SMART Finance News You Can Use

Beginning July 1st, districts are required to comply with the new accounting rules for leases. You can find these new accounting instructions starting on the bottom of page 13 of our yearend book, or in MDE’s School Business Bulletin #68. Click on this link to access MDE’s School Business Bulletins Financial Management (mn.gov). 

Region 1 has updated the FY22 UFARS dimensions and Chapter X grids with the new reporting requirements. You can now build accounts with a Start Date of 202201. Each district will need to build any new UFARS segment dimensions in Account Segment Setup before building the new accounts.

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...