Miami County's 2024 Comprehensive Annual Financial Report Released
Vol. III, No. 169 - Miami County Shows Strong Financial Stability
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Last week, the Ohio Auditor of State released the Comprehensive Annual Financial Report for Miami County. It’s a pretty large document and covers a number of organizations. Under state law, the County is not only responsible for it’s own financial affairs, it is also the fiscal agent for a number of agencies that the county has little direct control, such as the Board of Development Disabilities and the Tri-County Board of Mental Health Services.
The county closed last year in solid financial shape, though the county faces a more cautious budget picture than the growth it experienced in recent years. The report shows a county managing through a period of transition—revenues declining from pandemic-era highs while debt slowly increases and unemployment ticks upward. Despite these headwinds, the county maintains strong reserves and a healthy balance sheet that positions it well for the future.
The county’s overall net position grew modestly by about $334,000 to reach $223.3 million at year end. While this represents only a 0.15 percent increase, it demonstrates the county maintained its financial footing even as total revenues fell 5.8 percent from the prior year. The governmental activities portion of net position increased by $1.2 million, showing core county operations remained on firm ground throughout 2024.
Total revenues dropped $7.4 million compared to 2023, falling from $127.7 million to $120.3 million. Governmental revenues took the larger hit, declining 7.7 percent or $8.8 million year over year. Much of this decline came from reduced program revenues, particularly grants and intergovernmental funding that had been elevated during the pandemic recovery period. Property tax collections also fell from $16.2 million in 2023 to $13.6 million in 2024, a drop the county attributes partly to timing and assessment cycles, also the Board of Development Disabilities elected not to collect some property tax millage for their operations.
Despite the revenue decline, the county controlled spending effectively. Total expenses across all activities reached $117.1 million, up only slightly from $116.7 million the prior year. Governmental expenses actually decreased by $1.6 million, mainly due to lower public works costs. This spending discipline allowed revenues to still exceed expenses, though by a much smaller margin than in 2023.
The General Fund—the county’s main operating account—performed well despite the broader revenue challenges. Fund balance increased by $3.9 million to reach $40.6 million, representing a strong 10.5 percent growth. General Fund revenues grew slightly to $45.5 million while expenditures came in at $38.4 million, showing the county’s core operations remained financially healthy. Both property and sales tax collections increased in the General Fund, helping offset declines in investment income as interest rates stabilized.
The Board of Developmental Disabilities Fund experienced significant pressure in 2024. Revenues dropped 9.1 percent while expenditures jumped 13.3 percent, causing the fund balance to decline by 21.5 percent. The board made a strategic decision to temporarily pause collections on one of its property tax levies. while maintaining collections on its 2.5-mill five-year levy. This pause reduced revenue substantially. The board plans to resume collections on the paused levy, which should stabilize this fund’s finances going forward. Rising costs for disability services, including increased placement expenses for individuals requiring care, drove the expenditure increases.
The Job and Family Services Fund remained relatively stable with revenues at $5.9 million and expenditures at $5.8 million, resulting in a modest $94,000 increase in fund balance. The American Rescue Plan Fund, established during the pandemic, continued winding down as federal relief dollars were spent on approved projects.
The county’s balance sheet actually improved in several key measures despite the challenging revenue environment. Total assets increased by $8.4 million to reach $326.6 million, driven by growth in capital assets from major infrastructure investments. The county completed significant bridge replacement projects including the Peterson Road Bridge and Tipp-Elizabeth Road Bridge, contributing $10.5 million in new capital assets. These investments in roads and bridges position the county well for future economic development.
Total liabilities decreased by $7.1 million to $104.1 million, primarily due to a reduction in the net pension liability as retirement systems performed better than expected. This improvement more than offset a $1.3 million increase in long-term debt, which rose from $24.8 million to $26.1 million. The county’s asset-to-liability ratio improved from 2.87 to 3.14, indicating a stronger financial position overall. For every dollar of liabilities the county owes, it now holds $3.14 in assets—a comfortable margin that provides financial flexibility.
County officials projected a cautious outlook for 2025. The General Fund budget anticipates revenues of $39.4 million, which represents a 5.8 percent decrease from actual 2024 cash-basis collections. Meanwhile, projected expenditures are expected to jump 28.1 percent from $40.2 million to $51.5 million. This planned spending increase reflects deferred projects and equipment needs, though the county’s strong fund reserves provide the capacity to handle this higher spending level.
Sales tax revenues are projected at $23.8 million for 2025. Investment income should remain steady if interest rates hold at current levels, providing a reliable revenue stream. However, the county could be facing lower property tax collections, especially as property taxes become a larger burden to property owners after the triennial property evaluation update.
The local unemployment rate rose from 3.2 percent in 2023 to 3.9 percent in 2024, though it remained below both state and national averages. The county’s diverse manufacturing base—including major employers like American Honda, Abbott Laboratories, and Pella—provides economic stability. Recent expansions announced by Abbott (a $179 million project) and Clopay (a $30 million facility expansion) signal continued business investment in the area. The Pella Corporation’s new 324,000-square-foot manufacturing facility is expected to create around 500 jobs by 2025, providing a boost to the local economy.
Miami County enters the next fiscal year with a solid financial foundation built on healthy reserves, improving asset ratios, and manageable debt levels. The decrease in overall fund balance by $1.2 million represents prudent use of reserves rather than structural problems. The county’s conservative revenue projections for 2025 reflect lessons learned from the volatility of recent years. While challenges remain, the county has demonstrated the fiscal discipline to navigate the future.
Participate in our November Community Survey!
Back when this project was kicked off over two years ago, this newsletter was imagined as a helpful tool to not only help have our residents understand their community, but also to receive feedback and get ideas on how residents perceived where our hometowns was headed.
In order to achieve that goal, the decision was made to release a small survey that would ask residents their thoughts and feelings every two months. Every month seemed excessive, yet, once a quarter didn’t seem quite frequent enough. The idea was to help create a picture of the sentiment in the community and measure that sentiment over time.
So, throughout November, you can participate in our survey to give your thoughts and feelings on the direction of your hometown!
You can access the survey here:
Thanks for your time and your participation! It is greatly appreciated!
A New Handbook to grow Civic Capacity!
Recently, we created a new digital handbook, “The Citizen’s Guide to Public Records”. This handbook is designed to help residents have a better understanding of public meetings and meeting records. It’s filled with templates, ideas and other information that will open a new world of public affairs.
Also, if you have ideas for future handbooks, please let us know at pinnaclestrategiesltd@gmail.com.
Want to Learn More About Troy’s Businesses?
Our publication has recently released our September 2025 Economic Abstract, the most comprehensive and up-to-date report on the businesses and industries in the City of Troy. For those that want to understand our community’s business and industries, this is a must-have report.
Thank you to our New Media Partners!
Recently, many of our stories has been showing up on the local news website, www.mymiamicounty.com. We are grateful for the good folks for sharing our work with their audience and we would encourage our readers to check them out at their website!
Our publication would also like to recognize the good work being done at www.piquanewsnow.com. Piqua News Now is a new web-based news and information site for the Miami County area, with a specific focus on Piqua!
In addition, the good folks at Piqua News Now have started a new, 24-hour streaming YouTube channel. This channel is awesome with continuous weather updates and more importantly, it provides a 24-hour audio feed from county wide dispatch. Check it out here!
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