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Milford board approves five‑year forecast after finance director flags $12M‑plus deficit projection
Summary
The Milford Exempted Village Board approved an amended five‑year forecast after a finance presentation showing positive ending fund balances but ongoing deficit spending; administration highlighted salary/benefits as 78% of expenditures and noted new reporting requirements under Ohio House Bill 96.
Doug, the district finance presenter, told the Milford Exempted Village Board on Sept. 18 that the district’s cash reconciliation and investment reports are solid and that local investment earnings totaled about $600,000 year to date for August. He then walked the board through the district’s five‑year forecast, noting that while ending fund balances remain positive, the district is projecting continued deficit spending in the coming years.
Doug said the current modeling shows roughly a $12 million shortfall in the projection horizon but stressed the forecast has improved compared with earlier projections — noting a roughly $20 million swing from prior forecasts when the district moved away from deeper deficit positions. He pointed to enrollment declines tied to changes in the state fair school funding plan and to vouchers as contributing factors and said salaries and benefits represent about 78% of total expenditures.
The finance presenter highlighted compliance requirements from Ohio House Bill 96, which require districts to track administrative expenditures; the district’s administrative rate was shown at 18.23% two months into the fiscal year, up from 12.91% at the close of FY25 but within historical ranges when reviewed alongside multi‑year data. He said the district is monitoring trends monthly and expects clearer indicators six months into the fiscal year.
Board members discussed health‑insurance cost pressure and Doug said the district is evaluating an employee support vendor (EMS) and working with its insurance consortium to blunt premium increases. The presentation also showed a 90‑day cash reserve policy that appears sustainable through fiscal 2028 but cautioned that by fiscal 2029 alarms begin to sound without further adjustments.
After discussion, the board voted to approve the five‑year forecast submission with a roll‑call vote. No levy proposals were discussed as part of the forecast presentation. The board directed continued monthly review of forecasted accounts and pledged to consider targeted options to 'right‑size' spending while protecting classroom services.
The approval means the district will proceed with the forecast as presented and continue quarterly monitoring; board members said further budget work and public reporting will follow as the district moves through the fiscal year.
