District treasurer upbeat on finances through FY 2015

October 22, 2012 at 12:00a.m.

MINERAL RIDGE

The Weathersfield School District’s new five-year forecast for October shows no significant changes over the May report, Treasurer Laurena Rouan said.

“I’m feeling good about it,” Rouan said.

The district continues to show positive balances for fiscal years 2013 to 2015.

The cash balances are projected to be: 2013, $1.4 million; 2014, $1.02 million; and 2015, $162,065. A deficit of $1.01 million is forecast for 2016.

For now, Rouan said she is looking ahead to the transition that will be made in 2014 and 2015 with the remodeling and renovations at the high school and Seaborn Elementary school, and razing most of the middle school.

She is waiting to see how the changes affect the district’s bottom line, noting Weathersfield will go from three buildings to two, and will stop instruction at the middle school, a 100-year-old building.

A $17.8 million Ohio Schools Facilities Commission grant will finance most of the work with a local share from a $9.6 million, 30-year bond issue and a 30-year, 1-mill levy to generate $79,954 annually for maintenance and added equipment.

Rouan said the only changes now are that real-estate taxes are down a bit — adding there is no surprise there because tax valuations have gone down.

General-property tax is down by $14,727, and property-tax allocation is down $84,080.

The state has informed the district it will be reimbursing tangible-personal-property tax for longer than first anticipated. Payment of the state reimbursement of the tax was $1.06 million this year and in 2013 will be $929,000.

State funding has remained about the same, but salaries are also less after six people left the district, three to take other jobs and three to retire, saving the district $135,000, Rouan added.

The district also had an enrollment increase, which brought in $137,000.