The last month of summer was another quiet one for the Milford school district. Here are the highlights:
- Treasurer Debbie Caudle reported on FY2017. Total receipts were $70.6 million, of which 32% were from state revenue. Revenue overall is projected to increase over the next few years as the new biennial budget brings Milford closer to being fully funded per the state funding formula. FY2017 expenditures were $65.0 million. Almost 72% of this was for personnel, which is below the 80% the state provides as a guideline for public school districts. The district has been accumulating a carryover balance since 2013, but at the end of 2018, based on current projections, expenditures and revenues will equal out. The district will then enter a deficit spending state, where expenses outpace revenues. This is due to the inability to grow revenues – levies stay static and do not increase with inflation, while, as with any organization, expenses continue to grow. At the end of 2018, projected cash balance carryover is $35.5 million. The entire presentation can be viewed or downloaded here: Treasurer Board Presentation Aug 2017.
- The board also approved appropriations for the 2017-2018 fiscal year. Total receipts are estimated at $71.3 million, with total estimated expenditures of $69.1 million. Local taxes of $41.3 million comprise appr. 58% of revenue. State funding is projected to be appr. 32% of revenue.
- The board approved an authorization for bids for the renovation to the Milford School District Robert B. Farrell Board of Education Administration Office. More details will be shared when bids are received.