$5M county surplus headed to local schools, cities

$5M county surplus headed to local schools, cities
Karl Keith

DAYTON, Ohio — The Montgomery County Auditor announced Wednesday unexpected refunds from a $5 million surplus in a county fund.

Those who will receive funding will be local school district within Montgomery County, several of which are receiving six figure refunds.

Property owners have not received good news financially during the COVID-19 pandemic, but County Auditor Karl Keith is providing a little for about 50 governmental units that contribute to the Real Estate Assessment Fund. At the end of the six-year property value appraisal cycle, Keith ended up having enough money left over that, for the first time, he can give cash back.

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School districts, cities, townships and libraries pay into the Real Estate Assessment Fund. They pay over six-year cycles, the most recent one ending in 2020 with the re-appraisal of all the properties in the county.

However, due to saving, some of them brought on by doing things virtually because of COVID-19, the auditor ended up with about a $5 million surplus. The money goes back to groups at the same rate they pay into the fund and school districts who depend on property taxes get the most.

Centerville City Schools is set to received $549,203.16 and Dayton Public Schools are set to receive $495,653.55 from the fund. Nine school districts are expected to receive six-figure refunds. Other local districts are also included in the list to receiving funding.

There are also 20 cities and villages expected to receive a refund, along with nine townships. The total amount of money available for refunds is $5,083,410.00.

“This is money that they weren’t expecting. This is money that they had not budgeted so hopefully this will be a nice surprise for them and they’ll be able to use these funds to help deal with some of the burdens they are facing currently,” Keith said.

The auditor expects these refunds to go out electronically sometime in the next week or so.