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Finance director presents amended budget, fund‑balance forecast and bond project updates
Summary
Finance staff gave the board an amended general‑fund budget reflecting revised state and grant revenues, capital outlay increases, and projected ending fund balance; bond project design and bidding updates were also reported.
Sarah (district finance staff) presented a budget update that compared the original fiscal‑year budget to the current amended projections and explained revenue and expenditure adjustments.
She said state retirement (MPSERS) contribution changes produced a net decrease in both revenue and corresponding expenditures (a wash) and that certain state grants (district transportation, mental health, and professional development lines) were being trued up to expected amounts with matching expenditures. She said GSRP funding and a $50,000 GSRP start‑up grant were reflected in the amendment. The district expects higher interest earnings from Michigan CLASS investments; the presenter increased anticipated interest revenue from $120,000 to $240,000 citing year‑to‑date returns.
On expenditures she noted negotiated custodial vacation payouts, higher capital outlay needs (including a forthcoming bus purchase), and a planned technology desktop‑replacement schedule (approximately $65,000 annually). The amended budget projected pulling roughly $83,000 from the general fund balance at year end, leaving an estimated ending fund balance of $7.3 million (about 26.8% of expenditures), which she described as healthy.
Separately, Superintendent Adam Spino updated the board on bond projects: bidding documents for middle/high school lockers and tennis courts have been delivered to the construction manager; French Associates supplied three options for an Explorer Elementary drop‑off/pickup loop that designers narrowed to one option for further refinement; engineering has completed site infrastructure assessments for the softball field. A group of Explorer teachers will visit a recently designed Midland school to review classroom design options.
Action status: The amended budget will be presented for formal board vote on March 3. Board members asked for follow‑up materials and were directed to ask finance staff for additional clarifications before the March vote.
Ending: The board moved the amended budget to the March meeting for a formal vote and asked staff to continue providing detailed budget and bond project updates.
