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Waite Hill finance report: $286,000 in property tax advances and a projected long‑term fund decline
Summary
The Finance Committee reported $286,000 in property tax advances for 2024 (up $13,000 from 2023), stronger interest income year‑to‑date, and a projected 10‑year fund decline averaging about −2.47% per year; total funds were about $9.04 million as of July.
The Waite Hill Finance Committee reported to council on Aug. 12 that property tax advances for 2024 total $286,000 (a second‑half advance of $215,000 and first‑half $71,000), compared with $273,000 in 2023. Finance Committee Chair Karl Scheucher presented the figures during the meeting; the report is appended to the meeting minutes.
Key figures in the committee report include July interest income of $21,833 and year‑to‑date interest of $115,202 (up $12,535 from 2023). Total year‑to‑date revenue through July 2024 was $1,170,648 — $164,409 ahead of 2023 — while total year‑to‑date expenses were $1,030,011, approximately $4,771 less than the prior year.
The report lists total funds for July 2024 at $9,035,997, a modest decline from $9,056,310 a year earlier. Committee members noted a projected 10‑year decline in fund balance, with July 2019 estimated at $10,009,646 and a projected July 2029 balance of $8,029,926, an estimated drop of $1,979,720 (averaging about −2.47% per year).
The report also summarized invested balances (Star Ohio $798,847; money market $108,667; invested $8,097,946; checking $30,537) and noted Star Ohio’s annualized yield at 5.56% as of Aug. 9, 2024. Medical Mutual renewal premiums were projected to rise 3.65% to a total of $102,107 for 2024–25.
The minutes record the finance report as appended to the official record; the committee chair submitted the report for the council’s information.
