The West Bloomfield Schools Board of Education approved the district’s budget for the 2012-13 fiscal year year, which begins on Sunday, July 1, at its Monday, June 25 meeting.
General Fund revenue for 2012-13 is projected at $64.63 million, while expenditures are projected at $63.45 million, leaving a surplus of $1.17 million.
The district’s General Fund balance as of Saturday, June 30 is projected at $419,154 and is expected to increase to $1.59 million by June 30, 2013, the end of the 2012-13 fiscal year.
The majority of revenue in the General Fund will come from state sources totaling $46.75 million, including the state per-pupil foundation allowance, reimbursements, and grants.
Local sources, which are comprised mostly of property tax revenue, will make up $13.02 million of the revenue, followed by federal sources at $2.29 million and intermediate sources at $2.07 million.
Instruction will account for $40.37 million in expenditures, while supporting services will account for $22.74 million.
Total projected revenue for the 2012-13 school year is $86.2 million, while total expenditures are projected at $84.91 million, leaving a surplus of $1.29 million.
The district’s total fund balance as of June 30 is projected at $1.9 million and is expected to increase to $3.19 million on June 30, 2013.
The district also projects to receive $8,646 per-pupil in state foundation allowance money for the school year.
The district’s hold-harmless millage rate will be 4.2386 mills, while the non-homestead millage rate will be 13.6211 mills and the debt retirement millage rate will be 7.45 mills.
The board also approved budget adjustments for the 2011-12 school year, with an increase in General Fund revenue of $103,699 resulting in a total of $67.06 million.
Amendments also included a $632,281 increase in General Fund expenditures for a total of $67.19 million.
Those changes leave an operating deficit of $132,408, which will be covered by the district’s fund balance.
Savings are expected to come from the district’s privatization of its custodial and transportation services.
On April 30, the board entered into three-year agreements with Durham School Services for transportation services and GCA Services Group for custodial services, resulting in a projected savings of approximately $5.9 million over the three-year span.