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Finance director: November budget snapshot shows higher revenues but lower fund balance; updated budget coming in weeks
Summary
AAPS finance staff told the board November figures show year‑to‑date revenue up about $10 million versus the prior year but a lower beginning and ending general fund balance; staff said they will present an updated budget report to the board in the coming weeks.
The Ann Arbor Public Schools finance director presented the district’s November 2023 monthly monitoring report, saying year‑to‑date revenues rose to about $89 million from roughly $79 million the prior year while expenditures also increased, leaving the general fund ending balance lower than the previous year.
Darcy Frankor, the district’s director of finance, treasury and grants, told trustees that the district drew $4 million on its board‑approved line of credit on Dec. 8 but repaid the draw before the end of December. She emphasized that the November report reflects a point‑in‑time snapshot as of Nov. 30 and that figures typically change month to month.
Key numbers presented: year‑to‑date revenue as of Nov. 30 was about $89 million (an increase of roughly $10 million from the prior year), year‑to‑date expenditures were reported near $92.8 million, and beginning general fund balances declined from $19.6 million (prior audited year) to $12.875 million this year, producing an ending fund balance of about $9.2 million as of Nov. 30. Frankor and board discussion attributed the expense increases primarily to higher wages and benefits, increased retirement costs and greater purchased‑service expenditures.
Trustees pressed staff on whether the district is on track to meet the budget goal of increasing fund equity above 6 percent by year‑end. Staff responded they are preparing a comprehensive updated budget report and expect to bring a plan to the board, finance and executive committees within a couple of weeks that will show actions being taken—such as reclassifying some expenses into categorical grants where allowable—to improve the general fund position.
What’s next: staff will deliver the updated budget report and timeline to trustees for committee review and board discussion; the November figures will be adjusted in subsequent monthly reports.
(First reference: Darcy Frankor is identified in the meeting as AAPS director of finance, treasury and grants.)
