NORTH LEWISBURG – Flat revenue and moderate expense increases shouldn’t make a huge dent in Triad Local Schools’ cash reserves, according to the district’s five-year forecast.
The board approved its five-year forecast at its Monday meeting. The forecast is required to be submitted twice a year by Ohio law.
Revenues are estimated to end the current school year at $10,722,143 and next school year at $10,783,394. Revenue is estimated to drop slightly to $10,621,730 in the 2020-21 school year.
Revenues are predicted to remain mostly flat, with school funding to remain steady and real estate values estimated to increase 4 percent the first year, according to the forecast assumptions document developed by Treasurer Connie Cohn. Some state aid is estimated to decrease due to a predicted loss of students. State funding is based partly on the number of students in a district.Income tax revenue is estimated to decline slightly.
Expenses are estimated to end the current school year at $9,973,326 and next school year at $10,317,594. Expenses are estimated to grow slightly to $10,972,027 in the 2020-21 school year.
Expenses are estimated to increase due to resuming raises and step increases for staff, and health insurance cost increases. Health insurance premiums are estimated not to increase in the current school year the the district, but increase 4 percent each year for the rest of the five-year forecast. The forecast also predicts increased costs in supplies and materials and purchased services.
The forecast predicts the Triad school district will end the current school year with a $748,817 surplus and next school year with a $465,800 surplus. The district estimates it will end the 2020-21 school year with a $350,297 shortfall, which would be covered by cash reserves. The Triad district estimates it will have $4,242,892 in the bank if current levies are renewed.