Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Treasurer warns House Bill 96 scenario could push Coventry toward deficits; board OKs authority to pursue COP payoff and renews treasurer contract
Summary
Treasurer presented a five-year forecast showing revenues slightly above expenditures in FY25 but warned House Bill 96 could move the district toward deficits by FY27; the board authorized steps to pay off certificates of participation (approx. $522,422.50 held with Huntington Bank, potential savings cited) and approved a five‑year employment contract renewal for the treasurer (transcript contains an apparent date error in the motion text).
At the May 20 meeting the district treasurer presented the Coventry Local five‑year financial forecast, warned that state budget proposals (including a House Bill 96 scenario) could move the district closer to deficit spending by fiscal year 2027, and asked the board to authorize a set of financial steps.
The treasurer told the board that for fiscal year 2025 the forecast shows total revenue just over $24.7 million against expenditures of about $24.1 million and said, "for me as your treasurer, my goal is to make sure every fiscal year that we are not deficit spending." The treasurer walked the board through notes and assumptions, comparative historical data and a House Bill 96 scenario that could reduce state aid and push the district's financial indicators closer to thresholds used to determine fiscal watch status.
On the recommendations docket, trustees authorized the treasurer to pursue payoff of outstanding certificates of participation (the transcript lists an approximate outstanding amount of $522,422.50 held with Huntington Bank Corporation contingent on a financial-benefit determination). The treasurer said the early payoff could produce savings in the neighborhood of $5,980. The board moved, seconded and approved the authorization by roll call.
The board also approved other treasurer recommendations including purchase orders over $5,000 as listed in exhibit C1, five extended workdays for Megan Grabsky to support the Frontline Central rollout, and execution of an engagement agreement with Evercrest Advisors LLC to serve as fiduciary advisors in compliance with Dodd‑Frank and CFTC rules.
Finally, the board approved a recommended five‑year employment contract renewal for the district treasurer (the motion names Miss Lisa Blau as treasurer/chief financial officer). The motion text in the record includes an inconsistent date range (the transcript reads "effective 08/01/2026 through 07/31/2021"), which appears to be a typographical error in the printed motion; the board approved the recommendation on a roll call vote but did not correct the date on the public record during the meeting. The district should confirm the intended contract term in the official contract on file.
The treasurer said an updated debt/payoff schedule would be circulated after the payments went through, and trustees asked staff to provide the updated schedule this summer.
