Sunday, November 26, 2017
Staff report
POLAND
Poland Local Schools, although still in deficit spending, made some progress over the last several months in closing its projected gap between revenue and expenditures.
In a five-year financial forecast completed in May, the district projected that expenditures would exceed revenues by $1.8 million, $3.7 million, $6.1 million, and $7.5 million, respectively, in fiscal years 2018, 2019, 2020 and 2021.
According to the most-recent five-year financial forecast, submitted last month, deficit spending is projected at $270,000, $2.2 million, $4.5 million, $6 million, and $7.1 million for those same fiscal years.
Public school districts are required to submit these reports twice a year to the Ohio Department of Education. The forecasts project expected general-fund revenues, expenditures and fund balances.
Additionally, while the previous forecast projected that the district would have a negative fund balance by fiscal year 2019, the new projections indicate that the district will be in the black through fiscal year 2020.
The district administration attributes these changes to some cost-saving measures that have been implemented this school year.