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Revere treasurer reports favorable January balance but warns five-year forecast impacted by property-tax changes
Summary
Treasurer Berdine reported a near-$700,000 favorable position through January, detailed donations and purchase orders, and presented a five-year forecast projecting a multi-million-dollar reduction in projected cash largely tied to state property tax reforms; the board approved the treasurer's package by roll call.
Treasurer Mr. Berdine presented the financial package and a five-year forecast at the board meeting.
Berdine said the district's financial report through January showed a favorable position of just under $700,000, including roughly $300,000 in additional tax receipts that resulted from a post-settlement payment from Summit County. He reviewed purchase orders (three out of sequence), asset deletions (middle-school library books), and several donations to district programs.
On the forecast, Berdine said the district projects a roughly $6 million decrease in anticipated cash five years out, with about two-thirds of that change attributable to property-tax reform. He said the district still expects to carry roughly $13 million five years out (including a $2.5 million spending reserve), but cautioned that healthcare cost inflation and staffing changes could materially affect the outlook.
He described assumptions and sensitivity testing, including updated health-care inflation from prior projections, and noted the forecast will be submitted to the Ohio Department of Education.
After discussion and an opportunity for questions, the board moved and seconded approval of Roman numeral 8 (items 1—6) as a single action. A roll-call vote recorded unanimous approval by the trustees present.
Berdine said additional information, including the published forecast and charts, is available on the district website and the forecast will be filed with state officials. No immediate budget cuts were announced; the presentation was framed as planning and a basis for later discussions.
