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With all Michigan school districts completing their 2023 financial audits we can review the results and share some observations.

The aggregate fund balances for Michigan K12 school districts have likely never been higher than levels reached following the 2020-21 school year. COVID relief that doubled federal funding for Michigan schools from 2019-20 to 2020-21 particularly spiked aggregate levels. The implication is that most districts could not identify investment options as rapidly as the relief flowed. Federal funding has not been the only factor in rising cash and asset levels for Michigan schools.