(MILFORD, OH) -- The Ohio Department of Education has recommended a declaration of "Fiscal Caution" for the Milford School District for fiscal year 2008.
This is under review due to Milford's low cash reserves and the projected large budget deficit for next year.
The current 5-year forecast shows a fund balance in June 2008 of only $61,760 and a deficit of more than $2 million for next year.
The state can declare districts in three different classifications: Fiscal Caution, Fiscal Watch or Fiscal Emergency. Currently, only 19 districts out of 613 are in Fiscal Caution.
The district says the failure of three operating levies, elimination of programs, reductions to the budget and a looming budget deficit illustrate the severity of the financial picture.