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Okemos presents first 2024–25 budget revision; one-time state retirement relief offsets remediation costs
Summary
Executive Director Lentz presented a first revision to the 2024–25 budget showing roughly $235,000 in positive revenue adjustments and $763,000 in expenditure decreases after one-time state retirement funding and true-ups, with a resulting available funding decrease of about $527,000 driven largely by one-time environmental remediation and insurance increases.
Executive Director Liz Lentz presented the district’s first revision to the 2024–25 budget at the Dec. 5 Okemos Board of Education meeting, walking trustees through revenue true-ups, grant changes and one-time expenditures that together change the district’s available funding position.
Lentz said the state provided a one-time payment tied to a reduction in the retirement cap (the unfunded actuarial accrued liability), which produced an approximate $1.9 million one-time revenue effect tied to a reduction in retirement expenditures. She explained that this mechanism produces a revenue…
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