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Community Financial Question: Will the District exceed the 4% fund balance cap at the end of the school year?

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Community Financial Question: Will the District exceed the 4% fund balance cap at the end of the school year?

New York State limits how much unrestricted savings (called unassigned fund balance) a school district can carry into the next year to 4% of the upcoming year’s budget. This allows districts to maintain a modest financial cushion but prevents holding excess funds beyond that level. 

The District began the year with an unassigned fund balance of $2,743,828, which is approximately 1.01% of the current year’s adopted budget of $272,206,615. 

As of the end of May, the District has an available budget balance of $10,398,985; however, significant remaining expenditures are still expected before year-end. After accounting for these costs, the District projects ending the year with an unassigned fund balance below $6 million. 

Under the proposed budget of $275,542,563, the 4% cap is: 

  • $275,542,563×4%=$11,021,703

Under a contingent budget of $273,436,063, the 4% cap is: 

  • $273,436,063×4%=$10,937,443

A projected fund balance below $6 million remains significantly under both limits, meaning the District is not expected to exceed the 4% cap under either scenario. 

In summary, the District began the year with relatively low reserves and is projected to remain safely within the State’s fund balance limits regardless of the budget outcome. 

In the foreground, a table and bullet points detail budget information, while the background shows blurred images of people and a school district logo.

 

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Lottery for UPK-3 hosted at Board of Education

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An end of the year message from Superintendent Dr. Demario Strickland

My first year as superintendent of the Mount Vernon City School District has been unforgettable, thanks to the support and dedication of our families, students, faculty, and staff. It has been my honor to serve this community and work toward building a brighter future for all of us. This was a successful year, and I want you to know that every bit of it was felt and heard. We faced real challenges and grew stronger because of them, and the progress we made together touched me deeply. It belonged to every family, student, teacher, and staff member who showed up and gave this district their best. 

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PTA Council awards $1,000 Edith Kaplan Scholarships to 16 students

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3rd annual Gentleman's Brunch hosted at Pennington School

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