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Norwalk City treasurer reports favorable March revenues but flags OFCC drawdown delay and audit compliance items
Summary
The district reported March state reimbursements exceeded forecasts and modest positive variances in property‑tax receipts, but staff said OFCC did not issue an April construction drawdown because the district still has $1.7 million on hand; auditors also flagged compliance items tied to cash‑basis reporting and requested a revised O70 capital resolution.
The Norwalk City School District’s finance staff reported on March financials April 16, saying state homestead and owner‑occupied reimbursements arrived above initial forecasts and that the district is roughly $25,000 over on real property collections and $54,000 over on tangible personal property versus an early forecast.
The presenter warned about a timing issue with the Ohio Facilities Construction Commission (OFCC): the district requested $1.3 million in April to cover bills through June, but OFCC finance did not send that drawdown because the district still held roughly $1.7 million of state money in the relevant fund. Staff said the district should be ok through year‑end but noted the situation could be addressed via a special request if cash concerns materialize.
Audit findings: The fiscal 2025 audit was otherwise satisfactory, but auditors raised compliance issues because the district uses cash‑basis compilation rather than GAAP (avoiding the recognition of pension liabilities); auditors recommended re‑adopting and clarifying the O70 capital projects resolution to specify amounts, intended use, duration and funding sources.
The board moved to approve treasury items 3.1–3.6 and voted on the motion by roll call; staff also explained that some variances can be driven by severance timing and employee departures and that projected resources will be updated in the next monthly report.
Next steps: Staff will prepare a revised O70 resolution for readoption and monitor OFCC drawdowns; any special drawdown requests will be handled if projections require it.
