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Treasurer says cash balance cushions Bexley City Schools amid uncertain tax collections
Summary
Treasurer Mr. Smith presented an August financial forecast showing a nearly $500,000 positive variance versus February projections, flagged a 4% drop in July income-tax collections, and said the district's cash balance policy positions the district to weather timing delays in property- and income-tax receipts.
BEXLEY CITY — At its Aug. 5 meeting, the Bexley Board of Education received a financial forecast from Treasurer Mr. Smith that stressed timing uncertainties in tax collections but described the district as financially resilient.
"Overall, the cash balance, the very bottom line, was nearly $500,000 better than what we expected," Mr. Smith told the board as he walked through a five-year projection updated for new state reporting timelines. He said the district is forecasting a net-zero for FY 2027 in income-tax receipts after seeing July collections 4% below last July — a shortfall of nearly $200,000 tied to April tax filings.
The presentation outlined key assumptions, including a 9% valuation increase used for the district's 2026 projection (lower than some county estimates) and the impact of state limits on inside-millage increases. Mr. Smith flagged strategic unknowns that could affect expenditures, notably ongoing union negotiations and an upcoming health-insurance renewal expected by late September.
Board members asked procedural and projection questions about payroll timing, the treatment of public-utility personal tax in accounting, and how additional months of expenditures will refine forecasts. Mr. Smith noted that the facility assessment completed in 2024 identified more than $20 million in capital needs that are not included in the forecast and are being considered as part of a potential ballot request.
The board received Mr. Smith's monthly report and had no immediate requests for additional action beyond continued monitoring.
