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Waite Hill Village Foundation donates $49,080; finance report shows multi-year fund decline forecast
Summary
At the July 8 meeting, the Waite Hill Village Foundation presented a $49,080.15 donation and reported a Foundation balance of $1,240,332.29; the Council’s Finance Committee reported higher YTD revenues but projected a $2,023,846 decline in total funds over 10 years to June 2029.
The Waite Hill Village Foundation presented the Village with a $49,080.15 donation on July 8, bringing the Foundation’s reported account balance to $1,240,332.29, the minutes state. The donors, Ralph Lustri and Chris Legros, made the presentation and left the meeting after the handover; Council member Kerri Bowden was identified as the Council liaison to the Foundation and Wendell Hiltsley as a newly appointed Foundation board member.
Separately, Karl Scheucher, chair of the Finance Committee, submitted the Committee’s monthly report (appended to the minutes) showing key financials through June 2024: property tax revenues for the first half of 2024 were $560,335 versus $516,850 in the comparable 2023 period, a year-over-year increase of $43,484; Local Government Fund receipts for June were $15,801 (down $576 from June 2023); and interest income for June 2024 was $19,315 (up $9,804 from June 2023). The report shows total year-to-date revenue for June 2024 at $855,585, $29,441 ahead of the same point in 2023, and total year-to-date expense was $889,537, approximately $14,000 less than in 2023.
The committee reported total funds of $8,861,410 for June 2024, a decrease of about $146,000 compared with the prior year. The Finance Committee included a 10-year trajectory estimate that projects total funds declining to $7,973,774 by June 2029, a projected decline of $2,023,846 (an average annual decline of roughly 2.54%). The report noted Star Ohio annualized yield as of July 5, 2024 was 5.56% with an average days-to-maturity of 45.6.
The Foundation’s quarterly portfolio summary, submitted with the report, lists an ending market value of $1,240,332.29 for the Waite Hill Village Foundation account and summarizes allocations across fixed income, domestic and international equities and alternatives. The minutes include a historical list of grants from the Foundation to the Village dating back to 2018 and a cumulative total of grants to date of $260,648.13.
What happens next: Clerk-Treasurer Robbi Laps and Finance staff will record the Foundation donation and reflect adopted appropriation changes in the village financials; the Finance Committee’s projections suggest the Village should monitor reserves and investment performance over the coming years.
