NORTH LEWISBURG – Though seeing small decreases in revenue, Triad Local Schools predicts its financial health will continue to be solid in the coming years.
The Triad school board approved the district’s five-year financial forecast at its Thursday meeting. The forecast is required to be developed in May and October each year by Ohio law.
Revenues are estimated to end the current year at $10,942,826 and next year at $10,919,309. Revenue is estimated to decline slightly to $10,799,814 in the 2020-21 school year.
Revenue is estimated to decline despite predicted increases in tax revenue, according to the financial forecast assumptions document prepared by Triad Treasurer Connie Cohn. There is an estimated decrease in revenue due to reduced numbers of open enrollment students throughout the life of the forecast.
Expenses are estimated to end the current school year at $10,039,287 and next school year at $10,553,889. Expenses are estimated to increase to $10,928,533 in the 2020-21 school year.
Expenses are estimated to increase due to salaries, benefit costs and building repairs. Health insurance costs are estimated to increase 13 percent in the 2017-18 school year, and 12 percent for the rest of the years of the forecast.
The forecast predicts the district will end the current school year with a $903,539 surplus and next school year with a $385,420 surplus. The forecast predicts the district will have a deficit of $128,719 in the 2020-21 school year, though the shortfall would be covered by cash reserves.
Casey S. Elliott may be reached at 937-652-1331 ext. 1772 or on Twitter @UDCElliott.