Flint Schools audit reveals $19 million deficit, bleak financial picture
Tue, 26 Nov 2013 03:17:49 GMT —
Flint Community Schools are no longer at risk of losing its state aid for the month of December, but its annual audit approved Monday night revealed the district has a long way to go before it operates in the black again.
The school board approved the audit from Plante Moran with an 8-1 vote.
The report shows the district's general fund is in a $10.4 million deficit. The district owes an additional $8.6 million in funds that were designated for the Genesee Area Skill Center â?? which is now owned by the Genesee Intermediate School District â?? bringing the total deficit to roughly $19 million.
Among other things, the audit found the district made late payments to the state's employee retirement plan and was lax in financial record-keeping.
Interim Superintendent Larry Watkins said he's determined to work toward fixing the problems identified in the audit.
â??Again, there's challenges that are before us, one of the things that we're going to have to do is be transparent and hold everyone accountable,â?? Watkins said.
Earlier this year the district submitted a deficit elimination plan to the state that outlined how it plans to erase a $15.8 million deficit by 2016.
Watkins also says district leaders will talk to the GISD about repaying the money designated for the skill center.