Treasurer warns Mayfield Board of revenue risks tied to House Bill 96 and a potential property sale

At the June 28 meeting, the district treasurer presented a detailed budget forecast and urged caution, saying recent legislative changes and local property valuation activity could reduce projected operating revenues.

The treasurer recommended refiling the September forecast because House Bill 96 changed filing deadlines and the district had not yet collected major tax receipts that account for roughly 90% of operating revenue. "At this juncture, we have not collected the tax receipts for the year...which means there's not enough information to make any substantive changes," the treasurer said.

He identified three risk corridors'economic, legislative and cash flow'and highlighted two specific risks. First, a large office campus belonging to Progressive Insurance was reported as listed for auction with a beginning bid of $2,000,000; the treasurer said the property had previously been valued near $86,000,000 and represented about $1.2 million in annual tax revenue to the district. Second, he said property-valuation appeals and reappraisal timing could depress near-term collections and complicate revenue timing.

The treasurer also noted higher delinquencies and said the district is mapping cash flows over coming months to ensure payroll (about $2.2 million twice monthly) and other obligations can be met. Board members acknowledged the concerns and agreed to monitor developments; the treasurer said the district had included an appendix outlining the three established risk corridors and commentary on risk scores.

No formal budget reduction or program cuts were enacted during the meeting; the discussion closed with agreement to continue monitoring revenues and potentially refile forecasts as more tax-collection data become available.