Final revenue and expenditures set
By Joseph Goral
Staff Writer
jgoral@mihomepaper.com
LAKE ORION — The Lake Orion Community Schools Board of Education approved the final budget amendment resolution for their 2024-25 fiscal year on June 25.
The amendment contains multiple revenue and expenditure changes resulting in a $418,848 increase in the amendment one general fund operating surplus, according to Assistant Superintendent of Business and Finance Andrea Curtis.
The operating fund surplus for the general fund is increasing to $564,010, bringing the district to an ending fund balance of $10,082,642, according to district documents. This represents 9.4% of the district’s total budgeted gross expenditures.
Curtis said the district’s final revenue is $108.2 million and the final expenditures are $107.6 million.
The full amendment document provides explanations for any amendments over $100,000, and any significant percentage changes.
“These were discussed in detail with the finance committee,” Curtis said on June 11.
Revenue budget changes
The general fund’s revenue budget increased by $3,672,250 to reach a total of $108,202,680. The following represents a breakdown of significant changes by revenue source to the general fund, according to the amendment.
Local source revenue decreased by $122,844 to $13,460,735, state source revenue increased by $3,320,969 to $83,775,183, intermediate school district and Medicaid source revenues increased by $221,115 to $7,157,968 and other source revenue increased by $228,692 to $1,102,707.
Expenditure budget changes
The general fund’s expenditures and operating transfers-out increased by $3,253,402 to a new budget total of $107,638,670. The following represents a breakdown of significant expenditure budget changes to the general fund, according to the amendment.
The instruction basic programs and added needs functional expenditure budgets increased by $2,167,704 to $63,730,477, the pupil support services functional expenditure budgets increased by $372,100, to $9,826,313 and the instructional staff support services functional expenditure budgets increased by $343,952 to $6,230,092.
School administration adjustments
The school administration functional expenditure budgets were adjusted to reflect year-end final expectations, which follow.
The Pine Tree Center ASD and SEI program special revenue fund’s revenue decreased by $479,830 to $3,250,479, and expenditures decreased by $127,295 to $3,485,287.
The community services special revenue fund’s revenue increased by $683,539 to $4,747,835 and its expenditures increased by $796,698 to $5,010,289.
The food service special revenue fund’s revenue increased by $408,505 to $3,974,835 while its expenditures decreased by $140,392 to $4,232,356.
The debt service special revenue fund’s revenue decreased by $343,763 to $21,100,250, expenditures increased by $9,726 to $19,723,373 and other financing sources decreased by $2,266,550 to $2,266,550.
The risk internal service fund’s expenditures increased by $50,000 to $950,000.
Capital projects adjustments
Also listed in the school administration functional expenditure budget adjustments were adjustments to capital projects which follow.
The sinking fund’s revenue decreased by $49,050 to $5,239,550 while its expenditures increased by $327,766 to $5,186,878.
The 2022 bond series two fund’s revenue decreased by $4,926 to $365,074 and expenditures decreased by $702,129 to $8,225,546.
To read the amendment in full visit lakeorionschools.org/board-of-education, click “agendas and minutes” and navigate to the agenda from June 25’s meeting.