ANN ARBOR, Mich. (Michigan News Source) – Despite record-level revenues, Ann Arbor Public Schools have been in deficit when it comes to their General Fund as its reserves have dropped to the lowest since the state changed how schools were funded in 1994.
Ann Arbor Public Schools’ General Fund Revenues have increased from $261.8 million in 2019-20 to $316.6 million in 2023-24. That 21% increase (not adjusted for inflation) was not to prevent it from spending more than it took in from 2020-21 through 2023-24. That’s according to financial data recently provided to the school board.
In 2002-03, the city’s General Fund Balance, or the amount of savings it has, peaked at $40.9 million, or 24.33% of the amount of General Fund Revenues it had that year. It has now dropped to 7.1 million in 2023-24, or just 2.26% of the $316.6 million in revenues it had that year.
The Ann Arbor school board has considered setting a policy that its General Fund Balance range from 10% to 15% of its General Fund revenues starting in 2027.
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