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Terrace Park approves tax-advance request and renews insurance coverage
Summary
Council adopted two emergency resolutions: one asking the county auditor to make 2025 tax advances under Ohio Revised Code §321.34, and another authorizing insurance coverage with a premium not to exceed $33,436; finance committee discussed a 10-year forecast and possible future levy.
The Village of Terrace Park council voted unanimously to adopt two emergency finance resolutions during its meeting.
Speaker 6 introduced Resolution 2-1-2025, requesting the Hamilton County auditor to make tax advances during 2025 pursuant to Ohio Revised Code Section 321.34. After a motion and second, the council recorded unanimous ayes and adopted the resolution as an emergency so the village can receive tax revenues earlier in the year.
The council then considered Resolution 2-2-2025, authorizing continued insurance coverage for the village under the Ohio Government Risk Management Plan and authorizing payment of a premium not to exceed $33,436. That resolution also passed on an emergency basis by recorded unanimous ayes.
Following the votes, Speaker 6 summarized a finance committee review of a 10-year revenue and spending forecast that showed the village ended fiscal year 2024 with 8.7 months of cash on hand but projected cash could fall below six months in late 2025 or 2026 under conservative assumptions. Speaker 6 described options the council may consider — including a future levy and town-hall–style voter outreach — and said staff will meet with county officials to model timing and revenue impacts.
Council members emphasized careful public notice and multiple readings for any levy placement; staff explained two separate resolutions are required when placing a levy on the ballot, including a certification request and a subsequent resolution to actually place the levy on the ballot.
