By DAVID DUPONT
BG Independent News
At his first official meeting as Bowling Green school treasurer, Matt Feasel introduced himself by telling a story.
He told that story about the district’s finances using his medium of choice — numbers.
Long stacks of digits printed in small point size. “Probably more information than people want to look at,” Feasel said, “but it’s available.”
He apologized for taking so much time as he explained his methodology, developed over 40 years in school finance, of tracking and presenting the district’s money matters. He called it “an initial journey” into his approach.
“The only way to build trust is communication, transparency, and accountability,” Feasel said. That’s what he intends to do.
These reports, he said, will be available each month on the district’s website for the public to study. (Click to view the July 2024 report.)
Feasel said that the five-year forecast is “the roadmap for the district,” so he monitors that.
The monthly report spells out how much the district is spending and how much it is taking in, comparing what has actual revenues and expenditures with what had been forecast.
In July, the district brought in $4,961,551.35, that’s $120,306.35 more than projected. That reflects its income tax receipts that come in four times a year. That payment was $1,753,992.77, about $8,000 less than projected.
The district spent $2,724,170.78, that’s $91,589.785 more than projected.
Feasel said he is breaking out the pipeline payments into a separate line from the real estate receipts. The pipeline money is still tangled up in ongoing legal action.
Feasel also said he will also provide a list of every check that the district writes every month.
Some taxpayers have urged the district to enroll in the state treasurer’s Ohio Checkbook program.
Feasel said his listing is easier to navigate than the state site which he called “kind of cumbersome and very difficult to understand.”
Feasel also noted that the proceeds from the bond sale for the $72.5 million high school project have been invested and are earning 5% or more.
That means the district is earning more from investing the money than it will pay out in interest for the bonds, The bonds carry a combined rate of just over 4%.
That means that the district must report that arbitrage to the federal government. He said that will be monitored with the final accounting in five years.
He said he doesn’t expect those investments to continue to return 5%. But,“for the time being we’re going to get as much money as we can.”
Board Member Ryan Myers thanked Feasel for posting the report. The board has heard demands from the public about being more transparent with district finances and joining the Ohio Checkbook program.
“This just lays it out for everyone,” Myers said. “There’s absolutely no questions in terms of where the money’s at, where it’s going, what’s going on with it. This is about the most transparent we possibly can be.”
