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Waite Hill Finance Committee reports higher first-half tax revenue but forecasts gradual fund decline
Summary
Finance Committee reported first-half property tax revenue of $781,558 (including $84,499 in reimbursements), year-over-year increases in revenue and interest income, total fund balances of $8,786,102, and a forecast projecting a gradual decline in fund balances over the next decade.
At the May 12 council meeting the Finance Committee, represented by Chair Karl Scheucher, reported a rise in first-half property tax revenue and provided a multi-year fund forecast showing a modest long-term decline in the General Fund balance.
Scheucher said first-half property tax reimbursements totaled $84,499, compared with $66,210 in 2024, and combined with first-half collections produced $781,558 in property tax revenue for the first half of 2025 — an increase of $155,080 year over year. Local Government Fund receipts for April were $12,782, interest income for the month was $24,750 (up from $18,049 in 2024), and total revenue for April was $127,523. Total funds on balance were reported at $8,786,102.
The committee supplied a funds forecast that projects the total fund balance to decline to approximately $8,179,400 by 2030 (a linear average decline of about $151,177 per year), while the capital fund is expected to level off. The report noted the General Fund continues to trend downward in the projection and attached a Funds Forecast graphic to the minutes.
Scheucher concluded the report with a summary of fund balances by fund and a note on Star Ohio yield (annualized 4.54% as of March 7, 2025). The Finance Committee's report was appended to the official minutes.
