Oak Park presents amended 2024–25 budget; projects $13.3 million fund balance and readies Series 3 bond sale

Dr. Charice Foster presented an amended 2024–25 budget to the Oak Park Board on March 3, saying the district now projects $55,684,590 in revenue for the fiscal year and is seeking board approval of adjustments to reflect updated state and grant awards.

"I am here to come before you to ask for your approval of the amended budget for fiscal year '24–'25," Foster told the board, and then walked trustees through revenue categories, recent grant awards and changes to state funding projections.

Why it matters: Foster said the district must update its June budget because state funding amounts often arrive after the board adopts the annual budget; the state's budget typically finalizes later in the fall, so the district projects conservatively and amends later when amounts change.

Key figures and changes presented - Original budget revenue adopted in June: $57,953,950. - Amended revenue projection presented March 3: $55,684,590 (presented by Dr. Charice Foster). - Projected general fund balance after the amendment: $13,265,318 (presented as a conservative cushion); Foster said this represents about 23.4% of expenditures. - Bond Series 3 (proposed sale): $22,259,000; Foster projected roughly $250,000 in interest on the bond sale and a projected Series 3 fund balance of about $15,373,900 by June 30.

Foster identified several specific changes in revenue streams, as presented to trustees: state special education funding (headcount) declined versus the original projection; certain state categorical programs (including the 31a/31aa school aid line items referenced by Foster) declined or changed; federal and state grant awards increased in some program areas (Foster cited an increase in Michigan Works flow-through funding from about $2.2 million to $3,391,282 and additional IDEA flow-through funds of roughly $600,000).

Foster emphasized the district is taking a conservative approach: "We're gonna project status quo. And if we get more, then we'll amend more. But we're not gonna anticipate for more because then we'll have an issue if it doesn't pass," she said when asked about the governor's proposed per-pupil increases.

Board questions and context Trustee Dawn (first reference: March 3, 00:24:34) asked whether the governor's February budget proposals — including a widely publicized per-pupil figure — were reflected in the amendment; Foster said the governor's proposals, if enacted, would affect the 2025–26 budget cycle and the district would not assume those dollars until they are final.

Trustee Tyler pressed for clarity about the fund balance percentage and whether the district could absorb new positions included in the draft. Foster replied the proposed fund-balance figure "is a very conservative amount" that already includes current positions and an elevated ORS (retirement) rate to preserve cushion.

Bond and capital-projects note Foster also presented a recommended amendment to bond capital project funds tied to the planned sale of the third series of the district's bond (Series 3). She said the district expects to issue $22,259,000 in Series 3 bond proceeds, estimate ~$250,000 of interest earnings, and carry forward an available bond-project fund balance projected at about $15.37 million as of June 30.

What the board will do next Foster requested formal approval of the amended budget and asked trustees to note the bond assumptions; separate agenda items later in the meeting asked the board to approve municipal-advisory and bond-related engagements (Baker Tilly) and other bond-administration steps.

Ending Foster closed by offering the board detailed function-code breakdowns and saying the back of the packet includes granular line-item detail. Trustees did not take final action on the general fund amendment at the moment of the presentation; separate bond- and finance-related contracts appeared on the meeting's action calendar later the same evening.