Board briefed on permanent-improvement fund, revaluation impacts and temporary appropriations plan
May 14, 2026 | Riverside Local, School Districts, Ohio
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District financial staff briefed the board on encumbrances, permanent-improvement (PI) fund limits and the near-term effects of property-tax revaluation and House Bill 920 on local receipts.
Staff reported about $3.4 million in outstanding purchase orders and encumbrances, with roughly $2.3 million not yet spent, and reminded the board that the district aims to close books by June 30. On the capital side, staff presented an overview of the PI fund's constrained scope (permanent improvements of five years or more) and cautioned that continued reliance on PI to cover a broad set of projects is not sustainable. They said the current five-year forecast assumes rollbacks in some revenues and that the forecast does not include speculative revenues from a proposed large development until money is actually received.
On property taxes, staff described a partial-year $800,000 reduction tied to recent local commissioner actions and projected an annualized reduction roughly in the $1.6 million range going forward, noting the reduction interacts with HB 920 rules that cap some local revenue increases. Board members asked how revaluation growth and inside-millage changes flowed into the forecast; staff said they will show detailed numbers at the next board meeting.
To manage year-end uncertainty, staff said the district will stop accepting purchase orders after May 15 for close-of-year control, will pass temporary appropriations in June to continue operations, and will present final appropriations sooner than the statutory window to reconcile with state reporting timelines.
On proposed development-related revenue (casement/TIF-like agreements), staff urged caution: the district does not count those revenues in the forecast until construction begins and receipts arrive. The board asked staff to invite outside parties (county or township officials) to explain timelines for large proposed developments.
Staff reported about $3.4 million in outstanding purchase orders and encumbrances, with roughly $2.3 million not yet spent, and reminded the board that the district aims to close books by June 30. On the capital side, staff presented an overview of the PI fund's constrained scope (permanent improvements of five years or more) and cautioned that continued reliance on PI to cover a broad set of projects is not sustainable. They said the current five-year forecast assumes rollbacks in some revenues and that the forecast does not include speculative revenues from a proposed large development until money is actually received.
On property taxes, staff described a partial-year $800,000 reduction tied to recent local commissioner actions and projected an annualized reduction roughly in the $1.6 million range going forward, noting the reduction interacts with HB 920 rules that cap some local revenue increases. Board members asked how revaluation growth and inside-millage changes flowed into the forecast; staff said they will show detailed numbers at the next board meeting.
To manage year-end uncertainty, staff said the district will stop accepting purchase orders after May 15 for close-of-year control, will pass temporary appropriations in June to continue operations, and will present final appropriations sooner than the statutory window to reconcile with state reporting timelines.
On proposed development-related revenue (casement/TIF-like agreements), staff urged caution: the district does not count those revenues in the forecast until construction begins and receipts arrive. The board asked staff to invite outside parties (county or township officials) to explain timelines for large proposed developments.
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