Tuesday, October 30, 2018
Staff report
LIBERTY
Thanks in part to an increase in student enrollment at the Liberty School District, the five-year financial forecast projects a positive cash balance until 2022.
The report, however, released at Monday night’s school board meeting, stated the district will need to increase revenue or cut spending before fiscal year 2022 to avoid ending fiscal year 2023 in a little over $1 million deficit.
Treasurer Maureen Lloyd said the school is exploring ways of reducing costs.
The district is projected to end fiscal year 2019 with a cash balance of about $1.8 million.
The report’s projections are based on the assumption the district will renew its levies, including a 3.75-mill renewal levy that will be on the November ballot. If the public votes no to the levies, the budget will be in a deficit of about $9.4 million at the end of 2023.
This school year, the district has gained 138 students, an increase of 13 percent, the report said.
Of that figure, 57 are from open enrollment and the rest are district residential students, the report said.
Superintendent Joe Nohra attributed the increase of students to the addition of the school district’s new programs, such as robotics and engineering, plus honors and gifted classes.
Real property taxes are a little less than 50 percent of all operating revenue for the district, the report stated.
The forecast projected an average annual increase of 2.54 percent in expenses from anticipated increases in health insurance premiums and increases in teacher salaries.
Revenue is expected to increase from 1.42 percent the past five years to 2.08 percent on average annually over the next five years.