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Madison Local board hears update showing tighter five‑year outlook after missed calculation
Summary
Madison Local School District treasurer reported May updates to the five‑year forecast showing smaller ending balances than the district expected after a 2% labor increase was omitted from November projections; the board approved the May forecast and monthly financial statements.
The Madison Local School district treasurer told the board on May 19 that the district’s reconciled cash balance as of April 30, 2025, was $13,722,581.3 and that general‑fund receipts through April totaled $26,463,333 while expenditures were $24,824,468.
The treasurer said the May update to the district’s five‑year forecast reduces projected ending cash balances compared with the November 2024 forecast because a 2% increase in wages required by the district’s collective bargaining agreement had not been included in the November numbers. The treasurer told the board that “that difference, the increase in our expenditures was right around $537,000” for the fiscal year because the omitted 2% and higher medical insurance costs were added back into…
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