By Megan Kelley
Staff Writer
LAKE ORION — The Lake Orion Community Schools Board of Education had the second reading of the district’s 2022-23 proposed budget and adopted the budget.
The board approved the proposed 2022-23 budget 6-0. Board Secretary Steve Drakos was absent from the meeting.
The original budget forecast for fiscal year ‘23 was done by the district in February. The district’s fiscal year runs from July 1, 2022 through June 30, 2023.
In the General Fund, district documents show a total revenue budget of $94,053,655 and a total expenditure budget of $93,617,128 for the 2022-23 fiscal year.
Additionally, documents show a beginning fund balance of $8,975,815 and an operating surplus of $436,527 for a total ending fund balance estimated at $9,412,342.
“There’s not a lot known in terms of this year’s school aid budget. So, in this year’s adopted budget, it does incorporate several assumptions that are educated guesses and based on prior year experience,” said Assistant Superintendent of Business and Finance John Fitzgerald. “But, as most fiscal years in the last few years, our first amendment next fiscal year will be the time when we tie down to what the State actually does approve.”
A few key changes include: a $188,612 increase in Local Source funding due to increased local property tax revenue, and a decrease in budgeted reimbursement revenue; a $752,673 increase in State Source revenue due in part to a decline in the student count driven foundation allowance; and a $1,203,855 net decrease in Federal Source revenue due to the utilization and removal of $599,000 in ESSER 2 funding from the General Fund and an an increase in the section 51f categorical funding.
For more information on the Lake Orion Community Schools 2022-23 fiscal year budget, go to the district’s website, www.lakeorion.org.