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Like all other public school districts in the state of Wisconsin, the School District of Holmen operates on a 12-month fiscal year budget starting July 1 and ending June 30.
Depending upon the point in the budget development process, the current year budget is in one of three editions. As each edition is approved by the School Board, it is posted to the District website.
The Preliminary Budget is First Edition of the budget approved by the Board early in the process. This edition of the budget is based upon forecasting models that attempt to predict revenues and expenses based upon historical models and trends. This version of the budget is typically approved prior to the end of the prior budget (June 30). The Preliminary Budget allows for productive decisions affecting service and program delivery for the upcoming fiscal period.
The Proposed Budget is the second edition of the budget approved by the Board. This edition of the budget comes shortly after the end of the prior budget (June 30). Using the actual revenue and expenditures from the prior budget, the budget forecast can be approved to reflect the most timely and accurate budget information. The Proposed Budget allows for further refinement and finalization of budget decisions affecting service and program delivery for the fiscal year that has just begun July 1. This budget must be approved by the Board before it is presented at the Budget Hearing.
The Original Budget is the third edition of the budget approved by the School Board. The state of Wisconsin recognizes this edition of the budget as the official operating budget. The School Board shall adopt the Original Budget at a school board meeting after the Budget Hearing but no later the meeting in which the tax levy is set, typically in October. While the Board has the spending authority until the Original Budget is approved, the State is unable to apply public school funding formulas until student count information from the Third Friday in September has been collected by school districts and the Department of Revenue releases the official tax value certification for the municipalities that reside in the District. Once known, the final updates can be made to set the Original Budget. Any subsequent changes to the budget are referred to as Revisions (Amendments).
Adjustments to the budget are presented and must be approved by the School Board as necessary to meet the changing service delivery needs of students, unanticipated expenses, recognition of new grants/entitlements, etc.
Revisions to the budget help to keep the School Board and community aware of the changing needs and financial status of the school district throughout the fiscal year.
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