LADY BUDGETDOWN | GRAND LEDGE PUBLIC SCHOOLS: FOLLOWING THE BOND MONEY
District #23060
Dearest reader,
In Step 5, I examined Grand Ledge Public Schools' general fund finances, including its revenues, expenditures, fund balances, and audit findings.
But bond money is a different story.
Bond proceeds are restricted to specific purposes, so I wanted to examine those funds separately.
Today, I'm looking at three questions:
How much bond money has the district received?
How much has been spent?
And how much remains?
📚 THE BOND PROJECT FUNDS
According to the district's financial records, here is the cumulative activity for four bond project funds as of June 30, 2025.
🔹 2021 Proposal I
Total sources: $31,899,817
Spent/used: $31,285,156
Remaining: $614,661
🔹 2021 Proposal II
Total sources: $7,952,386
Spent/used: $7,952,386
Remaining: $0
🔹 2023 Bond Projects
Total sources: $26,738,087
Spent/used: $18,434,737
Remaining: $8,303,350
🔹 2024 Bond Projects
Total sources: $25,969,315
Spent/used: $8,676,855
Remaining: $17,292,460
💰 LET'S ADD THAT UP.
Across these four bond project funds:
Total financing sources: $92,559,605
Total expenditures and other uses: $65,349,134
Remaining balance: $26,210,471
That's approximately $26.21 million remaining as of June 30, 2025.
Now, before anyone gets too excited, that does not mean the district has $26.21 million sitting around available for whatever it wants.
These are cumulative accounting balances, not a current bank statement. Some of that money may already be committed to construction contracts or projects that have not yet been completed.
And because these are restricted capital-project funds, the money cannot simply be moved into the general fund to pay ordinary operating expenses.
The figures also represent these four specific funds, not every bond the district has issued throughout its history.
🏦 WHAT ABOUT THE DEBT?
As of June 30, 2025, Grand Ledge reported approximately $138.77 million in outstanding general obligation bond principal.
And here's an important distinction.
That $138.77 million is principal only.
Future interest payments are additional.
So when discussing school bond debt, we need to distinguish between money already borrowed, money still available for approved projects, and money taxpayers must repay over time.
Those are three different numbers.
🔎 WHAT DID THE AUDITORS FIND?
In the financial audits I reviewed, I did not identify a reported finding establishing improper bond spending.
The district's financial statement audit opinions were unmodified.
That is worth acknowledging.
An unmodified audit opinion does not mean every construction decision was necessarily the most economical one. It means the auditors concluded the financial statements were fairly presented, in all material respects, under the applicable accounting standards.
And I believe readers deserve to understand that distinction.
📖 THE TAKEAWAY
Grand Ledge's bond finances involve millions of dollars in construction spending, substantial remaining restricted project funds, and long-term debt obligations.
The records provide a financial snapshot of where those dollars stood at the end of the 2024–25 fiscal year.
They do not, by themselves, tell us how much of the remaining money is already committed to unfinished projects.
For now, these are the numbers.
No speculation. No accusations. Just a look at what the financial records report.
Because understanding the money is the first step toward understanding the decisions.
With receipts and respect,
Lady B 🪶
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