Current Finances
Here is the most recent Spring 2025 Community Update presented at all township and village meetings. Our plan is to visit these meetings twice per year (fall and spring) to give an update on our schools and gather feedback/information from our community.
We have been placed in a Precautionary Fiscal State for the second year in a row after our November 2024 5 Year Forecast filing due to our low general fund balance in FY26 and a negative general fund balance in FY27. We submitted the Board approved Written Plan & Narrative February 25, 2025. (Click here to see the Written Plan and Narrative submitted in February 2024.)
End of March 2025, our bank balances were:
- Daily Operations = $2,149,267.61
- Investments = $1,945,923.08.
We have started receiving our Clinton & Warren County tax settlements. We were able to transfer back the $750k we borrowed from our investment account to cover payroll and bills. Depending on interest rates, we will continue to move money back and forth to make sure we are earning the most that we can!
Due to the 2023 reappraisal year for Clinton County, our tax settlement was $848,613 more than we received last year. A large increase was forecasted, and after two months of data, we are expected to have $146,629 more at the end of the year than we thought (if everything goes according to forecast).
2024 was a reappraisal year for Warren County. Residents should have received their values around September 21, and then can use the tax calculator on the Warren County Auditor's website.
Our bond millage rate has decreased from 1.5 to 1.2 and will remain at 1.2 for this year. The bond will come off the books December 2028. Due to refinancing three times, we have shaved essentially 3 years of payments off the original cost of the construction bond from 2001.
We will no longer receive money from the 0.5 mill maintenance levy after December 2024.
To give you a frame of reference, it costs our district an average of $485,000 for each payroll (semimonthly), $245,000 for our insurance each month (District side only), and $13,000 for Medicare each month (District side only).
Granted, we get about $385,000 twice a month from State Funding (which in addition covers our STRS/SERS [pensions] each month ~$142,000).
For our income tax, we get quarterly payments at the ends of January, April, July, and October. 2024 will be the last year your income will be taxed under this levy. The renewal we sought in March & November 2024 failed, and we will be asking for a 1% earned income tax on the May 6, 2025 ballot. If it passes, we will receive our first payment of approximately $200,000 at the end of April of 2026.