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Audit shows mostly positive indicators but flags deficit spending for Trotwood-Madison
Summary
Treasurer Miss Allen presented the Auditor of State's financial-health indicator report for FY2024: most indicators were positive, but two measures resulted in a 'critical' outlook related to deficit spending and revenue shortfall.
The Trotwood-Madison City Schools treasurer briefed the board June 5 on the Auditor of State’s new financial-health indicator report for fiscal 2024, saying most measures were green but noting two critical indicators tied to deficits.
Treasurer Miss Allen summarized the report and walked the board through 15 applicable indicators. “We received our financial health indicator report for FY 24 from the auditor of state,” she said, noting that indicators 1–6 and 11–17 were green in the district’s final report. The indicators cover categories such as net asset position, fund balance, cash-to-revenue ratio and condition of capital assets.
Two indicators produced a critical outlook. Miss Allen said FY24 showed deficit spending of about $713,000 and a revenue-to-expenses ratio of about 98 percent (below 100 percent), which the Auditor flagged as a critical result. “For FY '24, we did have deficit spending dollars $713,000. So we received a red critical outlook and that's something that we need to really look at,” she said.
Why it matters Miss Allen told the board the district will receive this report annually going forward under the new system; the report is intended to supplement the district’s five-year forecast and budgeting process. She emphasized that most indicators were positive while noting the two critical items require attention during budget planning.
Board response and next steps The treasurer said the district will incorporate the report findings into the upcoming FY25 closeout and budget process; she also scheduled meetings with schools and departments as part of the five-year forecasting process. The board did not take separate formal action on the audit report during the meeting; it was presented as informational material for consideration in ongoing budget work.
Ending Miss Allen said the district will receive another report next year for FY25 and that the board will revisit forecasting and budget adjustments as needed.
