Treasurer: Milford posts strong early-year investment gains; performance audit report expected in early November

The district treasurer reported to the Milford Exempted Village Board of Education on Oct. 16 that the district—s financial position through the first quarter is stronger than projected, though longer-term forecasts remain cautious.

Finance staff said bank reconciliations and payroll records matched state reporting. Investment earnings for September were about $300,000 with roughly $1.2 million year to date, reflecting higher yields earlier in the year even as interest rates have begun to decline.

A five-year forecast prepared for the board projects a $1.9 million deficit over five years, but staff reported a positive $13.5 million variance through the first quarter compared with forecast assumptions. The treasurer emphasized that some expenditures have not yet been paid at the beginning of the fiscal year and that administrative-cost percentage (required to remain below 15% under new biennium guidance) was 16.59% so far in the year but has historically declined as the year progresses.

Board members asked for a top-line summary of the performance audit; the treasurer said the audit report itself is still under review and that the performance audit findings should be released early November, after which the district will present a readout at a subsequent board meeting. Staff also noted that the state financial audit has begun and other specialized audits (foods and nutrition, Medicaid) are active.

The board voted by roll call to approve the treasurer—s financial reports during the Oct. 16 meeting; all five members voted yes.

Provenance: Treasurer and finance director remarks beginning at 00:27:24 and the finance presentation beginning at 00:30:11.