(LAGRANGE) - A lot of unknowns remain but the financial picture for the Lakeland School Corporation is right where they thought it would be.

Cathy Phillip gave the board an update during their meeting Monday. She says the new school funding formula passed by the General Assembly won’t be unveiled until the beginning of July. They are projecting a lower student count of 1,784 with overall revenue down about $200,000.

Legislators did add $234 per student to the foundation grant.

Phillip said expenses are up $11,000 from a year ago, but capital projects spending is down $177,000 and transportation is down $17,000. The cash balance of $2.3 million is up from January and right where Phillip thought it would be.

Phillip is retiring at the end of the school year and a reception for her will be held Thursday from 2 to 5 PM at the corporation office.