District receives annual audit report
By Shelby Stewart-Soldan
Staff Writer
OXFORD TWP. — The Oxford Board of Education approved their annual audit report, presented by Jacob Sopczynski of Yeo & Yeo, during its regular meeting on Oct. 29.
With general fund revenues of $107,188,347, and general fund expenditures of $106,856,121, the district added $332,226 to their fund balance for a total fund balance of $17,193,538.
“Some of that’s already spoken for, things like non-spendable pre-pay items, education solutions, assigned for athletics, assigned for future healthcare costs,” said Sopczynski. “That leaves about $11 million in fund balance that is obligated to pay long-term debt. Fund balance as a percentage of expenditures, that’s really in-line with districts your size, about 20%.”
Enrollment jumped for the 2023-2024 school year, going from 7,084 students to 7,397 students. The per-pupil funding from the state also increased from $9,150 to $9,608 for 2024.
“Our enrollment trend has been increasing, our revenue has therefore been increasing as well,” he said. “Foundation allowance has also been increasing, 2025, this fiscal year we are currently in, it is flat, the state of Michigan has decided to give us money in school districts through grants, rather than increasing Proposal A. The finance department has additional grants they have to manage and spend in accordance with how MDE wishes you to spend those dollars.”
The final budget was .34% off of the actual revenues, and .19% off from the actual expenditures.
“We look at budgets as well, make sure that the board is approving budgets, that’s your spending plan, that’s how you spend,” said Sopczynski. “We budgeted originally, back in June, before we knew student counts and what our state-aid-allowance was going to be, a zero net. We amended that budget during the year to add $500,000 to fund balance, we ended up only adding $332,000, that is pretty darn close.”