LOCS adopts final 2023-24 budget amendment, projects $300k surplus

By Joseph Goral
Staff Writer
 LAKE ORION — The Lake Orion Community Schools Board of Education adopted the final budget amendment for the 2023-24 fiscal year during its meeting on June 26.
This amendment includes multiple revenue and expenditure changes, according to Assistant Superintendent of Business and Finance Andrea Curtis.
“The general fund operating surplus is projected at $318,138, with revenue at $107.5 million and expenses at $107.2 million,” Curtis said.
This operating surplus amount is a decrease of $296,074 from budget amendment 1, according to LOCS documents.
LOCS operational funding is categorized into five revenue sources, while operational expenditures are categorized into three groups. The five funding categories are local source, state source, federal source, payments from other public schools and financing source revenues. The three operational expenditure groups are instruction, support services and community services.
LOCS documents list the changes to these categories and groups. Significant changes, changes of at least $100,000, are:
Revenue budget changes
The general fund revenue budget increased by $2,133,001, bringing the total revenue budget to $107,476,407. Significant to changes to the general fund include the local source revenue decreasing by $354,572 to $12,049,184, state source revenue increase of $2,578,865 to $81,793,959, and federal source revenue increase of $106,235 to $5,063,712.
Payments from other public schools decreased by $239,571 to $7,755,992.
Expenditure budget changes
General fund expenditures and operating transfers have increased by $2,429,075, bringing the new total budget to $107,158,269.
Significant changes to this fund include instruction expenditure budgets increasing by $482,290 to $64,845,123; pupil support services decreased by $109,003 to $9,340,979, while instructional-staff support services increased by $168,187 to $4,545,0036.
The community services special revenue fund’s revenue increased by $350,549 to $3,416,263 and its expenditures increased by $487,395 to $3,416,263.

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