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Treasurer says Medina’s collections lag; district cites long-running tax-shift loss
Summary
Treasurer Mr. Chambers reported $72 million in revenues and $69 million in expenditures year-to-date, warned that real property tax collections are about 24% below last year at this point because county tax bills were delayed, and reiterated a multiyear state reimbursement shift that reduced district revenue by roughly $6 million annually.
The Medina City Schools treasurer reviewed the district’s February financials and told the board that while year-to-date revenues total about $72 million and expenditures $69 million since July, the district’s real property tax collections — a key local revenue source — remain well below where they normally would be at this point in the fiscal year.
"We had the $41 million in July ... with revenues, $72 million have come in and $69 million have gone out since July," Treasurer Mr. Chambers said, and he added that real property tax collections were approximately $44 million and “24% lower than we were last year at this time,” largely because county tax bills went out late.
Mr. Chambers displayed the district’s days-cash trend and noted investments were modestly ahead of last February. He also reiterated a longer-term revenue pressure the district faces: the state’s removal of tangible personal property tax reimbursements, which the treasurer described as a shift that has reduced district revenue by roughly $6 million annually compared with earlier years. "In 2011, we were above $11 million ... Now, we are down to just over $5 million," he said, describing the cumulative effect of the legislative changes.
Board members voted to approve the treasurer’s recommended financial items G1 and G2 by roll call during the meeting.
Next steps: the district will continue to monitor collections, watch the days-cash metric and expects a larger advance in March that may improve short-term cash position; the treasurer said district financial reports and supporting documents are available on the district website.
