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Treasurer: Three Rivers Local closes fiscal year with $3.5M deficit and about 76 days of cash
Summary
The district's treasurer reported the fiscal year closed with an approximately $3,500,000 deficit, cash on hand of about $6,000,000 (roughly 76 days), and multiple revenue streams below forecast; the board approved the treasurer's listed items a and b.
At the July 14 board meeting, district finance staff presented the fiscal-year closing report and a reworked reporting format, saying the district ended the year approximately $3.5 million short of its forecast and currently holds about $6,000,000 in cash (about 76 days of operations).
The presenter said revenues were down in seven of 10 major buckets compared with forecasts, citing lower real-estate and public-utility collections, reduced state funding (including lower Homestead Rollback receipts) and disputed tangible personal property payments (a contested payment from Duke was cited as an example of revenue withheld while appeals proceed). The treasurer said those contested receipts have no fixed timetable and could remain unresolved into the fall.
On expenditures, the district faced large one-time payroll costs tied to multiple retirements and severance payouts, which increased year-end expenditures. The presenter said purchase-service savings and a strategic outlay of technology purchases moderated some pressure, but the net result was a reported $3,500,000 deficit.
The board moved to approve items a and b in the treasurer's report; the motion was seconded and recorded votes included Mister Turner, Mister McDonald and Missus Nunn as affirmations in the transcript.
Finance staff said they had requested an advance from county sources (a request for an advance was pending at the time of the meeting) and noted payroll obligations continue to draw from long-term savings until contested revenues are resolved.
The treasurer said staff will shift to the new reporting format (month-to-date plus forecast comparisons) going forward to give the board a clearer picture of trends against expectations.
