollment in fiscal year 2021 due to the pandemic, and after budget decisions had been finalized.

Edina Public Schools takes pride in its Moody’s Aaa credit rating; 1 of 3 districts in Minnesota and just 100 out of 13,000+ nationwide that enjoy this distinction. A contributor to our premium credit rating is the strength of our general fund balance. Maintaining our financial position and balancing the budget will require reducing spending by approximately  $4MM in fiscal year 2024 to avoid an impact on our fund balance.  Edina Public Schools will prioritize maintaining current class size levels and programming options when adjustments are considered.

The School Board reviewed the fiscal year 2021-22 annual audit results and 2023-24 budget assumptions at its January 9, 2023 work session. The Finance and Facilities Committee will meet on January 10, 2023 to provide feedback to district administrators. Proposals and discussion of the preliminary 2023-24 budget will occur at the February 13, 2023 board meeting. Final budget recommendations will be an action at the February 28, 2023 board meeting. 

Edina Public Schools is committed to its vision to ensure that each and every student discovers their possibilities and thrives. Our commitment to operational excellence challenges us to achieve our mission while demonstrating sound fiscal management. District administrators will work with the School Board to set budget parameters and develop recommendations for balancing our budget.  Community Sessions will be scheduled in January - February to answer questions and gather input from our Edina Public Schools stakeholders including staff and families.

Continue to visit this webpage for Community Session dates and locations and budget planning updates.

Let us know your reactions, priorities, and ideas with the Google Forms below. We appreciate your input!

Reactions

Priorities & Ideas

Virtual Input Session Recording

Community Sessions

Starting the week of January 23, EPS will be hosting community conversations around the district, where information will be shared and stakeholder input will be collected. Please see details for the upcoming meetings below:

Date: Monday, Jan. 23
Time: 6:00 - 7:00 PM
Place: Normandale Auditorium
Focus: ELC, Concord, Normandale, and SVMS communities

Date: Wednesday, Jan. 25
Time: 6:00 - 7:00 PM
Place: Creek Valley Café 
Focus: Creek Valley and Cornelia communities

Date: Thursday, Jan. 26
Time: 5:30 - 6:30 PM
Place: Virtual (To access the meeting, click HERE.)
Focus: EPS community

Date: Monday, Jan. 30
Time: 6:00 - 7:00 PM
Place: VVMS Café
Focus: VVMS and EHS communities

Date: Wednesday, Feb. 1
Time: 6:00 - 7:00 PM
Place: Highlands Café
Focus: Countryside and Highlands communities