Tipp City board approves tax rates, $302,893.40 maintenance transfer and appropriation amendments
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Summary
The Tipp City Exempted Village Board on Jan. 27 approved the district's 2025 tax rates as set by the Miami County Budget Commission, passed fiscal-year 2026 appropriation amendments to cover construction GMP 1.3 costs, and authorized a $302,893.40 transfer to the OFCC maintenance fund.
The Tipp City Exempted Village Board of Education on Jan. 27 approved a set of finance actions intended to keep the district’s building program and operations on schedule.
In the treasurer’s report, Treasurer Mister Stevens warned the board that arbitrage earnings on construction proceeds will require monitoring and likely repayment to the federal government. “Arbitrage is the money that you earn above and beyond the interest rate that you got for your tax free loans,” Mister Stevens said, and the district will commission initial and final calculations from bond counsel and consultants to determine any liability.
Following that report, the board voted to approve fiscal-year 2026 appropriation amendments to reflect newly awarded local grant funds and to cover Guaranteed Maximum Price (GMP) 1.3 contract costs tied to the district’s building project. The board also approved the rates of tax for 2025 as determined by the Miami County Budget Commission; a board member noted the commission had reduced the bond millage and cautioned it might require adjustment in the future.
Separately, the board approved an annual maintenance-fund transfer of $302,893.40 from the permanent improvement fund (003-000) to the Ohio Facilities Construction Commission (OFCC) maintenance fund (fund 34-9001), following board resolution 2024.11.007. The board noted the final scheduled transfer is planned for fiscal year 2047.
Votes at a glance: - Fiscal-year 2026 appropriation amendments: approved (roll-call recorded). - $302,893.40 transfer to OFCC maintenance fund (fund 34-9001): approved. - 2025 tax rates (per Miami County Budget Commission): approved.
The treasurer also reported a partial state reimbursement adjustment related to 'science of reading' funds; the state reduced reimbursements to about 92.5%, which produced a modest payback to the state.
Next steps: the district will contract for an initial arbitrage calculation and incorporate any identified liabilities into future financial planning.