FAQ

What is the philosophy of school finance in Byron?

Our philosophy is to develop a sound financial budget that the school board can rely on to make fiscally responsible decisions to ensure District resources are being utilized to their fullest to deliver a safe and high-quality educational experience.

How do we manage the district's budget?

A budget update is provided monthly to the school board. In addition to the monthly budget update, a more detailed look at the budget occurs at our Finance and Facility committee meetings.

Why is having a fund balance important? What is ours in Byron?

Our policy in Byron is to have an 8% fund balance. A fund balance is important to ensure resources are available for unforeseen needs and to ensure sufficient cash is on hand to meet our obligations as they come due. The State funds our revenues at 90% of our entitlement during the Fiscal Year with the 10 % hold-back paid in Sept, Oct, Nov & Dec of the following year, therefore an adequate fund balance is needed to cash flow. The district's basic funding information can be found here.

How are school budgets built from year to year?

Budget Assumptions are used in developing the Adopted Budget due to key unknowns at the time of budget development; the primary unknowns include next year’s enrollment, negotiations settlements, legislative funding changes and inflationary increases on professional services. Trend and historical data are used to develop the best possible estimates and assumptions to ensure an accurate yet conservative budget. Mid-year a Revised Budget is developed and approved by the board that will reflect the actual key data that was initially estimated in the Adopted budget. The revised budget can then be used to develop long-term (5-year) projections to determine if budget adjustments are needed.