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DPSCD finance committee: March report shows improved cash position, borrowing plan trimmed
Summary
District finance staff reported March collections that left tax reserves at about $93 million, a reduced borrowing plan and a modest year-to-date surplus; state grant delays and reimbursement timing remain a near-term cash concern.
The Detroit Public Schools Community District finance committee heard its March financial report from a district finance presenter who said the district’s tax reserves stood at about $93,000,000 and that bond payments due in April are approximately $150,000,000.
The report matters because it frames near-term borrowing and budget choices for the rest of the fiscal year. Staff said planned borrowing has been reduced and several state grant payments remain delayed, pushing some revenue into the next fiscal year.
Finance presenter Mr. DeFito said, “we received cash collections, minimal collections for the month, a little less than a million dollars in the 13 mils that brings our tax…
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