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New Richmond board reviews year-end finances, plans a summer newsletter on cuts and new revenue
Summary
Board received a year-end financial briefing detailing a reduced general fund balance, lower-than-expected special-education reimbursements, a $250,000 transfer to capital, and planned public communications on cuts and revenue actions including recovered TIF dollars and new Grant Career Center revenue.
The New Richmond Exempted Village Board of Education on Tuesday heard a detailed fiscal-year closing report and approved temporary appropriations to carry the district into the next fiscal year.
Superintendent Paul Daniels and finance staff told the board the district’s May closing general fund balance was just over $8 million, down from about $10.43 million the prior year. Speakers emphasized that special-education catastrophic reimbursement came in far lower than forecasted, and that the district is monitoring reimbursements closely as a major pressure on the budget.
Officials said the district has moved more than $2.8 million from a Fifth Third money market account into a longer-term account with Red Tree to begin earning more interest, and recommended standard temporary appropriations for the first quarter of the new fiscal year so payroll and early-July expenses can be paid without interruption.
Communications staff presented a draft summer newsletter that the district plans to mail around July 1 to explain reductions and revenue steps to the public. The draft lists staffing reductions (10 certified positions, four aide positions), calendar reductions that reduced paid days for some classified staff, one fewer administrator and other efficiency actions. The newsletter will also describe revenue actions staff say were previously uncollected, including tax-increment-financing (TIF) settlements and increased revenue tied to the Grant Career Center partnership.
Business-office remarks included an example of recovered revenue: administration said the district has billed roughly $337,000 for previously uncollected TIF revenue and expects to bill additional amounts tied to property valuations and settlements. Staff also noted one-time corrections to preschool fund receipts and insurance-plan adjustments that avoided a planned 6.5% premium increase, producing further budgetary relief.
The board approved the related agenda items (6A–6I) that included final appropriations and the temporary FY27 appropriations by roll call.
The district will finalize numbers in August and return with permanent appropriations and a more detailed public summary; staff emphasized that state-level funding and special-education reimbursements remain the largest uncontrollable risks to the outlook.
