Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
Treasurer warns House Bill 96 could push Akron schools toward fiscal watch; board approves February financial report 7-0
Summary
Treasurer Dr. Thompson told the board the governor's budget (House Bill 96) as introduced would reduce state aid and freeze 2022 inputs, creating a multi-year shortfall that could move the district into fiscal watch or emergency without changes; the board approved the February 2025 financial report unanimously.
Akron Public Schools Treasurer Dr. Thompson told the school board the district’s February financial report shows improved revenue trends but said the governor’s proposed budget (House Bill 96) would create a large multi-year shortfall unless altered by the legislature.
Thompson said revenue through February shows 9.4% growth driven largely by local property tax receipts and some state-aid increases, and that the district has received roughly $18 million from the recent levy so far. On expenditures, he said cumulative spending has increased 5.9% compared with last year and that cash carryover has declined from about $106 million at the start of FY25 to an estimated $89 million.
"House Bill 96 introduces a lot of uncertainty," Thompson said. Under the budget as he modeled it, the district’s five-year forecast swings from a modest carryover into a projected $35 million deficit, versus the $16 million carryover shown in the November forecast. He warned that, if the introduced budget and the 2022 "freeze-based" inputs remain, the district could enter fiscal watch in FY27 and fiscal emergency by FY29.
Thompson also highlighted insurance rate increases that he said averaged a 17% rise and several catastrophic medical claims that are driving large stop-loss payments. He urged careful cost controls and pledged to submit an updated five-year forecast when the legislature finalizes the budget.
After the report, the board voted to approve the February 2025 monthly financial report. Member Sykes moved the motion; Member Hall seconded. The roll call vote was 7-0 in favor.
The treasurer’s presentation was followed by questions from board members about internal audits, procurement, potential operational savings and how Title I and other federal funds are being deployed. Superintendent Dr. Robinson and finance staff said they are reviewing operational contracts and reimbursement sources and will return with more granular departmental and building-level budget breakdowns.
