“Peacock said an existing bond issue also requires GTA to keep its general fund balance at about $700,000. Those reserves – pegged to rise this year to $191,000 – should grow or officials risk bondholders demanding new management, he said.”
Traverse City Record-Eagle
October 26, 2017
On December 19, 2017, the Grand Traverse Academy board approved its third budget revision, boosting the projected year-end fund balance from $454,895 to $508,141 (as of June 30, 2018).
However, in financial statements filed on February 8, 2018 as part of the GTA's municipal bond continuing disclosure requirements, the six-month snapshot shows a -$105,151 net income, and projects a $86,212 year-end balance.
Complete report coming later today — exclusively from Glistening, Quivering Underbelly.