Norwalk board records $1.08 million OFCC drawdown, outlines building-project finances

Norwalk City School District Treasurer Joyce said the district received its first drawdown from the Ohio Facilities Construction Commission (OFCC) for the district's building project on July 11, 2025, in the amount of $1,080,801. Joyce told the board that the payment was deposited to the OFCC fund and that interest earned in separate project funds is being tracked and reported separately. "We received our first drawdown from the OFCC for the building project on July 11. It was for $1,080,801," Joyce said. The board was told the district opened two short-term certificates of deposit at local banks and has other investments it will monitor as the construction expenditures begin. Joyce said the OFCC expects quarterly draws based on expected quarterly spend, and the commission's draw schedule will determine when the district must pull cash from investments to pay project invoices. The treasurer noted a recent decline in excluded-interest income tax receipts for the April'June quarter compared with the prior year and flagged that as an uncertainty to watch in future cash forecasting. Why it matters: the OFCC drawdown funds state share of the planned building project and the district must account separately for project interest and local-share funds. That accounting affects cash management and the timing of investment liquidations. Board action and next steps: the board approved the financial items (agenda section 4.1) by roll call during the meeting; Joyce said she will hold an investment meeting with METR to prepare for upcoming drawdowns and to time investment redemptions so the district can meet construction payment needs. The treasurer also described a separate fund used to hold bond sale set-aside money to cover the district's first debt-service payment. Less urgent details: the district reported specific short-term CD rates and interest earned in various project and local-share accounts, and that OFCC will continue to draw funds quarterly rather than monthly, which informs the district's cashflow planning.