The District Revenue Expenditure Budget is a document prepared at the completion of financial reporting for the previous school year, with a look at how fund balances changed during the previous year. It also applies the current Revenue and Expenditure Budget to project fund balances at the end of the current school year. It is completed in November each year. The District will revise the current year budget in February or March with these projections in mind.
Each year, the Waterville-Elysian-Morristown School District--along with all of the other school districts, counties, cities, townships and special districts in the state--levies taxes from the property owners who live within the district. Property taxes are collected by the county on behalf of the school. Property taxes are levied for programs like Health & Safety and Community Education based on laws established by the Minnesota State Legislature. Property taxes are also levied based on referendum questions passed by local voters. These levies include Operating Referendums and Building Bond Referendums.
A Proposed Property Tax Statement is prepared and sent to taxpayers in the fall of the year to share information about the taxes they will pay in May and November the following year. Taxpayers have an opportunity to learn more about the Districts plans for the upcoming year by attending the Truth in Taxation Hearing, normally conducted during the December regular meeting of the WEM School Board. The date, time, and location of the hearing is included on the Proposed Property Tax Statement. Additionally, taxpayers are invited to contact the District Office with questions at 507-362-4432.
The Truth in Taxation presentation includes an overview of the Truth in Taxation process, the District's Budget for the current school year, and the Levy for the upcoming calendar year.
Financial Statements are prepared annually according to guidelines set forth by the Governmental Accounting Standards Board (GASB). They are subject to an independent financial statement audit conducted by a qualified accounting firm, selected by the WEM School Board. A presentation of the Financial Statements and the results of the annual audit is given by the auditors to the School Board annually, usually at the November or December board meeting. Financial records and the audited statements are provided to the Minnesota Department of Education and the Minnesota Office of State Auditor.
In years that the amount of Federal Grants exceeds a defined threshold, the auditors will perform an additional audit of our Federal Grants. This is called a Single Audit, since it is conducted along side our regular audit. When a Single Audit is completed, the results are reported to the Federal Government. Federal Grants that the district regularly receives include Federal Special Education, Title I, Title IV, and Food Service Benefits (Free & Reduced Meal Reimbursements). One-time grants, such as COVID grants, from the Federal Government are also included in determining whether the threshold of a Single Audit has been met and are subject to the Single Audit procedures.