A comprehensive overview of the District's financial position, including all governmental funds, enrollment projections, and a five-year General Fund forecast.
Dr. Daniel Bittman – Interim Superintendent | Mert Woodard – Director, Finance & Operations
Key Highlights
FY2026 at a Glance
$208.5M
Total Revenue
All Funds
$210.1M
Total Expenditures
All Funds
8,670
Projected Enrollment
2025-26 Estimate
8.87%
Unassigned Fund Bal.
General Fund
$7,481
Per-Pupil Revenue
Basic Ed. Formula (+2.74%)
Aaa
Highest Credit Rating
One of only three school districts in Minnesota and approximately 90 across the United States to hold the coveted Aaa rating. Most recently affirmed October 2024.
COE
Certificate of Excellence in Financial Reporting
Awarded by ASBO International for the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024.
Strategic Plan 2020-30 – Mission, Vision & Core Values
Mission: Edina Public Schools is a dynamic learning community delivering educational excellence and preparing all students to realize their full potential. Through academics, activities and opportunities, we encourage creativity, foster curiosity, and develop critical thinking skills.
Vision: For each and every student to discover their possibilities and thrive.
Core Values: Integrity, Compassion, Courage, Commitment, Appreciation, and Responsibility
Priority Strategies: (A) Advance Academic Excellence, Growth and Readiness; (B) Ensure an Equitable and Inclusive School Culture; (C) Foster Positive Learning Environments and Whole Student Support; (D) Develop Leadership Throughout the District; (E) Engage Parents, Schools and Community
School Board
Karen Gabler, Chair – Term Expires January 2027
Erica Allenburg, Vice Chair – Term Expires January 2027
Jennifer Huwe, Treasurer – Term Expires January 2029
Cheryl Barry, Clerk – Term Expires January 2029
Michael Birdman, Assistant Treasurer – Term Expires January 2027
Dan Arom, Assistant Clerk – Term Expires January 2027
Elliot Mann, Assistant Clerk – Term Expires January 2029
Dr. Daniel Bittman, Ex-Officio
All Funds
Preliminary Budget – Fiscal Year 2026
Preliminary Budget Fiscal Year 2026
FY2024 Audited Results
FY2025 Revised Budget
FY2026 Preliminary Budget
Revenues
General Fund
$160,909,167
$164,895,014
$167,614,828
Food Service
4,935,862
5,100,214
5,265,078
Community Service
12,302,679
13,296,079
13,772,932
Debt Service
14,442,888
115,011,011
18,113,179
Internal Service
916,164
910,000
910,000
Total Excluding Construction
193,506,760
299,212,318
205,676,017
Building Construction
5,107,604
14,722,786
2,836,805
Total Revenue
$198,614,364
$313,935,104
$208,512,822
Expenditures
General Fund
$154,891,232
$161,351,016
$165,031,168
Food Service
4,049,458
4,871,973
5,058,082
Community Service
11,738,030
13,095,398
13,299,050
Debt Service
14,619,573
114,697,405
17,636,304
Internal Service
933,558
910,000
910,000
Total Excluding Construction
186,231,851
294,925,792
201,934,604
Building Construction
18,139,834
9,594,142
8,208,672
Total Expenditures
$204,371,685
$304,519,934
$210,143,276
For presentation purposes, throughout this document other financing sources are depicted as revenues and other financing uses as expenditures.
The budget was prepared in accordance with GAAP, the Uniform Financial Accounting and Reporting Standards (UFARS) for Minnesota school districts, and District Policy 701. Minnesota Education Laws 2023 and information from the in-progress Legislative Session of 2025 were used as the basis for building the FY2026 budget which assumes $7,481 of state basic education revenue per pupil unit (an increase of 2.74%), education cross-subsidy aid of 44.0%, and operating referendum revenue of $2,261 per pupil (an increase of 2.58%). The District will also experience a 8.36% increase to the capital projects levy.
Student Enrollment
Enrollment History & Projections
During the 2020-21 school year the District experienced a one-time enrollment loss due to the COVID-19 pandemic. Due to demand for the District's programming, enrollment stabilized and grew beyond pre-pandemic levels during FY2023 and FY2024. The District anticipates modest growth for FY2026 to 8,670 students.
* The enrollment figures for 2024-25 and 2025-26 are estimates. Other years represent actual student enrollment (average daily membership).
General Fund
General Fund Budget
The General Fund contains all revenue and expenditures for the general, day-to-day operations of the school district. This includes salaries and benefits for teachers, administrators, bus drivers, custodians, and paraprofessionals; instructional supplies, technology, transportation, textbooks, and money spent to operate and repair District buildings.
General Fund – Preliminary Budget FY2026
FY2024 Audited Results
FY2025 Revised Budget
FY2026 Preliminary Budget
Revenues
Local Property Taxes
$53,561,813
$56,342,166
$56,503,097
Investment Earnings
2,217,384
1,494,970
1,656,495
Other Local Revenue
5,111,698
2,400,455
3,323,235
State Sources
97,586,832
101,061,195
103,833,904
Federal Sources
2,413,802
2,084,618
2,298,097
Other Financing Sources
17,638
1,511,610
–
Total Revenue
$160,909,167
$164,895,014
$167,614,828
Expenditures
Salaries and Benefits
$119,803,421
$124,522,806
$129,980,491
Purchased Services
12,943,623
11,755,013
11,284,313
Supplies and Materials
4,473,488
5,166,968
5,277,198
Capital
12,323,746
11,730,970
15,382,731
Other
572,405
570,384
569,630
Other Financing Uses
4,774,549
7,604,875
2,536,805
Total Expenditures
$154,891,232
$161,351,016
$165,031,168
Fund Balances
Net Change in Fund Balance
6,017,935
3,543,998
2,583,660
Beginning of Year
20,591,585
26,609,520
30,153,518
End of Year
$26,609,520
$30,153,518
$32,737,178
Fund Balance Policy: The District has a formal policy calling for an unassigned fund balance in the General Fund equal to at least 6.0% to 10.0% of total unassigned expenditures. The projected unassigned General Fund balance as of June 30, 2026 is $11,918,517, which is 8.9% of the unassigned expenditure budget, or about two weeks of operations. Board policy dictates an additional committed fund balance of 2.0% of unassigned expenditures.
Special Revenue & Enterprise Funds
Other Governmental Funds
Food Service Fund
The District's food service operation provides meals and nutrition services that comply with USDA regulations. During the 2023 legislative session, a bill to provide free meals to all students attending public schools was enacted. All students receive one free breakfast and one free lunch each school day.
Food Service Fund – Preliminary Budget FY2026
FY2024 Audited
FY2025 Revised
FY2026 Preliminary
Revenues
Lunch Sales
$800,504
$897,720
$855,696
Federal Sources
1,634,692
1,777,001
1,477,038
State Sources
2,435,453
2,351,543
2,862,344
Other
65,213
73,950
70,000
Total Revenue
$4,935,862
$5,100,214
$5,265,078
Expenditures
Purchased Services
$3,363,398
$4,421,973
$4,608,082
Supplies and Materials
636,157
350,000
350,000
Other Expenditures
8,575
–
–
Capital Outlay
41,328
100,000
100,000
Total Expenditures
$4,049,458
$4,871,973
$5,058,082
Fund Balances
Net Change
886,404
228,241
206,996
Beginning of Year
1,166,019
2,052,423
2,280,664
End of Year
$2,052,423
$2,280,664
$2,487,660
Community Services Fund
Community service programs help E-12 students and families thrive. Programs include Kid's Club childcare, facility rentals, youth camps and classes, adult classes, adult basic education, and volunteering. Community Ed also operates the Edina Early Learning School.
Community Services Fund – Preliminary Budget FY2026
FY2024 Audited
FY2025 Revised
FY2026 Preliminary
Revenues
Local Property Taxes
$1,236,358
$1,397,326
$1,534,104
Tuition and Fees
10,138,135
11,069,810
11,416,350
Other Local Revenues
155,903
38,980
50,000
State Sources
772,283
789,963
772,478
Total Revenue
$12,302,679
$13,296,079
$13,772,932
Expenditures
Salaries and Benefits
$8,506,609
$9,520,765
$9,674,724
Purchased Services
2,288,746
2,684,995
2,672,487
Supplies and Materials
571,194
645,838
699,439
Other Expenditures
150,898
40,300
40,400
Capital Outlay
220,583
203,500
212,000
Total Expenditures
$11,738,030
$13,095,398
$13,299,050
Fund Balances
Net Change
564,649
200,681
473,882
Beginning of Year
1,710,124
2,274,773
2,475,454
End of Year
$2,274,773
$2,475,454
$2,949,336
Building Construction Fund
Used for construction project expenditures financed with bond proceeds and for LTFM projects greater than $2,000,000 per site. There can be no borrowing from the Building Construction Fund. During FY2023 the District issued certificates of participation of $14,200,000 to finance the addition to Countryside Elementary for the Spanish dual-language program.
Building Construction Fund – Preliminary Budget FY2026
FY2024 Audited
FY2025 Revised
FY2026 Preliminary
Revenues
Investment Earnings
$333,055
$489,362
$300,000
Debt Issued
–
6,628,549
–
Transfers In
4,774,549
7,604,875
2,536,805
Total Revenue
$5,107,604
$14,722,786
$2,836,805
Expenditures
Salaries and Benefits
$4,146
–
–
Purchased Services
678,974
33,883
–
Capital Outlay
17,252,264
9,560,259
8,208,672
Interest and Fiscal Charges
204,450
–
–
Total Expenditures
$18,139,834
$9,594,142
$8,208,672
Fund Balances
Net Change
(13,032,230)
5,128,644
(5,371,867)
Beginning of Year
16,312,313
3,280,083
8,408,727
End of Year
$3,280,083
$8,408,727
$3,036,860
Debt Service Fund
Accounts for revenues and expenditures associated with repayment of the District's bonded indebtedness. In October 2024 the District issued Series 2024A refunding bonds, saving taxpayers $8,004,830 beginning with taxes payable in 2026 through 2036. The District's underlying Moody's credit rating is Aaa — the highest possible.
Debt Service Fund – Preliminary Budget FY2026
FY2024 Audited
FY2025 Revised
FY2026 Preliminary
Revenues
Local Property Taxes
$14,327,938
$14,677,524
$17,909,166
Investment Earnings
114,950
179,613
204,013
Debt Issued
–
100,153,874
–
Total Revenue
$14,442,888
$115,011,011
$18,113,179
Expenditures
Principal
$7,625,000
$7,797,906
$10,020,000
Interest
6,982,785
6,631,771
7,599,504
Fiscal Charges and Other
11,788
742,728
16,800
Other Financing Uses
–
99,525,000
–
Total Expenditures
$14,619,573
$114,697,405
$17,636,304
Fund Balances
Net Change
(176,685)
313,606
476,875
Beginning of Year
3,453,905
3,277,220
3,590,826
End of Year
$3,277,220
$3,590,826
$4,067,701
General Fund Analysis
Expenditures by Program & Object
By Program
For the Fiscal Year Ended June 30, 2026
Program
FY2024 Audited
FY2025 Budgeted
FY2026 Budgeted
%
Administration
$4,481,162
$4,577,785
$4,407,201
2.67%
District Support Services
3,105,578
3,366,278
3,090,644
1.87%
Elem. & Sec. Regular Instruction
66,145,066
68,550,374
72,474,587
43.92%
Vocational Education
772,098
532,634
450,872
0.27%
Special Education Instruction
26,619,424
28,729,275
30,597,521
18.54%
Instructional Support Services
14,514,100
15,902,358
16,632,934
10.08%
Pupil Support Services
13,522,973
13,509,715
12,638,461
7.66%
Sites and Buildings
24,961,726
25,174,117
23,303,035
14.12%
Fiscal & Other Fixed Costs
769,105
1,008,480
1,435,913
0.87%
Total
$154,891,232
$161,351,016
$165,031,168
100.00%
By Object
For the Fiscal Year Ended June 30, 2026
Object
FY2024 Audited
FY2025 Budgeted
FY2026 Budgeted
%
Salaries and Wages
$91,327,677
$93,717,730
$97,156,704
57.99%
Employee Benefits
28,475,744
30,805,076
32,823,787
19.52%
Purchased Services
12,943,625
11,755,013
11,284,313
7.19%
Supplies and Materials
4,473,488
5,166,968
5,277,198
2.98%
Capital Expenditures
12,323,746
11,730,970
15,382,731
7.17%
Other Expenditures
572,405
570,384
569,630
0.36%
Other Financing Uses
4,774,549
7,604,875
2,536,805
4.80%
Total
$154,891,232
$161,351,016
$165,031,168
100.00%
GAAP Presentation
Revenue, Expenditures & Changes in Fund Balances
For the Fiscal Year Ended June 30, 2026
Adopted Revenue, Expenditures, and Changes in Fund Balances – Governmental Funds
General Fund
Building Construction
Debt Service
Non-Major Funds
Total Govt. Funds
Revenue – Local Sources
Property Taxes
$56,503,097
–
$17,909,166
$1,534,104
$75,946,367
Investment Earnings
1,656,495
300,000
204,013
120,000
2,280,508
Other
3,323,235
–
–
12,272,046
15,595,281
State Sources
103,833,904
–
–
3,634,822
107,468,726
Federal Sources
2,298,097
–
–
1,477,038
3,775,135
Total Revenue
$167,614,828
$300,000
$18,113,179
$19,038,010
$205,066,017
Expenditures – Current
Administration
4,407,201
–
–
–
4,407,201
District Support Services
3,090,644
–
–
–
3,090,644
Elem. & Sec. Regular Instruction
72,239,587
–
–
–
72,239,587
Vocational Education
450,872
–
–
–
450,872
Special Education
30,587,521
–
–
–
30,587,521
Instructional Support
11,374,013
–
–
–
11,374,013
Pupil Support Services
12,465,848
–
–
–
12,465,848
Sites and Buildings
11,060,033
–
–
–
11,060,033
Fiscal & Other Fixed Costs
1,435,913
–
–
–
1,435,913
Food Service
–
–
–
5,058,082
5,058,082
Community Service
–
–
–
13,299,050
13,299,050
Capital Outlay
13,624,590
8,208,672
–
–
21,833,262
Principal
1,099,674
–
10,020,000
–
11,119,674
Interest
658,467
–
7,616,304
–
8,274,771
Total Expenditures
$162,494,363
$8,208,672
$17,636,304
$18,357,132
$206,696,471
Excess (Deficiency)
5,120,465
(7,908,672)
476,875
680,878
(1,630,454)
Other Financing Sources (Uses)
Transfers In
–
2,536,805
–
–
2,536,805
Transfers (Out)
(2,536,805)
–
–
–
(2,536,805)
Net Change in Fund Balances
$2,583,660
($5,371,867)
$476,875
$680,878
($1,630,454)
Fund Balance Analysis
Fund Balance History & Comparisons
19.21%
SOD Calculation
FY2026 Projected
8.87%
Unassigned Balance
FY2026 Projected
2.00%
Committed Balance
Board Policy
$45.7M
Total Govt. Fund Bal.
FY2026 Projected
* Fund balance categories are those used by MDE to calculate statutory operating debt. ** Comparison school district data was not available at the time of reporting.
Debt Portfolio
Scheduled Debt Service Activity
For the Fiscal Year Ended June 30, 2026
Scheduled Debt Service Activity – FY2026
Debt Issue
Issue Date
Coupon Rate
Final Maturity
Balance at June 30, 2025
Principal Payments
Interest Payments
Balance at June 30, 2026
G.O. Bonds, Series 2017A
4/13/17
2.50%-4.00%
2/1/31
$15,685,000
$1,935,000
$487,175
$13,750,000
G.O. Bonds, Series 2019A
5/2/19
3.00%-5.00%
2/1/36
24,075,000
–
789,250
24,075,000
G.O. Bonds, Series 2020A
11/5/20
3.00%-4.00%
2/1/26
4,205,000
4,205,000
168,200
–
G.O. Bonds, Series 2021A
5/27/21
2.00%-3.00%
2/1/31
9,315,000
1,810,000
217,800
7,505,000
G.O. Bonds, Series 2021B
9/28/21
2.00%-3.00%
2/1/35
7,000,000
–
143,300
7,000,000
G.O. Bonds, Series 2023A
5/11/23
4.00%-5.00%
2/1/37
6,920,000
120,000
285,050
6,800,000
G.O. Bonds, Series 2024A
12/1/24
3.00%-5.00%
2/1/37
99,545,000
1,950,000
5,508,729
97,595,000
COPs, Series 2011C
11/17/11
2.00%-3.75%
4/1/27
265,000
130,000
9,775
135,000
COPs, Series 2022A
11/9/22
4.00%-5.00%
4/1/38
13,075,000
740,000
616,100
12,335,000
Capital Leases (Various)
Various
2.69%-5.20%
Various
968,513
229,674
32,591
738,839
Total
$181,053,513
$11,119,674
$8,257,971
$169,933,839
Long-Range Planning
Five-Year General Fund Forecast
Fiscal Years 2026 through 2030
Five-Year General Fund Forecast – FY2025 through FY2030
FY2025
FY2026
FY2027
FY2028
FY2029
FY2030
Revenue
Property Taxes
$56,342,166
$56,503,097
$54,492,560
$55,387,696
$54,915,531
$55,784,676
State Sources
101,061,195
103,833,904
106,065,411
108,405,280
110,463,097
112,612,297
Federal Sources
2,084,618
2,298,097
2,355,246
2,355,246
2,355,246
2,355,246
Miscellaneous Local
3,895,425
4,979,730
4,395,228
4,318,129
4,248,740
3,624,238
Other Financing Sources
1,511,610
–
–
–
–
–
Total Revenue
$164,895,014
$167,614,828
$167,308,445
$170,466,352
$171,982,615
$174,376,457
Expenditures
Salaries
$93,842,109
$97,156,704
$102,066,131
$106,617,691
$110,175,143
$114,828,688
Benefits
30,680,697
32,823,787
34,189,356
35,453,092
36,610,691
37,917,884
Purchased Services
11,755,013
11,284,313
11,972,630
12,642,147
13,265,431
13,923,071
Supplies & Materials
5,166,968
5,277,198
5,540,044
5,817,517
6,108,808
6,414,646
Capital Expenditures
11,730,970
15,382,731
15,813,351
16,109,439
16,562,044
16,768,985
Other Expenditures
570,384
569,630
586,719
604,322
622,451
641,127
Other Financing Uses
7,604,875
2,536,805
1,635,281
1,612,200
1,474,253
1,412,584
Total Expenditures
$161,351,016
$165,031,168
$171,803,512
$178,856,408
$184,818,821
$191,906,985
Change in Fund Balance
3,543,998
2,583,660
(4,495,067)
(8,390,056)
(12,836,207)
(17,530,528)
Fund Balances
Nonspendable
29,623
29,623
29,623
29,623
29,623
59,246
Restricted
7,369,151
8,274,958
7,324,975
8,352,769
9,246,729
10,219,393
Committed
2,484,388
2,547,132
2,807,646
2,906,620
3,029,666
2,978,988
Assigned
9,112,924
9,966,948
7,166,697
7,166,697
7,166,697
7,166,697
Unassigned
11,157,432
11,918,517
10,913,170
1,396,347
(12,456,867)
(30,909,380)
Total Fund Balances
$30,153,518
$32,737,178
$28,242,112
$19,852,055
$7,015,849
($10,485,056)
Unassigned Fund Balance %
9.39%
8.87%
7.77%
0.96%
(8.22%)
(20.75%)
The District administration has utilized the combination of "level services" and "revenue based" budgeting approaches. This means that the District plans to offer the same educational programming and support services, adjusted for anticipated revenue and inflationary increases to existing expenditures.
The administration has applied conservative assumptions for both revenues and expenditures. Enrollment is assumed flat, and both state appropriations and taxing authority are projected to be mostly flat. Expenditures for salaries, benefits, purchased services, and supplies are all assumed to increase at rates greater than revenues — a pattern typical in public education for decades.
Note: This forecast should not be used as a budget appropriations document.
Governmental Fund Structure Reference
General Fund
General operations including salaries, benefits, supplies, textbooks, transportation, utilities, LTFM projects under $2M per site, and capital projects (technology) levy.
Food Service Fund
All revenues and expenditures related to operating the District's child nutrition programs, including food, salaries, benefits, supplies, and equipment.
Community Services Fund
Early Childhood Family Education, Adult Basic Education, Kids Club, youth enrichment classes, and other community education programs.
Building Construction Fund
Major facility projects financed with bond proceeds and LTFM projects exceeding $2,000,000 per site.
Debt Service Fund
Principal and interest payments on bonds sold to finance construction. Similar to a homeowner's mortgage payments.
With very few exceptions, money cannot be transferred from one fund to another. For example, raising à la carte prices or Kids Club tuition is not a solution to a shortfall in the General Fund.
Medical, dental, life, long-term disability, workers' compensation, state pension contributions, deferred compensation, and post-retirement benefits.
Purchased Services
Consultants, postage, insurance, repair and maintenance, utilities, student transportation contracts, travel/conferences, payments to other districts, and tuition.
Supplies & Materials
Textbooks, instructional supplies, office and custodial supplies, computer software, and related copier costs including fuel for buildings.
Capital
Building construction, equipment, facility repair and maintenance, vehicles, technology equipment, and other items with a useful life of more than one year.
