Treasurer reports $363,000 February surplus, flags federal grant timing

The district treasurer presented high-level financial highlights to the Chagrin Falls board on March 26, reporting a February general-fund surplus and advising caution about timing changes in tax advances.

The treasurer said February revenue was about $3,400,000 and February expenditures were just over $3,000,000, producing a monthly surplus the presenter described as $363,000. The treasurer reported an ending cash balance figure shown on slides as 19.3; in presentation context that figure refers to $19.3 million in cash and investments.

The presenter said deposits and investments totaled roughly $28,000,000 held across banking accounts and liquid investment vehicles, and the district’s self-insurance fund stood at about $2.4 million. On federal funding, the treasurer said the district’s current fiscal-year allocation of federal grants (excluding funds managed for St. Joan of Arc) was about $517,000. The treasurer noted that some federal funds are recorded as negative numbers on monthly slides because the district spends first and requests reimbursement.

The treasurer explained a timing change in county tax advances, saying the district now receives smaller advances in February and larger settlements in March; that shift can make year-to-year charts appear misleading without the March settlement. "This little dip here is a little bit misleading because of the timing of our taxes," the treasurer said.

Board members asked for clarification and thanked the treasurer for providing context. The treasurer emphasized the district’s ability to weather funding shifts but warned that the loss of federal or state funding would shift burdens to local taxpayers: "We need it. We want it. We use it. We absolutely rely on it," the treasurer said of federal allocations.

The board approved the treasurer’s monthly reports later in the meeting.