Minneapolis Public Schools looks to one-time funds to help cover $97 million gap in proposed budget
June 8, 2023
Facing what district leaders have called a looming financial crisis, Minneapolis Public Schools again plans to use federal pandemic relief funds - which sunset in 2024 - and its rainy-day fund to balance its budget for next school year.
The School Board will vote on the $976 million budget at its Tuesday meeting. That budget was drafted before the passing of the state's education finance bill, which will bring about $35 million in new funding for Minneapolis Public Schools next year. That legislation could also yield more money for the district because it ties additional automatic increases in the education funding formula to inflation.
But that's not enough to cover the nearly $97 million gap between the district's revenue and expenditures next year.