This summer has been fairly uneventful for Milford Schools, but the board did receive great financial news from our Treasurer this month! In fact, our year-end budget status is really the only notable news from this month’s board meeting. The district closed the 2016-2017 fiscal year 3% under budget (a little over $2 million in savings), and with income up appr. $1 million vs. projections (due to a number of factors, including increased real estate collections and income from commercial investments). I am extremely proud of the attitude our personnel have toward budgets: while the culture in many organizations is to spend every penny of the budget so it doesn’t get cut the next year, Milford personnel carefully evaluate their expenditures to be sure they are only purchasing what they really need. Kudos to all!
While we are still waiting on the final biennial budget from the state, initial indications are that Milford will be in solid financial shape with state funding. Combined with the other increased revenue, our projections are looking good!
If you recall, the community generously passed an operating levy in 2013, which the district promised would last at least 4 years. We are at that 4-year mark right now, and we are not expecting to require another operating levy for several more years. Of course, in the world of public schools, that could change at any time – but for right now, we are confident that we are fiscally sound for a number of years to come.