Waite Hill finance report: property tax revenue rises 22.5% while long-term fund trajectory shows decline

The Waite Hill Finance Committee reported Oct. 13 that a projected second-half property tax reimbursement of $82,463 will raise the village’s 2025 property tax revenue to $1,419,983, a 22.5% increase over 2024’s $1,159,024.

Karl Scheucher, chair of the Finance Committee, presented the appended finance report to council. The committee reported Local Government Fund receipts of $12,782 for September and said interest income for the month was negative $719, primarily because a Federal Home Loan Mortgage Corporation (FHLMC) bond was paid off at a principal loss of $17,472. Total revenue for September was $65,225 against total expenses of $128,633, which included a $4,708 payment for road salt.

Total fund balances were reported at $8,741,030, down $382,412 from the prior year. The report includes a second-order regression forecast projecting the General Fund balance declining to approximately $8,036,142 by 2030 (a projected 10-year drop of $1,583,515) unless fiscal conditions change.

The finance packet appended to the minutes also noted that Star Ohio’s annualized yield as of Oct. 10, 2025, was 4.35% with average days to maturity of 30.6. The minutes incorporate the full finance report by reference; detailed fund allocations were listed in the packet but not reproduced in the meeting minutes excerpt.

Council did not record further action on the finance report during the meeting; the report was accepted and incorporated into the official minutes.

The finance report was respectfully submitted by Karl Scheucher, Finance Committee Chair.