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Arnie Elam Corrects Local Paper's Article
Thursday, April 27, 2006 3:24:24 PM - Monroe Ohio

Letter To Community

April 27, 2006
Dear Members of the Monroe Community,

I am writing this letter regarding the article in the Middletown Journal on April 27, 2006 that says the districtís finances are in question. In that article it was stated the district is facing a $1.2 million deficit by the end of the school year. It was also stated that all of the $3,315,090.02 positive cash balance of the district is for bond retirement.

The treasurer made a presentation to the board at its regular meeting on April 24, 2006 regarding district cash balances. Those balances are as follows:

General Fund $340,915.50
Emergency Levy Fund $689,935.01
Bond Retirement Fund $1,577,001.48
Permanent Improvement Fund $350,240.22
Building Fund $(40,286.40)
All Other Funds $397,284.21

As you can see, $1,577,001.48 is encumbered in the bond retirement fund. With the exception of the building fund, the remaining funds are for operational uses. The Treasurer also reported that all taxes have not been collected to date and that she projects the district will end the year with a small positive cash balance.

Additionally, the Journal reported that we would be on the ballot in August for a renewal of the current emergency levy and a levy for additional funds. We have a work session scheduled for May 3, 2006 to discuss this issue.

The board and administration are committed to keeping the district financially solvent, as we continue to be responsible to the community and itís children by providing outstanding educational opportunities.

Arnol Elam
Superintendent - Monroe Local Schools

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