At its June 21 meeting, the Burnsville-Eagan-Savage School District 191 Board of Education approved a budget including $128.8 million in general fund spending for the 2018-19 school year. With revenue expected to be $127.1 million, the district will use about $1.6 million from its reserves to cover expenses.
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For the 29th consecutive year, Burnsville-Eagan-Savage School District 191 has received an award for financial reporting from the Association of School Business Officials (ASBO) International. The Certificate of Excellence in Financial Reporting (COE) Award is considered to be the gold standard and the highest recognition for school district financial operations.
“This award represents a significant achievement and reflects your commitment to fiscal integrity and high quality financial reporting,” wrote John Musso, executive director of ASBO.
An operating levy, approved by voters in 2007, is expiring next year. It provides $7.3 million for day-to-day school and district operating expenses, including teacher salaries, transportation costs, utilities, classroom supplies and other supports to student learning.
Looking ahead ...
For the third time in a year, the Burnsville-Eagan-Savage School District 191 Board of Education has refinanced some debt to save taxpayers through reduced debt payments. This refinancing will save approximately about $2.4 million over the life of the bonds.
Altogether, refinancing this year will save taxpayers a grand total of $4 million in future debt payments.
The annual operating levy could decline slightly in Burnsville-Eagan-Savage School District 191 primarily because debt has been refinanced to lower interest rates.
The preliminary annual operating levy approved by the Board on Sept. 29 would raise about $38.3 million for the 2017-18 school year, about $644,000 less than the current year’s levy.
By Dec. 31, the school board must approve a final property tax levy which is the first step in the budgeting process for the 2017-18 school year.
At its meeting on June 23, the Burnsville-Eagan-Savage School District 191 Board of Education approved a budget that aims to provide stability during the 2016-17 school year as the district implements Vision One91-related changes.
Members of the Burnsville-Eagan-Savage School District 191 Board of Education are developing a General Fund budget for the 2016-17 school year which must be finalized by June 30. They’ve indicated they’ll use the budget reserve again to avoid reductions for next year as Vision One91 is implemented.
Vision One91 is the work to redesign the district to meet the needs of today’s learners. It involves grade realignment, expanded technology and new opportunities for students.
By refinancing some of its debt to a lower interest rate, Burnsville-Eagan-Savage School District 191 will save nearly $6.14 million in interest over a 15-year-period.
The timing was perfect and savings are greater than expected because interest rates are at a 50-year low, according to Jeff Seeley of Ehlers and Associates. In addition, he said there was a lot of interest in the bond sale because the district has a strong financial rating.
For the 27th consecutive year, Burnsville-Eagan-Savage School District 191 has received an award for financial reporting from the Association of School Business Officials (ASBO) International.