Our budget committee completed their work and was dismissed before the new lower revenue forecast from the Governor. Does the board have to adjust the budget to the new revenue estimate before adopting it?
The board may adopt the budget exactly as passed by the budget committee with the higher revenue estimates. The board and administration work throughout the year to figure out the adjustments that need to made to spending in order to meet the lower revenue estimates as they come in throughout the year. There is no requirement to re-adopt a budget when revenue is less than originally anticipated. The board can choose to do that if they wish. The bottom line is that the district cannot overspend the actual revenue, so the district does have to spend less than originally budgeted even if they do not change the number in the original budget.
This is not the case if revenue is higher than anticipated. If revenue is higher than originally budgeted and the district wants to spend it they must go through a supplementary budget process. Unfortunately this is not our problem for this year.