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Grosse Ile board approves amended 2024–25 budgets and adopts 2025–26 budget; HUD timing could cause temporary block-grant deficit
Summary
The board approved amendments to the 2024–25 fiscal budgets and adopted the 2025–26 budget. Finance director Theresa (Teresa) McLaughlin said timing on a Wayne County/HUD reimbursement for a pool house upgrade could require a deferred revenue entry and a deficit elimination plan if funds aren’t received soon.
The Grosse Ile Township Board approved a set of amendments to the 2024–25 fiscal budgets and adopted the township’s fiscal year 2025–26 budget at its March 24 meeting.
Finance Director Teresa McLaughlin explained the amendments were driven by audit adjustments, escrow closings and the need to record revenue and expenditures that were previously held in an escrow fund. McLaughlin said one large item moved from the escrow into specific fund accounts was a state donation balance of about $483,000 (amount recorded following audit adjustments).
McLaughlin described bookkeeping and timing issues tied to prior…
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