Presentation on theme: "1 Cleveland Municipal School District Five Year Financial Forecast September 2009 The primary goal of the Cleveland Municipal School District is to become."— Presentation transcript:
1 Cleveland Municipal School District Five Year Financial Forecast September 2009 The primary goal of the Cleveland Municipal School District is to become a premier school district in the United States of America.
2 Cleveland Municipal School District Average Daily Membership 20102011201220132014 CMSD Count44,76243,76542,44141,37240,170 * The Districts (K-12) enrollment count total is 49,167, as of September 11, 2009.
13 Cleveland Municipal School District September 2009 Five Year Forecast (in millions of dollars) 2009 – 20102010 – 20112011 – 20122012 – 20132013 – 2014 Beginning Cash Balance$ 50.4$ 7.0$ (45.8)$ (125.9)$ (217.3) Total Revenues659.7655.1638.5631.7627.1 Total Expenses703.1707.9718.6723.1728.6 Revenue over Expense(43.4)(52.8)(80.1)(91.4)(101.5) Ending Cash Balance7.0(45.8)(125.9)(217.3)(318.8) Encumbrances/Reserves7.0 Unencumbered Balance $ 0.0 $ (52.8)$ (132.9)$ (224.3)$ (325.8)
14 Cleveland Municipal School District September 2009 Five Year Forecast Summary State Foundation Revenue 1.Projections for 2009-2010 and 2010-2011 are based on the new Evidence Based Funding Model (HB 1). 2.State Foundation estimates include Education Stabilization Funding allocated under the American Recovery Reinvestment Act ($10.5 million). Stabilization Funding is a one-time allocation that will expire 6/30/2011. 3.Foundation estimates provided by the Ohio Department of Education project CMSD funding levels at the HB 1 funding cap (.75% gain cap) Property Taxes 1.Fiscal Year 2010 property taxes are currently estimated by the Cuyahoga County Auditors Office based on a collection rate of 84.28%, down from 86.8%. The forecast through 2014 assumes a collection rate of 84.28%. It is estimated that the District will collect $8.7 million in prior year delinquencies in FY 10-14. This is consistent with prior year collections. Salaries and Benefits 1.The 7/1/2009 base wage increase (contingent on the availability of funds) is not reflected in the Districts forecast 2.Estimates for 2010-2011 and beyond assume a reduction of 100 positions per year due to declining enrollment. 3.Employee Insurance benefits are projected to increase 3% per year.
15 Cleveland Municipal School District September 2009 Five Year Forecast Summary Continued American Recovery and Reinvestment Act (ARRA) 1.ARRA funding has been utilized to temporarily fund 29 classroom teachers (Elementary and Secondary Education Act). 2.ARRA funding has been utilized to temporarily fund $4.5 million of tuition payments for students who reside in the district and are educated at other facilities (Individuals with Disabilities Act). Charter School Tuition 1.Charter School students will continue to be counted in the District of residence. 2.Costs over the forecast period are based on historical trends. Financial Summary 1.The September 2009 forecast and annual appropriation projects a balanced position thru the 2009-2010 school year. 2.A significant deficit ($52.8 million) is projected for school year 2010-2011.
16 Cleveland Municipal School District Five Year Financial Forecast Questions and Review September 2009 The primary goal of the Cleveland Municipal School District is to become a premier school district in the United States of America.