Although the ultimate responsibility of the Joint Powers Board, WMEP's financial operations are directed and managed on a daily basis by the Superintendent of Schools. All related activities, such as payroll, receivables, payable, etc., are carried out under his supervision by School Business Solutions (SBS), a local company specializing is small school district financial services. SBS provides these services to WMEP under contract that was awarded based on a competitive bid process.
All of the West Metro Education program's activities, including its magnet schools and Cultural Collaboratives, are funded through three sources of revenue which are:
1. Integration Revenue from its member districts
2. Tuition for magnet school students from its member districts and non-member districts
3. Federal and other grant funds
This section contains the most recently Joint Powers Board approved and current Operating Budget for WMEP. This budget specifies, for the current school year, the amount and sources of revenue for WMEP and it also specifies the amount and types of expenditures that WMEP plans to incur. Joint Powers Board approved adjustments are made to the budget several times per year, if so warranted, based on unforeseen changes in revenue or other significant budget elements.
Also included in this section is the most recently Joint Powers Board approved fiscal audit of WMEP's finances. In accordance with Minnesota statutes, WMEP and all school districts, must have completed on an annual basis, an audit of its fiscal operations. Audit periods are from July 1st in a given year to June 30th of the following year. The
most recent audit for WMEP was for July 1, 2009 through June 30, 2010.
Finally, included in this section is the most recent award presented to WMEP for its outstanding practices in financial reporting and record keeping. This award is presented annually to school districts who meet the rigorous standards of record keeping and reporting that are established and monitored by the Minnesota Department of Education. WMEP has earned this award for the past three consecutive years.
The WMEP Budget Publication (Revenues and Expenditure Budget) for 2012-2013 is attached below.