AMA ESD to dip into fund balances

ALPENA – The Alpena-Montmorency-Alcona Educational Service District Board of Education approved its financial statements during Thursday’s regular board meeting. Assistance Superintendent of Finance Tony Suszek said both of the AMA ESD fund balances will be dipped into, but are tracking as expected with decreases in local sources and tax revenues.

“Both fund balances will be dipped into, but it’s just part of the times. Both funds are on schedule as projected,” he said.

The Dec. 31, 2012, general fund balance shows a total fund balance of $681,199 with revenues of $789,879 and expenditures of $915,333 with a current change of $125,454 in fund balance.

“Expenses were down in board of education, but that’s due to timing and bills. Also, there were no legal costs compared to last year,” he said. “We’re on schedule, we anticipated being over budget.”

The Dec. 31, 2012, special education fund balance shows a total of $3,748,616 with $2,751,079 in revenue and $2,295,673 in expenditures with a current change of $455,406 in fund balance.

Suszek said the special education fund revenue was down compared to last year’s due to taxes and medicaid, along with decreases in state revenue.

“The special education fund is on schedule, but we anticipate it to be negative at the end of the year,” he said.

In other business:

  • the board approved quarterly schedule of investments with a total of $818,242.10 of cash investments in the general fund and a total of $3,658,419.89 of total cash investments in the special education fund as of Dec. 31, 2012.
  • December board expenses were approved with per diem costs of $210 and $113.22 in mileage.
  • the next regular board meeting will be held Feb. 14 at 6 p.m.

Emily Siegmon can be reached via e-mail at esiegmon@thealpenanews.com or by phone at 358-5687.