Detroit Public Schools said last week it has released its comprehensive annual financial report, which shows a general fund deficit of $76.3 million, down from $283.9 million. The district, which is under state-controlled emergency management, showed an operating surplus of just under $11 million.
The district's revenue fell 21% for fiscal 2012, to $892 million from $1.13 billion in 2011, according to the audit. The biggest cut was in federal revenues, which fell 40% due to the loss of stimulus funding. Declining enrollment has led to a years-long decline in state aid.