The Finance Board Advisory Committee met in April to preview the district's 2023-24 budget presentation, which will be shared with the board of education during the April 20 board workshop, and review the district's monthly financial reports.
Director of Facilities and Construction Scott Barbagallo shared information about a new playground being purchased for the Idea Center, which is being renovated on the Lindbergh High School campus and will serve elementary LEAP students and the Program for Exceptionally Gifted Students, beginning in the 2023-24 school year. Every five years, the district is required to bid out banking services, explained Executive Director of Business and Finance Dawn Douglas.
After a thorough review of qualifications from bidders, the district is recommending to continue working with its current partner, Commerce Bank. Chief Financial Officer Joel Scheible provided the committee with a preview of the Lindbergh Schools 2023-24 Budget Outlook. The presentation explains the district's annual budgeting timeline and budget development goals, in addition to information about reserve funds, the district's fund balance policy, and sources of operating revenue.
The district gets 84 percent of its operating revenue from local taxes. The district is projecting a balanced budget for the 2023-24 school year, with $4.7 million in revenue and $4.5 million in expenditures. This year is a reassessment year in St. Louis County, and the district expects a healthy amount of growth in each tax category. Lindbergh Schools has the lowest residential tax rate of all school districts in St. Louis. The Finance Advisory Committee exists to ensure transparency, accountability and efficiency in district finances.
Committee members will discuss areas covered by the district’s fiscal management policies. In addition, the Board of Education will direct the specific responsibilities of the committee to review any matters potentially having a significant impact on district finances before the board takes action. This committee is chaired by Chief Financial Officer Joel Scheible.