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Commission asks for new forecast for McDonald schools
By Mary Smith
McDONALD
The State Finance and Planning Commission has asked Brian Stidham, treasurer of the McDonald Local School District, to present it with a new five-year forecast.
The commission asked for the new forecast by the commission by its August or September meeting.
The district has learned it is receiving an additional $540,000 in state foundation money for the 2011-12 school year under the new state budget.
The net gain from that money is expected to be roughly $300,000 to $400,000, Stidham said, because the district no longer will be receiving reimbursement from the state to cover lost personal tangible property tax, a loss of $100,000 to $105,000 this school year.
The state has been reimbursing the district for years, but that will stop this year.
He noted the district was planning on getting nearly $3.2 million in foundation funds, but it now expects to receive $3.6 million in the 2011-12 fiscal year.
Stidham said McDonald will be one of the school districts that benefit from the new state budget.
The commission requested a new five-year forecast, Stidham said, because the panel “had a commitment to the community to see if they can reduce the levy [a 10.75 mill, five-year levy passed May 3 to generate $580,000 annually], or somehow adjust revenues.”
Stidham said he will redo the forecast he prepared in May, when he projected the district would have a year-end balance of $93,371, up from projections made in the October forecast of $47,711.