Akron schools report levy-driven revenue bump and stable cash position in September report
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Summary
Treasurer presented the September financial report showing roughly $23.8 million more revenue year-to-date versus last year — largely from the 2024 levy — projected year-end cash near $78.4 million, and a small net variance versus forecast of about $286,000.
The Akron Board of Education reviewed its September financial report Nov. 3, which showed a substantial year-over-year increase in revenue driven by the district’s 2024 levy and a projected year-end cash balance close to forecast.
The treasurer told the board that through the first three months of the fiscal year the district has received “almost $23,800,000 more in revenue” compared with the same period last year, and that about $18.9 million of that increase comes from real estate taxes tied to the new levy. “We started the year with an $89,100,000 cash balance,” the treasurer said, and the district is projecting to end the fiscal year with about $78,400,000 — roughly 2.73% lower than the October forecast.
On projected versus actual performance, the treasurer said revenue is trending about $717,000 below projections through three months, while expenditures are about $431,000 under forecast, yielding a net variance of about $286,000 (0.37% of projected ending cash). The report also outlined investment partners (Redtree Investments, Star Ohio, Huntington Bank) and a projected $2.7 million total return on general fund investments for the year, with $780,000 earned so far.
Board members asked whether purchasing controls and equipment safeguards had been tightened. The treasurer and Superintendent Otley said spending is being scrutinized, overtime monitored, and that the district is moving toward an electronic purchase-request system and updated administrative guidelines.