Treasurer reports improved fiscal year result; $8.6M shifted to debt retirement amid HB 96 uncertainty

At the Aug. 21 meeting, the Milford Exempted Village treasurer reported the district’s fiscal-year performance was stronger than forecast a year ago. The district had forecast a $3.9 million spending deficit; the treasurer said the year closed with an actual overspend of roughly $161,000, crediting spending reductions and transfers between funds.

The treasurer explained that, because of provisions in proposed state legislation (House Bill 96) that would cap allowable reserves, the district proactively transferred $8.6 million into a debt-retirement fund to ensure those dollars could be used to benefit taxpayers and to reduce the risk the funds would be reclaimed. "We transferred 8,600,000.0 to be exact, into debt retirement so that it would benefit the taxpayers," the treasurer said.

Board members discussed timing and uncertainty around HB 96, noting the bill had passed the chambers but the governor vetoed it; the board may learn whether vetoes are overridden as late as December. The treasurer also noted a change in five-year forecast filing dates tied to the bill (moving filings to August and February) and said the district will produce an updated five-year forecast at the October meeting.

The treasurer showed interest and revenue snapshots, saying the district earned about $546,000 in June and about $4.9 million for the year in investment interest, and flagged administrative expenditures at 12.91% for the year (below the 15% threshold referenced in HB 96). Board members asked for follow-up on student-busing costs and other items that will appear in next month’s five-year forecast.