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Milford district reports swing to $4M positive forecast, Moody’s affirms Aa2 rating; bond refund to save taxpayers about $1.7M
Summary
District financial officials reported a swing from a projected $3.5 million deficit to a roughly $4 million positive five-year forecast and Moody’s affirmed an Aa2 rating; the board approved appropriation amendments and transfers to close the fiscal year.
At the June 19 board meeting, district financial officials reported a stronger-than-expected outlook and the board approved a set of year-end budget adjustments and transfers.
"We are balanced, our fund balanced inside the state software and our operating account," Doug (treasurer) told the board while presenting financial reports through May 31, 2025. He noted the district has earned more than $5 million in interest year to date across bond proceeds and the general fund.
Doug showed a five-year forecast filed in November that had projected a $3.5 million deficit; the updated forecast presented June 19 shows about a $4 million positive fund balance. "We are doing things right," he said, while cautioning the district will continue to make cuts and be fiscally responsible.
The board approved a motion to amend appropriations so expenditures align with total revenue; minutes record unanimous roll-call approval for the amendment. The board also approved intra-fund transfers from the general fund to cover state and federal grant carryovers and to fund self-insurance and athletics where needed; the treasurer explained the transfers are done so the grant funds do not end the fiscal year negative and will be reimbursed when grant payments arrive.
During superintendent business, district officials said they met with Moody's for a routine credit review. The district reported Moody's affirmed an Aa2 (double-A two) rating — the district official said only about 30 school districts in Ohio have a higher rating — and that a planned refunding of bonds will save taxpayers approximately $1.7 million.
Board members subsequently approved vendor payments, contracts and donations on the consent agenda; all roll-call votes recorded in the meeting transcript were affirmative. The treasurer said local and state revenues have increased year to date while some other categories decreased slightly; salary and benefits have risen while professional and purchased services declined.
The board heard that transfers and temporary appropriation changes will be reflected in next month’s report. The treasurer said intra-year transfers are coordinated with the county auditor and posted to ensure grant accounting aligns with fiscal-year boundaries.
