Lake Washington School District Budget Review Update
The Lake Washington School District's budget process update highlights the importance of aligning planned expenses with revenue, maintaining budget reserves, and addressing a fiscal gap. Short-term targets aim to reduce expenditures to ensure financial stability. Changes in staffing models and program adjustments are being considered to mitigate budget challenges.
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Presentation Transcript
Lake Washington School District Budget Process Update January 13, 2025
Planning for a Balanced Budget Lake Washington School District needs to make sure that planned expenses and planned revenue are aligned meaning, the district does not spend more than the revenue that is generated through various sources.
Budget Reserves Lake Washington School District has the opportunity to maintain budget reserves (known as fund balance) that complies with policy expectations and the ability to mitigate future issues that impact the budget.
Updated Revenue & Expenditure Projections $700 Revenue Expenditures Fund Balance $634.4 $624.3 $623.5 $650 $614.4 $614.0 $605.6 $602.5 $597.1 $600 $550 $500 Dollars in Millions $450 $400 $350 $300 $250 $200 $150 $54.2 $45.8 $100 $36.7 $26.6 $50 $0 2024-25 2025-26 2026-27 2027-28 $5.4 $8.4 $9.1 $10.1 Fiscal Gap
85 % Of the District General Fund Budget is People
Short-Term Target Reduce expenditures by $11 million for the 2025-26 budget
What does this mean for Lake Washington?
Changes that have impact Continued implementation of staffing models Staff reductions Program changes
Other areas Under Evaluation and/or Committee Process Central Services and Supports: Actively identify realignment, reductions and efficiencies in central services, staffing and supports K-8 Highly Capable Program Review: Continuing to review recommendations and determine action items as shared in Spring 2024. Committee reconvening in November 2024 Elementary Band/Orchestra Review: Continuing to review opportunities to expand access to instrumental experiences for elementary students and supporting the tradition of exceptional music programs in LWSD Athletics Fees: Reviewing actual cost of secondary athletics and current per-sport fee
What is the timeline to complete the budget planning?
Timeline November February: Engagement and Identification of areas to modify January May: Notification and Communication June: Final 2025-26 Budget
