Wellesley Public Schools: Fiscal Year 2026 Budget
Grant Funds: The grant fund is comprised of multiple state, federal, and private grants that fluctuate annually. In FY’25, there are 2 state grants, 9 federal grants (current year and carry forward), and 2 private grants. Grants are awarded in one of five methods: entitlement, allocation, continuation, other non-competitive and competitive processes based on the awarding authority. Unspent federal grants funds may be carried forward to be spent in the next fiscal year. Revenue is reflected when grant funds are expended and funds drawn down from the grantor. No carry forward funds are assumed beyond FY’25. More information is available in the Financial Section under Special Revenue Funds: Grants. Other Special Revenue (Revolving) Funds The revolving fund is comprised of 15 separate and distinct accounts including the National School Lunch Program. Each account serves a unique purpose with revenue raised and expenses that align directly to the fund. For instance, the Athletic Revolving Fund earns revenue through gate receipts and participant fees while the expenses incurred support the cost of the Athletic Program. Each revolving fund is described in detail in the Financial Section under Special Revenue Funds: Revolving Funds. Special Education Stabilization Fund (Held by the Town of Wellesley) (Not included in revenue): The Municipal Modernization Bill (Section 24 of Chapter 218 of the Acts of 2016) allowed municipalities to create a Special Education Stabilization Fund as a reserve for future unbudgeted costs related to Special Education. In the 2017 Annual Town Meeting (Article 10), Wellesley residents approved the creation of this fund. Since its inception, the Town of Wellesley has appropriated funds to the stabilization fund from free cash and the re-direction of School Based Medicaid funds. The maximum fund balance by statute is 2% of Wellesley’s actual Net School Spending ($2,030,519 in FY’24). Access to the funds requires a majority vote of both the School Committee and the Select Board. Since these funds require both the Select Board and School Committees approval, the fund information is not included in the table above. The fund is described in the Financial Section under Special Revenue: Revolving Funds. All Funds Summary for Fiscal Year 2026: State function codes allow for consistent reporting to the state when districts each have unique chart of accounts. Wellesley embeds the function codes in the General Fund. For the Grant and Revolving Funds, we have mapped expenses to the appropriate function code. The tables below provide an “all in” view of all expenses related to the schools regardless of funding source. The first table provides historical, current, and projected expenditures by function.
The second table provides historical and current expenditure by function and indicates the variance between fiscal years 2025 and 2026.
Page 14 of 410
Made with FlippingBook Digital Proposal Creator