SMART Finance News You Can Use

With the enrollment fluctuations and unexpected Covid revenue, now might be a good time to review both revenue and expenditure budgets. On the revenue side, note the following: Compare your current enrollment with the enrollment used to prepare the original budget.  If there are material differences, use MDE’s revenue projection model to review/change the revenue budget.  When using the Revenue Projection Model, on the Gen Ed tab at the bottom of the spreadsheet, don’t forg...

Just a reminder that it is important to code all eligible expenses for Career Tech correctly in UFARS. Finance code 830, Program Codes 301,311,321,331,341,361,365,371,385,399,and 610, and Object codes 140,143,185,305,365,366,394,396,406,433,490.Career Tech revenue is based on eligible expenditures. If your UFARS expenses are lower or higher compared to the estimate when you certified your levy, you will have adjustments on future revenue.To review your Career Tech expenditures in SMART Finance, ...

According to MDE, the deadline to publish your Budget Publication report is November 30th, or within one week of the acceptance of the final audit report by the board, whichever is earlier. There are four reports in Smart Finance to help districts complete this Budget Publication. These reports automatically separate restricted from unrestricted fund balances, revenues, and expenditures. They are located under Custom Reports > Custom Ledger Reports > Budget Publication&helli...

For FY 21, related to the CARES Act, finance Code 154 will be added for the Coronavirus Relief Funds (CRF) that the state of MN recently requested. Finance Code 174 will be added for the County provided Coronavirus Relief Funds (some counties have passed along their funds to districts). Region 1 is waiting for MDE to officially release these accounts and update the Chapter X UFARS grid. We will let you know when these new dimensions are added to SMART Finance. For FY20, balan...