Watertown School Board Authorizes RFP for $3.2 Million Athletic Complex Expansion Funding (2024)

{KXLG – Watertown, SD} In a decisive move during tonight’s Watertown school board meeting, the board voted to authorize issuing a request for proposals (RFP) for funding related to the second phase of the athletic complex. The proposed funding amount is $3.2 million.

Watertown School District Business Manager Heidi Clausen presented to the board…

The board’s unanimous approval of the RFP marks a crucial step toward securing funding for the athletic complex expansion. Stay tuned for further updates as the proposal process unfolds.

The budget for the athletic complex project draws from various sources:

Local Sources

• Ad Valorem Taxes: Actual revenue for FY23 was $7,117,972.77, with a projected FY24 budget of $7,585,600.00 and FY25 budget of $7,702,440.00.
• Mobile Home Taxes: FY23 actual revenue was $45,722.44, with consistent budgets of $35,000.00 for FY24 and FY25.
• Penalties/In Lieu of Taxes: FY23 actual revenue was $8,948.47, with a steady budget of $10,000.00 for both FY24 and FY25.
• Interest Income: FY23 actual interest income was $37,765.89, with a consistent budget of $40,000.00 for FY24 and FY25.
• Other & Misc.: FY23 actual revenue was $169,000.09, with projected budgets of $348,000.00 for both FY24 and FY25.

Federal Sources

• School Bus Rebates/HLS Grant: FY23 actual revenue was $0.00, with a budget of $11,460.00 for FY24 and $125,425.00 for FY25.
• ARP Homeless Grant: FY23 actual revenue was $39,000.00, with no budget allocation for FY24 and FY25.
• ESSER I, II, and III: These federal grants contributed $278,084.00 in FY23, $1,512,000.00 in FY24, and no funding for FY25.

Other Funding Sources

• Sale of Capital Outlay Certificate: No revenue in FY23, but a budget of $3,200,000.00 for both FY24 and FY25.
• Sale of Surplus: FY23 actual revenue was $99,960.00, with consistent budgets of $15,000.00 for FY24 and FY25.
• Use of Capital Outlay Certificate: FY23 actual usage was $2,968,645.50, with budgets of $4,430,660.00 for FY24 and $3,200,000.00 for FY25.
• Use of Cash on Hand: No cash usage in FY23, but budgets of $3,531,935.00 for both FY24 and FY25.
• Operating Transfer In: FY23 actual transfer was $2,000,000.00, with no budget allocation for FY24 and FY25.

Fund Balance Projections

• Beginning Fund Balance: FY23 started with $7,069,649.00.
• Increase/(Decrease): A net increase of $904,340.00 in FY23, but a significant decrease of $6,731,935.00 projected for FY24.
• Ending Fund Balance: FY23 ended with $7,973,989.00, while FY24 is estimated to close at $1,242,054.00.
• Fund Balance Percent: The fund balance percentage drops from 105.47% in FY23 to 16.13% in FY24.