Milford treasurer: five-year forecast improved but watch cash through spring
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Summary
District treasurer reported a five-year forecast that previously projected a $1.9 million deficit is currently showing about $1.6 million positive, but cautioned the district will not receive tax settlements through several months and must monitor expenditures closely.
The district treasurer presented a financial snapshot on Jan. 15 showing that a five-year forecast that earlier projected a $1.9 million deficit is currently tracking about $1.6 million positive, while urging continued caution as the district enters months with no tax settlements.
"If you scroll down, you'll see that right there, we projected a negative $1,900,000 deficit spending but currently, we're sitting at $1,600,000 positive," the treasurer said, emphasizing the need to "watch all of our expenditures" because the district will not receive major tax settlement revenues in January through part of April.
The presentation included bank reconciliation, an investment report and a mid-year SM-1 snapshot of the five-year forecast. The treasurer also noted earned investment income year-to-date and walked the board through revenue and expenditure trends, highlighting that salary and benefits are rising while purchased services have been reduced.
Board members and staff discussed the district's membership in an insurance consortium that helps manage employee benefit costs. The treasurer and other presenters said the consortium and partner vendors (referred to as Swoosh and EMS in the presentation) provide resources to help employees identify lower-cost providers and choose appropriate plans.
The board accepted the report and approved related routine items later in the meeting.