An audit shows Detroit Public Schools has cut its budget deficit by nearly $87 million
Wednesday, November 11, 2009 at 4:48 p.m.
Read more: State, Education
DETROIT (AP) -- An audit shows Detroit Public Schools has cut its budget deficit by nearly $87 million.
The deficit was projected at $305.9 million. The district's Comprehensive Annual Financial Report and Annual Single Audit reveal the accumulated general fund deficit was down to $219 million as of June 30.
The district says Wednesday that it submitted those reports to the state Tuesday - six days earlier than required. All Michigan school districts are required to submit their reports by Monday.
Emergency financial manager Robert Bobb credits the decrease to personnel cuts, weeding out of fraud and waste, and cancellations of unnecessary and costly contracts. Bobb was appointed in March by Democratic Gov. Jennifer Granholm to correct the district's finances.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)
