Akron schools treasurer reports positive November trend, flags rising transportation costs

Treasurer Bowers presented the board with the November financial report covering the first five months of the fiscal year (July 1–June 30). He said year-to-date revenue is about $19.6 million higher than the prior year and expenditures are about $5.9 million lower than last year, producing a cash balance roughly $8.1 million higher through November.

Bowers attributed the revenue increase mainly to property tax collections tied to the levy voters approved on Nov. 8, 2024. He said revenue is about $1.7 million higher than forecast and expenditures are nearly on target with the district’s $387 million annual forecast. The treasurer reported a monthly revenue decline of about $146,000 (0.9%), which he characterized as not significant relative to total receipts.

Bowers called attention to notable increases in purchased services, driven primarily by pupil transportation costs. He said transportation costs were forecast to increase 1.83% but are up about $1.8 million — roughly 65% higher than expected — through November. He noted a prior textbook purchase did not occur this year, which contributed to lower expenditure totals relative to last year.

Board members asked no substantive questions during the report; the presentation concluded with the board moving on to the consent agenda. The treasurer said the district maintains monthly reconciliations and reported an aggregate cash balance of about $227 million across bank accounts at the November reconciliation.

The financial summary frames near-term budget monitoring priorities for the board: continuing to track transportation costs and routine reconciliations and to use committee review for any policy or budget changes.