The financial picture for Edon Northwest Local School District appeared more encouraging than first thought when Board of Education members heard the current Five Year Forecast during its regular session held Tuesday, October 13, 2015 in the school’s Media Center. President Jamie Schaffter called the early evening meeting to order with all members in attendance.
Compared to the forecast presented last May, the District now looks to close out Fiscal Year 2016 (the forecast’s first year) at approximately five hundred sixty-nine thousand dollars better than anticipated. While FY2016 expenses show a 2.4 percent increase, revenue rose 14.9 percent during the same period, lifting a projected four hundred ninety-four thousand dollar deficit amount to one hundred thirty-seven thousand dollars in the black ~ and a $1.1 million ending cash balance.
While expenditures throughout the Five Year Forecast noted increases across the board ~ from total amounts of 5.81 million dollars in year one to 6.49 million dollars in year five ~ the addition of earned income tax monies and new school funding formulas helped the revenue side of the budget show steady growth. With income figures projected to reach 5.95 million dollars in FY2016 and 7.17 million dollars in FY2020, expenses were offset each year, leaving the District with an estimated 3.46 million-dollar cash balance on June 30, 2020.
As review of the updated Five Year Forecast and supporting notes was completed, the Board went on to approve the schedule as presented by Treasurer Bill Blakely.
District residents interested in learning more about the Forecast can visit “Community Links” on the District’s Website www.edon.k12.oh.us or contact Mr. Blakely at 419-272-3213 during regular school hours.
Additionally that evening, Mike Burns, Director of Baird’s Ohio Public Finance Group, presented information concerning how the District could refinance its bonds and help save local taxpayers roughly .25 mills over the remaining life of the bonds. While the option to wait until taxes are set to go up ~ a result of recent revaluations and CAUVs (Current Agricultural Use Value) ~ moving forward at this time would not only show District residents their actual savings (as compared to being “hidden” in forthcoming increases) but could also reduce the risk of rising interest rates on the bonds.
With subsequent questions regarding the plan put forward and addressed, the proposal will be taken up next month by the Board.
In action taken, the Board:
•Accepted, with thanks, Cash Donations from: Great Midwest Sports ($600/Sports Fund ~ schedules); various individuals and businesses ($1,590/Band and Choir Washington DC Trip) along with a Gifted Donation (piano) from Linda Palmer.
•Accepted the resignation of Mike Livensparger as bus driver and custodian effective October 9, 2015. The Custodian I position is currently being advertised at a starting rate of $14.29 per hour with second shift hours from 2:30-11:00 p.m.
•Approved the “rent-a-tech” agreement with NWOCA effective September 8, 2015 through June 30, 2016 at a cost of fifty-five thousand dollars.
•Approved amendments to Kim Hickman’s Regular Bus Route (2.5 to 3.0 hrs.) and Connie Allomong’s Four County Bus Route (4.0 to 4.5 hrs.) for 2015-2016.
•Learned Treasurer Blakely’s standard SM2 Report indicated revenues were up $109,531 and expenses up $22,770 for the same three-month period as last year. The District is tracking a $20,153 YTD surplus ($86,761 more than a year ago). Approximately one hundred thousand additional revenue dollars were received in September 2015 compared to September 2014 (last year’s rollback and homestead monies were received in October, not September). He also noted the District just received its first foundation payment under the new formula; it looks promising ~ and is nearly what had originally been projected.
•Was informed by Superintendent John Granger that Thiel Construction had been selected to complete the Northwest Entrance Concrete Project; work will get underway next spring.
•Approved the Fall 2015 Test Administration and Edon Northwest Local Test Security Plan.
•Approved the recommended contract with NaviGate Prepared for 2015-2016 school safety plan consulting services at thirty-five hundred dollars; the fee for annual upgrades is five hundred dollars.
•Learned the Labor-Management Committee would meet October 22.
•Approved minutes from the September 8 regular meeting as well as September 2015 Financial Reports.
Prior to adjourning for the evening, Board members emerged from a short Executive Session ~ called for the expressed purpose of discussing employment of personnel ~ and soon after, approved 2015-2016 Supplemental Contracts with Nate Geisige (Assistant Basketball/Junior Varsity Boys); Tony Booth (Assistant Varsity Basketball/Freshman Boys; Eighth Grade Boys Basketball) and Byron Weaver (Seventh Grade Boys Basketball).
The next regular monthly meeting of the Edon Northwest Local Board of Education will be held Tuesday, November 10, 2015 in the school’s Media Center beginning at 5:30 p.m.
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