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District proposes budget amendment, adds MSR revenue and recommends $1 million transfer to capital projects
Summary
At the Dec. 9 meeting staff outlined a proposed 2024–25 budget amendment updating state retirement categoricals (MSRs), projecting higher interest earnings and recommending a $1,000,000 transfer from the general fund to capital projects; the board asked that the full amendment be placed on the next regular meeting agenda for a vote.
Livonia Public Schools finance staff presented a first budget amendment for fiscal 2024–25 at the Dec. 9 Committee of the Whole meeting that reflects new state categorical revenue, stronger interest earnings and planned reallocations for capital projects.
Missus Smith told the board she now expects general fund revenue of “just over $183,000,000” for the year — up from the $175 million estimate used in the district’s June proposed budget — driven largely by new state categorical (MSR) revenue for retirement-related relief and by higher interest income on cash balances. Smith summarized a package of categorical adjustments the…
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