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McDonald forecast approved
By Mary Smith
McDONALD
A new five-year forecast for the McDonald school district, showing no deficits from fiscal years 2011 to 2016, has been approved by the State Finance and Planning Commission.
The commission also has asked the local board of education to request that the Trumbull County auditor reduce the millage of a five-year emergency levy passed May 3. The levy to generate $580,000 annually would be reduced to $391,000, for a decrease of $209,000.
The 10.75-mill levy would be reduced to 7.25 mills.
Once the local board has obtained that approval, the change must be approved again by the commission.
The entire five-year forecast has changed since May, schools Treasurer Brian Stidham said, due mostly to an unexpected increase of $500,000 annually in state foundation money under the new state budget.
The district also is now asking the state to consider releasing it from fiscal emergency.
The new five-year forecast was developed by recommendations from the superintendent’s advisory committee and the school board.
Stidham said the district has determined it still owes $533,000 to the Ohio School Facilities Commission in money that was set aside for renovation of the high school and building a new elementary school.
The funds were set aside to cover overages on costs for the remodeling and construction but was not needed. The funds will be repaid over five years starting in 2013 at $107,000 a year, Stidham said.
The district will start collecting the extra state foundation funds in January so will receive half of it in fiscal 2012.
The new five-year forecast, which includes the increase in state funds, from a May estimate of $3.129 millions to a current estimate of $3.669 million, Stidham said.
Instead of deficits of $457,265 in 2012 and $267,665 in 2013, with a balance of 2016 in $93,371, the forecast is now projecting a balance of $1.066 million in 2016.
The new forecast calls for a balance of $316,209 in 2012, $840,466 in 2013, $1.123 million in 2014 and $1.138 million in 2015.