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Twinsburg treasurer reports fiscal 2024–25 general fund closeout, local revenue rise offset by state cuts
Summary
District finance staff reported July 16 that general fund receipts for fiscal 2025 were $60,622,000, expenditures $61,534,000, and a June 30 fund balance of $17,358,000; local tax collections rose while state foundation funding declined.
At a July 16 board meeting, Twinsburg finance staff presented a fiscal year-end overview showing general fund receipts of $60,622,000 and expenditures of $61,534,000 for the most recent fiscal year, leaving a June 30 unencumbered fund balance of $17,358,000 (about $547,000 of that balance was encumbered for payments due after June 30).
The presenter, identified in the meeting as Julia, said local property tax collections produced a $3.96 million increase in local revenues compared with the prior year — driven in part by collections from an emergency levy approved in November 2023 — while the district experienced a nearly $1.5 million reduction in state foundation formula payments compared with fiscal year 2024.
Julia reported expenditure-per-pupil and revenue-per-pupil figures from the most recent state reports: expenditures per pupil listed at $16,838.82 and revenue per pupil at $16,082.69 (the presenter noted the state report lags one year).
On the district’s investment portfolio, Julia said the portfolio yield was 4.07% with an average maturity of 2.1 years, and the district planned to maintain liquidity and avoid longer maturities while rates remain high. She also noted a special-education threshold reimbursement of $377,000 the district received after meeting the state threshold in the cited year; the presenter clarified the reimbursement covers costs the district already incurred.
Board members asked whether the jump in EdChoice/educational choice counts represented students who were previously resident Twinsburg students or students who lived elsewhere and now appeared on the district’s EdChoice count; Julia and one board member said total enrollment only fell by 119 students from 2023 to 2024, indicating many of the increased EdChoice counts were students not previously enrolled in the district.
The board did not take separate action on the financial presentation; subsequent agenda items included approvals of monthly financial reports and expenditures.
