Board reviews March financials; approves temporary $404,775 advance to permanent-improvement fund

The Kent City Schools Board of Education reviewed financial reports for the month ended March 31, 2025, and approved a temporary advance of $404,775 from the general fund into the permanent improvement (PI) fund to cover capital work until the annual July transfer can be completed.

Treasurer Debbie Coutts reviewed the cash summary, revenue and appropriation reports. She said the district received its real estate tax settlement on March 28 and that the general fund, as presented, reflects that receipt. The permanent improvement fund showed about $222,000 unencumbered on March 31 before the planned July transfer, Coutts said.

Coutts reported revenue lines ahead of estimate: local real estate tax collections were at 102.3% of estimate and personal property tax at 102.72% year to date. She put district year-to-date general fund expenditures at 72.41% of a roughly $62 million budget through March. On investments, she said the STAR Ohio monthly rate on March 31 was 4.46% and the daily annualized yield shown that day was 4.57% (compared with about 5.59% the previous year).

The board approved a temporary advance of $404,775 to the PI fund to tide over cash flow for an approved roofing project; the district intends to return the funds in July and complete the permanent transfer as part of its year-end transactions. Coutts also described two perennial year-end permanent transfers the board usually approves — a supplies/workbooks fund and a natatorium fund — and noted the supplies fund and natatorium fund each include temporary advances that will be reconciled at fiscal year end.

The board voted to accept the financial reports and related motions during the April meeting.