Budget and Finance
The Business Office prides itself on providing accurate, timely, and transparent financial information to stakeholders. This page is a hub for key financial information for the District. Feel free to select a fiscal year on the left-hand sidebar to see budget information, financial reports, and advocacy information.
How School Budgeting Works:
The Finance Office is constantly working in three fiscal years: the past year for audit purposes, the current year for live tracking needs, and the next fiscal year for budgeting purposes.
The fiscal year runs from July 1st to June 30th, and although the books “close” as of June 30th the audit process does not conclude until December of the following year.
The Budget process begins in November of the previous fiscal year with initial projections and needs assessments.
The administration and school board work together in the winter months to determine what the budget will look like for the next year, and finalize a preliminary budget in the spring.
The annual budget hearing typically takes place in September with the budget being more or less finalized in late October when the state releases aid information and the school year’s enrollment information has been formally documented.
Although the budget is approved in October the budget revision process can take as the board is notified and reacts to changing needs throughout the year.
Finally, the budget process ends at the end of the fiscal year when the budget year’s final revised budget is presented to the board to reflect any changes - primarily in grant activity.
Please note: Link is updated monthly
As a public entity, the School District of South Milwaukee is required to report financial information to the state and abide by state and federal accounting requirements.
At a bare minimum, the district transmits live financial information to the state on a monthly basis.
The district is also required to go through a formal audit process by an independent audit firm on an annual basis to ensure public funds are being properly accounted for.
On a community level, the district financials and budget must be approved by the School Board.