Upsala moves forward with plans for exiting statutory operating debt

At the most recent Upsala School Board meeting, a report given by Superintendent Vern Capelle informed the board of the process for ending statutory operating debt.

According to the Minnesota Department of Education, if the amount of a district’s operating debt is more than 2 ½% of the most recent fiscal year’s expenditure amount, the net negative undesignated fund balance is defined as “statutory operating debt”. Upsala’s most recent audited negative fund balance was 9.77%.

Capelle’s financial report highlighted revisions to the FY24 Budget. It is planned to be presented for approval at the March board meeting. It includes reductions in both revenue and expenditures. Further reductions will be needed in FY24 or FY25. 

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