In the Grosse Pointe Public School Systems’ annual financial audit for operations ending on June 30, 2014 (last school year) the district’s General Fund Equity had been expected to finish at $4 million or about 4% of total expenditures.
The audit shows that fund equity ended at $5.7 million or 6% of expenditures, which were $1.7 million less than the final budget for 2013-14 and the main reason why fund equity increased more than expected. The ending fund equity then is 142% above the anticipated levels.
This is significant, and welcome, news as the district is now a year ahead of original schedule in its return to 10% fund equity levels and changes the dynamic relative to concerns about inability to make certain necessary investments.
More analysis to follow shortly. The full audit is available here.