NORTH LEWISBURG – Triad Local Schools is predicting slightly increasing revenue and expenses, and hopes to have money in the bank over the next five years.
The Triad school board approved its five-year financial forecast at its Thursday meeting. The forecast is required by Ohio law to be produced every May and October.
The forecast predicts the district will end the current school year with $10,658,138 in revenue, and next school year with $10,863,404 in revenue. The forecast predicts revenue will grow to $11,209,628 in the 2019-20 school year.
Revenue is estimated to increase because of increasing tax revenue based on the rebounding economy, according to the district’s forecast assumptions document prepared by Treasurer Connie Cohn. The forecast also predicts state funding will stay the same for the length of the forecast.
Expenses are estimated to end the current school year at $10,179,070 and next school year at $10,350,240. The forecast predicts expenses will grow to $11,101,133 in the 2019-20 school year.
Expenses are estimated to increase because of salaries and health insurance costs. Salaries are predicted to increase 2 percent for fiscal years 2016-17 to 2019-20. Health insurance costs are estimated to increase 8 percent each year of the forecast.
The school district is predicted to end the current school year with a $479,068 surplus, and next school year with a $513,164 surplus. The district is estimated to end the 2019-20 school year with a $108,495 surplus.
Casey S. Elliott may be reached at 937-652-1331 ext. 1772 or on Twitter @UDCElliott.