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Milford board adopts amended five-year forecast; approves refunding bonds to save taxpayers about $2 million
Summary
At its May 15 meeting the Milford Exempted Village Board of Education approved an amended five‑year forecast showing improved deficit projections, discussed state funding risks, and adopted a resolution authorizing refunding of general obligation bonds expected to save roughly $2 million.
The Milford Exempted Village Board of Education on May 15 approved an amended five‑year financial forecast that narrows the district’s projected deficit and adopted a resolution to issue unlimited tax general obligation refunding bonds intended to save taxpayers about $2 million.
Board Treasurer Michael Ackerman said the district’s amended forecast for fiscal 2025 shows an improved position after a twice‑yearly property tax settlement. “Last month we were at negative $11 million. Because we have received our property tax settlement … it shows that we’re now at a positive 6.5,” Ackerman said during the meeting.
The forecast presented by district finance staff projects that deficit spending will shrink from a projected $3.9 million to about $1.5 million for the current year and that the district’s ending general fund balance will improve from earlier projections. Presenters credited expenditure reductions and debt restructuring taken over the past two years for the swing in the district’s outlook.
Board members and staff spent substantial time on state funding risks that could reverse some gains. Finance staff briefed the board on the Fair School Funding Plan guarantee, the phase‑in timeline and a proposed 30% cap in the state budget discussions that could reduce guaranteed aid. The presenters said enrollment declines — from about 6,258 students in fiscal 2022 to roughly 5,530 currently — and legislative changes are the primary drivers of uncertainty.
On the bond resolution, board members said the refunding is not a new levy but a refinancing of previously issued bonds. The board voted to authorize issuance of unlimited tax general obligation refunding bonds; administration estimated savings of approximately $2 million for taxpayers from the refunding.
The board also approved consent items tied to finance: the monthly treasurer’s reports, vendor payments and a list of donations. Trustees were unanimous on roll calls for those votes.
Board members said they will continue monitoring state budget negotiations and the pending state performance audit, which the administration reported remains on schedule with field work through July and an exit conference expected in September.
