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Pension and OPEB changes drive net-position improvement despite deficit balance
Summary
Novi reported a net pension liability of $148.11M and a net OPEB asset of $2.60M. The district’s net position improved by $22.69M for 2023–24, largely because of decreases in pension and OPEB liabilities, but unrestricted net position remains negative.
The auditors’ management discussion shows the district’s governmental net position improved by $22.69 million, moving from a larger deficit to a smaller one; the statement of net position reports total net position of $(11.72) million at June 30, 2024. The improvement is largely attributable to actuarial and plan valuation changes that reduced reported pension and OPEB liabilities in 2024.
At June 30, 2024 the district reported a proportionate share of the Michigan Public School Employees’ Retirement System (MPSERS) net pension liability of $148,105,867 and a net OPEB asset of $2,595,544. Auditors noted these pension and OPEB figures — and related deferred inflows and outflows — materially affect the government-wide presentation and the district’s unrestricted net position.
