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Milford board hears five-year forecast as enrollment drop and $85-a-day per-student cost loom
Summary
Finance staff told the board that the district earned about $138,000 in January and roughly $1.7 million year-to-date in investments, reported a $2.4 million year-to-date deficit and warned that enrollment has declined from about 6,200 to 5,000 students, affecting state funding. Trustees were briefed on cash reserves and administrative-expenditure targets under House Bill 96.
The Milford Exempted Village Board of Education received a financial briefing and five-year forecast on Feb. 19 that highlighted both investment gains and enrollment-driven funding pressures.
Finance staff reported investment earnings of about $138,000 for January and roughly $1.7 million year-to-date, and described a year-to-date deficit of about $2.4 million compared with a previously projected deficit of roughly $1.9 million. The presenter explained that tax collections are seasonal and that the district relies on cash between major tax-settlement dates.
"This $85, what that means, it only costs residents of this district $85 a day to educate a student," the finance presenter said, framing that figure as a measure of per-student daily cost. Trustees pressed for continued monitoring of the forecast and noted that some savings and expense reductions are only beginning to appear in the data.
The presentation flagged a decline in enrollment — described in the briefing as a drop from about 6,200 students to roughly 5,000 — and tied the loss in state revenue to changes in the fair school funding plan and the increased prevalence of vouchers, which move funding to where students enroll.
The forecast also showed administrative expenditures at about 14 percent of costs, below the 15 percent benchmark cited in House Bill 96. The board discussed next steps for drilling into enrollment trends and for follow-up presentations when the full five-year forecast is presented.
No immediate budgetary action was taken; the finance materials will be posted to the board’s onboarding documents and discussed further at upcoming meetings.
