At our May Board meeting Mill Falls Board of Trustees unanimously approved our Fiscal Year 2017/18 Operating Budget. As you will see we when you review the budget we are facing a deficit in our upcoming fiscal year (please click here to view). We expect to have a deficit each year because of the charter funding model, which is why we depend so heavily on the support from our families and the community. Through fundraising efforts by the School and Foundation and through other income generating programs, we are projecting to once again meet the deficit mapped out in this budget.
Like all charter schools in our state, Mill Falls receives a set, per-student amount from the State of New Hampshire which is called Equitable Aid. This state aid is built in to the state’s legislative budget. You will see this line item noted on our budget in the income section. State-issued charter schools like ours only receive about half of what traditional public schools in our state receive. Also of note, we do not receive any funding from the Manchester School District or the City of Manchester.
Like all NH charter schools we are expected to fundraise the dollars needed to make up the difference between the Equitable Aid and the cost of our educational program. We work with members of our school community and with supporters and funders from outside of our school to help us meet our funding goals each year.
By working together to raise funds to cover our future deficits, to ensure that our school is fiscally secure for years to come.
To that end, if you have not yet joined our Monthly Giving Program or our Donor Circle, we ask you to consider doing so. Please click here to learn more. Working in partnership to address our funding issues will strengthen our core and our ability to provide the children and their teachers with what they need to succeed. Thank you!