11/21/2011 11:32 am ET

Detroit Public Schools Generates Annual Operating Surplus, Reduces Legacy Deficit By $43 Million

Along with $200 million financing, DPS deficit is projected to be $83.9 million, although challenges remain to maintain balanced budget with enrollment and State Aid reductions, continue deficit elimination plan and move schools to EAS

Detroit Public Schools generated its first annual operating surplus since 2007 and reduced its negative fund balance by over $43 million (13 %) for the 2010-11 fiscal year. DPS accelerated the elimination of its $327 million legacy deficit, reduced total expenditures by over 8% and reduced debt service cost by almost $6 million. The announcement was made today by DPS Emergency Manager Roy S. Roberts and the results are presented in the district’s FY 2010-2011 Consolidated Annual Financial Report (CAFR) which was submitted as required to the Michigan Department of Education by the November 15 deadline.

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