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Livonia schools report healthy fund balance but warn state retirement rate changes will offset part of proposed per-pupil increase
Summary
District finance staff reported a projected 17.2% fund balance and higher-than-expected investment income but warned that state retirement rate increases and health-cost shifts will reduce net per-pupil gains from the governor's proposed foundation allowance increase.
Livonia Public Schools finance staff told the board Monday that the district expects to finish the school year with a healthy fund balance but cautioned that proposed changes to state retirement contribution rates will reduce the practical benefit of a governor-proposed per-pupil increase.
Mr. Johnson, speaking for the finance committee, and Mrs. Smith, the district finance presenter, reported the district began the year with $33,300,000 in fund balance and—after a December budget amendment—was projecting to end the school year at about $31,400,000. With updates to revenue and no expected expenditure adjustments, Mrs. Smith said the district now projects an ending balance of $31,900,000, roughly a 17.2% fund balance, within the district’s…
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