In, outs, uncertainties and projections of Wooster schools five-year financial forecast
Wooster City Schools Board of Education
Regular meeting, May 23
KEY ACTION The Wooster City Schools Board of Education approved the updated five-year financial forecast presented by Treasurer Amy Welty.
KEY DISCUSSION The treasurer explained the ins and outs, uncertainties and projections regarding the years leading up to Fiscal Year 2027 in the updated forecast. One of the unknowns centers on the unfolding of the state's funding formula and how it will impact district finances.
The next two years look good for the fiscal condition of the district, according to Welty, who said the revenue side of the ledger has been boosted by COVID-related ESSER money, student wellness funds and some other one-time assistance.
Property tax is at a 99% collection rate, she said.
Another factor is the expiration of the five-year permanent improvement levy, which generated $1 million per year. The continuing permanent improvement levy will bring in about a half a million per year, Welty said.
One of the biggest corrections in the five-year forecast from the one compiled in November was overstated benefits projected out over five years. In taking it out of the forecast, the district was in a much better financial position.
Looking at breaking even in FY23-24
Overall, the treasurer said the district will break even in fiscal years 2023 and 2024, but moving out to Fiscal Year 2027, expenditures will begin to exceed revenue.
Welty doesn't yet know what Fiscal Years 2028 and 2029 are going to look like.
"There are lots of moving parts," she said.
'We expect to end the FY23 with an increase in the cash balance of $240,000," Welty clarified in a follow-up email. At this point in time, "We don't expect to go out for any levies within this forecast time frame through FY27."
The projected cash balance at the end of Fiscal Year 2027 is $24 million.
FOR YOUR INFORMATION
Retirees Carol Banach, Sherri Machamer, Diane Hartman, Loretta Adkins, Dennis Bartelheim and Doug Bennett were recognized and honored during the evening meeting.
Board approved acknowledgement of the Centegix order for security technology services. Tudor explained the purchase is a safety alert system in which personnel carry a device with a series of buttons to push which will alert multiple authorities to a threat. "It's another layer of our safety plan," he said, and is grant-funded.
Board approved a contract with Holabird and Root for design and consultation services for potential improvements to Wooster High School's Performing Arts Center. It hasn't been upgraded for about 30 years, Tudor said, pledging the district "will move at a very slow pace." He reiterated the master facilities plan previously approved by the board is no longer in place and will go back for feedback and revision from the public − a process expected to take "a significant amount of time."
The board approved the second and final resolution for adoption of English Language Arts curriculum and recommendations for kindergarten through 12th grade.
UP NEXT Regular session of the board, 7 p.m. June 27, Wooster High School large group instruction room
This article originally appeared on The Daily Record: Wooster Schools financial forecast with next two years looking good
