SMART Finance News You Can Use

A revised FY22 Revenue Projection Model is available on MDE’s website that is using a new FY22 Whatif incorporated in the Report tab.  Use this this link to get the new FY22 Revenue Projection Model: https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=247The Whatif will be updated later this spring after the legislature makes any funding changes.  If you would like assistance working on next year’s revenue budget, send Stacy, Kameron, or Wayne your FY22 pupil...

Coding salaries to the new Covid grant finance dimensions is proving to be a challenge.  Some funds are being carried forward for one or more years which means districts will have to use different course numbers for each year (one time only), then the accounts have to be changed back.  Some salary accounts have to be coded differently up to 3 ways during the same fiscal year depending on when the funds were requested from MDE and spent by the district. All districts seem to have d...

As you are working through your accounting before the year end, remember that a great tool to use is the SERVS/UFARS budget comparison report. Currently you will not see any dollars in the UFARS columns, but this report will guide you on what your district has requested for Object and Course year so that you can make sure your revenue and expenses in UFARS match.Go to:  MDE/Data Center/Data Reports and Analytics/SERVS Financial Public ReportsChoose the year:  2020 for last year, 2...

The SMART Finance Budget Workpapers can be a very useful tool for completing the FY22 budget.  Here are some of the features that can be used: For both revenue and expense, as a starting point, copy the FY21 budget to FY22. For revenues, highlight the rows that have been addressed/changed by clicking the box in front of the account.  This will cause the line to highlight in yellow. For expenses, increase all accounts or ranges of account by a specified percent.  For example, incre...