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Board hears finance report: investment income up, appropriations and Lakewood Public Library budget on schedule
Summary
Board member Clark Sutton reported April investment earnings, year‑to‑date variances in revenues and expenditures, and that the Lakewood Public Library budget will be considered in the June 16 meeting to meet Ohio Revised Code deadlines in July.
During the June 2 meeting, board member Clark Sutton delivered the finance report, saying April investment earnings for regular board funds totaled $233,559 and year‑to‑date investment income reached $2,722,837.
Sutton said the district’s general fund receipts and expenditures for April were reported (receipts roughly $1.9 million and expenditures roughly $6.8 million as stated in the report) and that the district shows a positive revenue variance of $375,927 compared with the five‑year forecast, in part because interest income exceeded estimates. Year‑to‑date projected expenditures showed a positive variance of $57,185, with employee benefits contributing to that favorable result.
Cash reserves were described as sufficient through fiscal year 2026, and permanent appropriations were updated to reflect the current five‑year forecast, Sutton said. She told the board that appropriation modifications will keep the district in compliance with the county fiscal office and the state auditor’s office and that all accounts have sufficient funds to cover requested increases in appropriations.
Sutton noted the Lakewood Public Library’s fiscal year 2025 budget document was provided for review as part of the official budget hearing process required by statute. She said the library’s proposed budget must be adopted by the Board of Education no later than July 15 and forwarded to the County Budget Commission prior to July 20, as required by the Ohio Revised Code; she added the district anticipates voting on the library budget at the board’s June 16 meeting.
No formal vote was taken on these finance items at the June 2 meeting; Sutton presented the monthly financial summary and recommended appropriation adjustments to comply with statutory deadlines.
