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Board approves updated five‑year forecast; treasurer flags severance and construction appropriations
Summary
The board voted to approve the district's updated five‑year financial forecast and passed appropriation amendments tied to construction and other expenditures; staff flagged severance payouts and large preconstruction purchase orders.
The Tipp City Exempted Village School District board approved an updated five‑year forecast and later approved appropriation amendments that reflect preconstruction commitments for the district’s building project and other budget adjustments.
In the treasurer’s report, district finance staff said the district’s current cash balance was “right at about a $100,000,000,” noting that much of that cash reflects bond proceeds for the construction project. The treasurer said the district has placed a purchase order for architectural services “that's over $6,000,000.”
The treasurer warned the board that a higher-than-expected number of retirements will generate severance payouts that affect the five‑year forecast. “The severance payouts are going to exceed well over $350,000,” the treasurer said, and staff said those payouts will be reflected in the updated forecast.
The board voted to approve the spring update to the five‑year forecast, a statutorily required update, and later approved fiscal‑year '25 appropriation amendments that included month‑10 changes tied to construction contracts (an item described in the meeting as “over $3,000,000”) and adjustments moving funds between funds to account for receipts and expenditures.
Finance staff summarized changes between the November forecast and the May update: the projected ending balance in the five‑year window increased from about $1.68 million to $1.89 million at the end of the forecast period, driven by higher property‑tax collections and other timing factors. Staff also noted that roughly 56.4% of the district’s revenue is from real‑estate taxes and that pending state legislation could affect future revenue assumptions.
Board members passed the appropriation amendments and the forecast update; a public exchange during the meeting addressed questions about the forecast horizon and state proposals to shorten the forecast window. The treasurer recommended maintaining a five‑year view for planning.
