At our May 2022 Board meeting, the Mill Falls Board of Trustees unanimously approved our Fiscal Year 2023 Operating Budget. As an organization, we consider nearly every scenario that could arise during a given school year and have contingency efforts in place should those scenarios come to fruition. It is not expected that every, or any, scenario comes to pass, but should this occur, the projected budget would be an accurate picture. The Board is presented with monthly fiscal reports from the school administration to track the school’s financial picture.
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 greater community. As you will see we when you review the budget we are facing a projected deficit in our upcoming fiscal year (please click here to view). Through partnership and 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. This state aid is built into the state’s legislative budget. This legislative line item is the main income source on our operating budget. 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 state funding per pupil 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 we raise funds to cover our current and 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 contributed financially to Mill Falls, we ask you to consider doing so. Please click here to learn more.
Working together to address our funding challenges will strengthen our core and bolster our ability to provide the children and their teachers with what they need to succeed. Thank you!