District saves 3% versus budget

The end of year numbers for the Milford School District were announced officially at the July 15 board meeting.  Through careful management and searching for efficiencies in all areas, the district saved 3.1%, or $1.8 million, versus budget.  Revenue was unfortunately lower than projected due to shortfalls in several areas, coming in $750k less than projected.  These two factors resulted in a cash balance for the end of this fiscal year of $11.5 million, which is $2.8 million higher than last year’s ending balance.

The board had asked the administration to save 2% on this year’s budget.  Through meticulous attention, an additional 1% was added to this.  Randy Seymour, Treasurer, says these will be ongoing savings that will be realized each year.

Appropriations for next year are being developed now, and the board will begin to discuss them in coming months.  We will receive 2% less in revenue from the state next year, as well as additional revenue reductions from Duke Energy’s tax bill.  While Duke’s property valuation is still in question, we must assume we will be losing the entire amount.

More details on the budget will be coming soon.

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One Response to “District saves 3% versus budget”

  1. Herta Pfeiffer Says:

    Thank you for your clear and concise information. Since most issues discussed at board meetings don’t really concern the average resident, especially if we do not have children in MIlford schools, it is very helpful to receive these updates. I believe it also encourages us and informs us of the district’s sincerity to be conscientious with the tax payers’ money, and informs us of important issues which matter to us.

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