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Finance director: Mill Creek reports pre-audit $1.1M operating deficit, bond program near completion
Summary
Finance staff presented pre-audit year-end results showing a roughly $1.1 million operating deficit (before earmarks), larger-than-expected variances in several revenue and expenditure lines, a $2.9 million competitive exterior/ADA grant, and near-complete bond-funded construction spending with a shortfall of about $962,000 across projects.
Mill Creek Township School District finance staff presented pre-audit year-end financial results and a construction update that showed the district operated at a roughly $1.1 million deficit for fiscal 2024–25 before earmarks and transfers.
Aaron O’Toole, the district’s finance/operations presenter, said variability in local revenue lines — especially real estate transfer taxes and delinquent real estate collections — and investment income shortfalls contributed to a revenue picture that was close to budget overall but shifted across categories. O’Toole described several large drivers of variance: a $126,000 shortfall in real estate transfer tax, about $402,000 under budget in delinquent real estate tax collections, and roughly $162,000 below budget in earnings on investments.
At the same time, the district unexpectedly received a competitive…
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