Post by Logan on Jun 28, 2016 1:12:37 GMT -6
Macomb County school districts lack sufficient rainy day fund, state says
A handful of Macomb County school districts and charter schools are among more than 200 statewide that need to save more money for a rainy day, state officials say.
School districts that had a fund balance of less than 5 percent of their general fund revenues for the 2013-2014 and 2014-2015 budget years fall under the state’s “budgetary assumption” list, which means they must submit additional financial documents to the state Treasurer’s Office by July 16.
Generally, a fund balance represents money left over after expenses are met.
Among other things, the additional reports must detail the estimated expenditures per pupil for the 2015-16 and 2016-17 budget years.
The budgetary assumption list was created after state lawmakers passed legislation last year dubbed the “early warning” for school districts. Legislators hope to identify school districts in danger of falling into a deficit and encourage districts to sock away more money for unforeseen expenses.
Read more: www.macombdaily.com/social-affairs/20160627/macomb-county-school-districts-lack-sufficient-rainy-day-fund-state-says
A handful of Macomb County school districts and charter schools are among more than 200 statewide that need to save more money for a rainy day, state officials say.
School districts that had a fund balance of less than 5 percent of their general fund revenues for the 2013-2014 and 2014-2015 budget years fall under the state’s “budgetary assumption” list, which means they must submit additional financial documents to the state Treasurer’s Office by July 16.
Generally, a fund balance represents money left over after expenses are met.
Among other things, the additional reports must detail the estimated expenditures per pupil for the 2015-16 and 2016-17 budget years.
The budgetary assumption list was created after state lawmakers passed legislation last year dubbed the “early warning” for school districts. Legislators hope to identify school districts in danger of falling into a deficit and encourage districts to sock away more money for unforeseen expenses.
Read more: www.macombdaily.com/social-affairs/20160627/macomb-county-school-districts-lack-sufficient-rainy-day-fund-state-says