District Fund Balance Approaching $9 Million

At the Brighton Board of Education meeting Monday night, Assistant Superintendent for Business & Finance Michael Engelter informed the board that the district is in excellent financial shape, as it comes near the time for the annual amended budget to be approved. Superintendent Greg
Gray tells WHMI that he’s looking at a fund balance by the end of the year which amounts to 11-12% of the total budget.

The district passed a budget of $78 million last June, and that figure is expected to rise according to the new figures in the revised spending plan, which is based on projected expenditures of $81,745,000 and revenues of $82,585,000. Gray says the district’s fund balance at the end of the 2018-19 fiscal year last June stood at just over $8 million, and the projected balance for the end of the current year this June 30th is $8.9 million.

District voters passed a $59.4 million bond issue last November, and Gray hopes to have the bond sale for the project by late spring, or early summer, at the latest. The board will formally act on the amended budget at its next meeting on Feb. 10. (TT)

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