SMART Finance News You Can Use

Now would be a good time to take a look at the State and Federal receivable accounts in all funds. These accounts should have a zero balance. If there is a balance any of these accounts (B XX-121-XXX, B XX-122-XXX, and B XX-123-XXX), take a look at the entry in period 202213 that created the receivable and reverse it (or part of it). Any amount that remains in these receivables that cannot be explained can be written off against a current year revenue account in order to make the ...

As districts receive COVID funds, make sure the correct course number identifying fiscal year is used. Visit MDE’s web site to see the latest flow chart for COVID accounts. Federal Relief Funds (mn.gov)Below as another version of the flow chart on MDE’s web site that you might find easier to follow.  Fiscal Year (FY) FIN 140/640 141/641 142 143/643 144/644 159 FIN 150 162/662 163/663 165     FIN 151 152 ...

The SMART Finance Budget Workpapers can be a very useful tool for completing the FY24 budget.  Here are some of the features that can be used: For both revenue and expense, as a starting point, copy the FY23 budget to FY24. 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...

A Pleasant Surprise! MDE added a new economic indicator for Medicaid eligible families.  This means all Medicaid eligible families will automatically be eligible for Free/Reduced Meals which also means they will automatically generate Compensatory Revenue.  We are seeing substantial increases in FY24 Compensatory Revenue for all districts.