Kent board approves December financials, adopts FY2026 tax budget and routine annual motions
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Summary
The Kent City Schools Board on Jan. 14 reviewed December financial reports, approved bills and routine annual authorizations, and adopted the 2026 tax budget and several consent items including authorization for short-term investments and a College Credit Plus MOU with Kent State University.
The Kent City Schools Board of Education reviewed and approved the district's financial reports for the month ended Dec. 31, 2024, and took routine annual actions including adoption of the district's tax budget for fiscal year 2026.
Treasurer Debbie Kritz reported the district's general fund cash balance was being drawn down heading into January pending anticipated real estate tax advances in February. She told the board the permanent improvement fund had about $269,000 available to spend in the current fiscal year and that interest earnings through Dec. 31 amounted to $1,215,609, roughly 63.98% of the annual estimate for investment interest.
On appropriations, fiscal year-to-date expenditures through December were 48.41% of the annual budget, slightly higher than the prior year's 47.44% benchmark at the same point.
The board approved the financial reports and bills by roll call. The board then adopted the district's streamlined alternative tax budget for fiscal year 2026 to be filed with the Portage County Auditor before the Feb. 1 deadline. The superintendent explained the alternative format focuses on setting tax rates and producing the certificate of estimated resources used to begin the next year's budget cycle.
Other routine items approved on consent included:
- Authorization for the treasurer to make short-term investments with the district's depository banks (Hometown Bank and Huntington Bank). - Appointment of board members to serve as the district's legislative liaison and student achievement liaison (Dr. Alicia Crow and Colin Boyle, respectively). - Approval of a memorandum of understanding with Kent State University for the College Credit Plus (CCP) program pursuant to the Ohio Revised Code. - Approval of new Ohio School Boards Association (OSBA) policy BDC with a requested wording correction submitted by a board member. - Continuation of the sliding-scale tuition schedule for the Davie Preschool Program with income ranges updated to the 2025 federal poverty guidelines and no increase in tuition rates for next year.
Motions for the items above were made, seconded, and passed by roll-call votes; no recorded opposition was noted in the meeting transcript for these agenda items.
The board also noted ongoing monitoring of interest yields, including STAR Ohio, which had a reported yield of 4.70% for December and fluctuated near 4.61–4.62% around the time of the meeting as markets responded to Federal Reserve rate moves.
