Olympia School District adopts school year 2024-2025 budget

The Olympia School District (OSD) adopted Resolution No. 657, containing the budget for the school year 2024-2025, during its second reading last week, July 11.

Executive Director of Business and Capital Projects Kate Davis led the budget’s second reading, with only minimal technical aspects revised from the previous version.

“The budget in front of you today is very similar to what you saw on June 20. The main change is a change in workers’ compensation benefits associated with referrals. And so that is the change that cost the amounts in the budget to any expenditures to change by $1,432,” said Davis.

The capital projects fund was also revised, removing the budget for the mini building this year from the expenditure authority.

“The funds remain in your ending fund balance. We just do not need expenditure authority to use those funds this year. That is not a project that we would be going towards your capital projects,” Davis explained.

The most significant chunk of the budget is the district’s general fund, which is used for day-to-day operations to fund different schools and departments. Next year’s general fund ending balance is $7,879,088.

The Associated Student Body (ASB) Fund accounts for student’s extracurricular activities and has an ending fund balance of $1,314,593.

The Capital Projects Fund, with an ending fund balance of $34,960,085, finances capital projects such as rebuilding and enlarging buildings, new construction, equipping of new facilities, site purchases and improvements, major renovations, and technology system upgrades.

The Debt Service Fund redeems and pays interest on voted and non-voted bonds, and the following year’s ending fund balance amounts to $11,957,620.

The Transportation Vehicle Fund, with an ending fund balance of $1,164,000, accounts for purchasing of student vehicles.

The budget is to be submitted to the Educational Service District (ESD) and Office of Superintendent of Public Instruction (OSPI) for approval. Schools and departments may access their budgets in August in preparation for the 2024-2025 school year.

During the budget presentation, the district also welcomed its new Finance Director, former Tumwater School District Director of Financial Services Melissa Richter.