Milford School District Board of Education reviewed the Delaware Department of Education Financial Position Report for the first quarter of 2025. The report projects revenues and expenditures to ensure the district can meet their portion of payroll through the summer months before tax receipts are received in October.
“It is also done later in the year to be sure our balances at June 30 will be sufficient through the summer,” Tammy Smith, Chief Operating Officer, said. “So, this report has actual balances as of July 1, the beginning of the fiscal year and looks at our discretionary local operating dollars and our discretionary state dollars.”
According to the report, the district had over $35 million projected available funding with projected salaries from July 1 through October 1 at just over $4 million. This leaves a projected available balance of over $30 million.
“We are getting a lot of tax revenue through the first of the fiscal year, and lesser as it goes on through the winter,” Smith said. “We can anticipate that energy expenditures will be high, so I kind of take a look at all quarters to see what it will look like to predict for this coming quarter. But, based on this report, the district is in good financial position.”
School Board President Scott Fitzgerald thanked Smith for her “short lesson” in what the report indicated. Vice-President Matt Bucher made a motion to approve the report.
“I proudly make that motion since the district is in the best financial position it has ever been in,” Bucher said.
The report was approved unanimously.
