In light of an unexpected increase in state funding for the next two years, the Sylvania School Board on Monday agreed to table a recommendation that would have placed an operating levy on the ballot this fall.
The expected deficit of about $3 million forecast for June 30, 2015, was deduced to a cash balance of about $680,000, Laura Sauber district chief financial officer told the board at Monday night’s meeting.
She and Superintendent Brad Rieger had been prepared to request an operating levy from voters, debating if November or May was the suitable time. The two had been reviewing the school’s finances since January. However, the deficit predicted no increase in state funds, and at the time, Gov. John Kasich’s budget bill was pending final approval.
Now finalized, the state budge designated an increase of $802,603 for fiscal year 2014 that began July 1, 2013, for a total amount of $13,644,258. The district will receive in 2015 an additional $1,432,647 for a total of $15, 076,905 in aid.
“We plugged those numbers in and it erased the deficit we predicted for 2015,” Mr. Rieger said.
Despite shelving the levy this year, board members said they will reevaluate its need in 2014.
President Vicki Donovan-Lyle said the district has reduced expenses, yet the cost of doing business increases with time.
The district closed fiscal year 2013 on June 30 with a higher cash balance in the general fund than predicted, forecasting a balance of $5,531,865. The district started the 2014 fiscal year with $6,368,113 in the general fund.
Contact Natalie Trusso Cafarello at: 419-206-0356 or email@example.com.