Treasurer reports $35.2M cash on hand, flags 5-year forecast and 11.5% health-rate rise

Gary, the district treasurer, presented the board with a financial snapshot on Sept. 8, reporting a total cash balance across funds of $35,200,000 and key revenue and expenditure figures for August.

He said the general fund balance was just under $32,700,000 and that the permanent improvement fund held just over $1,100,000, of which about $212,000 is currently committed and roughly $944,000 is unencumbered. Gary also noted an outstanding advance of $1,100,000 owed back to the general fund from last year and said staff are considering spreading repayment over multiple years to maintain capital work.

On revenues, Gary reported August general-fund revenue just shy of $23,000,000, driven largely by property-tax settlements (about $20,900,000) plus public-utility tangible tax of roughly $863,000 and unrestricted state foundation payments near $498,000. For August the district recorded general-fund expenditures of approximately $6,700,000. He said interest earnings were roughly $94,000 for the month and provided current short-term investment yields (Star Ohio 4.56%, other funds ~4.2%).

Gary said the audit and finance committee is finalizing a draft five-year forecast; the committee plans review on Sept. 25 with board action anticipated Oct. 13 and submission to the Ohio Department of Education and Workforce by Oct. 15.

On benefits costs, Gary told the board the district has an 11.5% increase in medical and prescription rates this year; the board previously approved that increase and it appears on the current agenda for acknowledgment.

The board approved the financial consent resolution later in the meeting as part of the consent items.