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Trotwood-Madison treasurer reports $4.77 million deficit for fiscal year; district narrows gap from prior year
Summary
The district's treasurer reported a fiscal-year deficit of $4,765,985.07 and cash and investment balances totaling about $21.12 million; the treasurer noted the deficit is roughly $2 million less than the prior year and said staffing reductions are the main driver of the recovery plan.
Treasurer Thomas presented the district's year-end financial reports at the June 16 board meeting, reporting a cash reconciliation and investment summary that the treasurer said showed a combined bank and ledger balance (after outstanding checks) of $21,123,212.19.
Thomas reported the PNC general checking balance at $4,932,005.96 and total investment accounts (STAR Ohio and others) at $16,782,155.23. In the district's spending-plan summary for the fiscal year, Thomas said the district spent $4,765,985.07 more than it brought in.
"So we've shaved about $2,000,000 off of deficit spending from one year to the next," Thomas said, referencing a June 2025 deficit of $6,645,870. He told the board that the fiscal recovery plan's staffing reductions will account for much of the improvement and that the district will present a detailed forecast for 2026-27 at the next meeting.
Thomas also explained a year-end procurement issue: a purchase order was closed before final bills were paid and, because the final payment exceeded $3,000, policy requires board approval. Staff asked for formal approval to close that payment; the board voted to approve.
Separately, Thomas told the board the district received an Auditor of State award for excellence in financial reporting for the fiscal year ended 2025 and said the administration would post the award publicly. The treasurer said a fuller 2026-27 forecast will be presented at the next board meeting.
