Finance director: general fund fell by $8.2M last year but district remains above state fund-balance threshold

Finance director Mister Ogden presented the district’s annual financial statements and a shorter handout summarizing the general-fund fund balance and near-term pressures.

Ogden explained the difference between GASB-based statements and operational budget views and highlighted restricted balances: a bond fund balance he cited at roughly $5.6 million and a capital projects balance of about $23.9 million. He reported local property-tax receipts of about $61,000,000 and state aid near $100,000,000 for the prior year, and roughly $24.5 million in federal grant funds (Title I, food services, IDEA and similar special-revenue grants). Ogden said the district’s general fund decreased by about $8.2 million last year, which had been anticipated and was accounted for in the adopted budget.

Ogden described two maturing certificates of deposit: a renewal with WesBanco at 4.25% and a new one-year CD of $12,000,000 placed with Ohio Valley Bank as the high bid in the district’s CD process. He also listed outstanding bonds of approximately $67,515,000 and noted bond-related arbitrage questions that may require a later IRS rebate process.

After backing out encumbrances, Ogden said the State Department of Education would evaluate the district’s available fund balance at about $38.9 million, yielding a fund-balance ratio of roughly 23.3% for the prior year (above the district’s 16.6% target). However, he listed about $10 million of anticipated pressures that could reduce the fund to approximately $28.7 million by next June, leaving a thinner margin that trustees said they will monitor.

Board members thanked Ogden and staff for clarifying the statements and discussed follow-up review at upcoming work sessions. Ogden reminded the board the district has applied to the School Building Authority for additional funds for the Woody Williams Center, with decisions expected in December.