Financial Report Definitions

Our annual budget is a record of a our past decisions and our spending plan for the future. Our budget shows our priorities and is a communications document to tell our constituents, the taxpayers, about our priorities and goals.

Each year, District 728 receives an independent audit that includes four reports: the Comprehensive Annual Financial Report (CAFR), a Management Letter, a Special Purposes Report and an Extra-curricular Student Activity Report.

Consolidated Financial Statements, developed by the Minnesota Department of Education, offer an overview of each school district's financial picture in an easy to read and understandable format for parents and taxpayers.

School district property tax levies are limited by state law. The Minnesota Department of Education computes the levy limitation for each school district. After hosting a budget hearing, the school district then certifies the levy to the county auditor. The county then sends out the tax statements, collects the tax and makes the payments to the school districts.

The Minnesota Report Card gives you easy access to understandable district and school data. This tool is designed to provide parents, educators, schools, districts and citizens with easy access to important information about schools to help them make decisions and be engaged in the education of Minnesota students.

• June 30: School Board must approve the Annual budget for the next school year.
• Nov. 30: Audit reports must be completed.
• Dec. 31: Audit reports must be submitted to the Minnesota Department of Education.

• Spring: The county determines market values.
• Summer: The state determines what can be levied.
• September: The School Board sets a preliminary levy. Click here to read the levy process.
• November: The County sends property tax statements.
• December: The School Board holds a budget hearing (formerly Truth in Taxation), an open forum to educate taxpayers on the budget, explain upcoming spending priorities and how the school district tax process works. The School Board sets the School Levy. The levy must be submitted to the Minnesota Department of Education by Dec. 31. 

Have a concern about use of taxpayer funds? The Office of Inspector General of the US Department of Education has a hotline. Call 1-800-647-MIS-USED (647-8733) to report improper use.