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Treasurer reports FY25 close near forecast; board creates termination-benefits fund and approves transfers tied to MGM settlement
Summary
The district treasurer reported a fiscal-year 2025 close with a roughly $800,000 negative position (better than forecast), outlined planned transfers to the Permanent Improvement fund tied to an MGM settlement, and the board approved establishment of Fund 035 for termination benefits under Ohio Revised Code provisions cited in the agenda.
The district treasurer presented year-end financial information at the June 30, 2025 board meeting, reporting the district closed fiscal year 2025 approximately $800,000 negative — better than an earlier forecast of roughly $1.1–1.2 million negative.
The treasurer reviewed temporary appropriations for FY2026, May financials, and a plan to transfer funds to the permanent improvement (PI) account tied to an MGM settlement. The treasurer said total received through the MGM settlement over five years had been $14,327,875 and that the district would record a final MGM payment of $465,575 in the coming year; the remaining transfer plan reduces general-fund-to-PI transfers to a known schedule.
Board members approved establishment of a new Fund 035 (termination benefits) and cited Ohio Revised Code language read into the agenda (referenced as "Ohio Revised Code 57 0 5 13 a" in the meeting). The treasurer explained creating the fund aligns with Auditor of State guidance and provides clearer accounting for multi-year severance/termination payments tied to negotiated buyouts. The board also approved temporary appropriations, final FY24–25 appropriations, certain fund transfers (including transfers for athletics, bond retirement and grants), and a short-term NeoNet payroll services agreement to cover early payroll runs for the new fiscal year.
No new tax or levy action was taken; board members thanked staff for multi-year budget work and for improvements that reduced the year-end negative relative to earlier forecasts.
