Treasurer reports year-end cash balance and summarizes recent state legislative action

Treasurer Gengett presented the district’s year-end financial summary to the board on Aug. 11 and reviewed a recent state legislative development.

Gengett said revenue for the year was within about 1 percent of projections and called out interest income and an unexpected state allocation for high-quality instructional materials as reasons some revenue lines exceeded estimates. Personnel and benefits made up roughly 83 percent of the operating budget; personnel spending came in near budgeted levels (within about 2.4% for salaries and 3.5% for benefits). Purchase services and materials were under budget, and capital outlay ran roughly 81 percent under its appropriation because general-fund capital spending was limited and many projects were covered from permanent-improvement or capital-project funds.

Gengett reported a $36,900,000 ending cash balance for the fiscal year that night, which she said fell just under a 40 percent carryover cap. She noted that if certain transfers into the capital-project (070) account were reversed, an illustrative cash balance would be about $50,000,000. Gengett said transfers into fund 070 and permanent improvement reflect planning for capital projects and an effort to comply with carryover limits.

On state legislative activity, Gengett summarized an item in late July in which the Ohio House voted to override one of the governor’s vetoes affecting levy rules. She said the House overrode a vetoed line item that, if enacted, would have removed renewal and replacement levies from certain categorizations (affecting how levies are presented to voters and how revenue growth is treated); she said two other related line items were still pending and that the window for the legislature to act extends through December 2026.

Gengett answered board questions about revenue drivers, capital transfers and how legislative changes could affect future levy planning.