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Coventry Local Schools May 2013 Treasurers Report Aaron Butts Treasurer / CFO.

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Presentation on theme: "Coventry Local Schools May 2013 Treasurers Report Aaron Butts Treasurer / CFO."— Presentation transcript:

1 Coventry Local Schools May 2013 Treasurers Report Aaron Butts Treasurer / CFO

2 May 2011 Coventry Local Schools

3 May 2011 Five-Year Forecast

4 What happened? Insurance Concessions by Teachers and Administrators – Increased premium share – Increased co-pays – Increased deductibles – Added three tier prescriptions

5 September 2011 Coventry Local Schools

6 Lost Revenue! Special Federal Funds have ended which include: – EdJobs$ 410,882.71 (two year allocation) – ARRA$1,021,529.91 (two year allocation) – SFSF$ 456,587.76 (two year allocation) $ 1,889,000.38 -State Budget $155,810 Loss Total Loss-$2,044,810.38

7 Washed away… The 6.45 mill emergency levy passed in 2010 generates $2,045,538. This levy will need to be renewed by 2015. Renewal levies = NO NEW TAXES

8 FY12 2011-2012 School Year Coventry Local Schools

9 Further Reductions Froze building budgets effective October 2011 Froze professional development December 2011 Eliminated field trips, unless sustainable by other funds (grants) Eliminated various contracts to reduce expenses Mid-Year reduction in force, attrition Changed insurance third party administrator

10 May 2012 Coventry Local Schools

11 What Happened? Reduction in Force effective FY13 (2012-2013) – 2 Administrators – 22 Teachers – 9 Classified staff – Increased class sizes – Cluster Busing – Continued pay freezes (over 3 years) for all staff Reduced various budgets FY13 (2012-2013) Total Savings $2,959,928

12 May 2012 Five-Year Forecast The Bottom Line… FY12FY13 FY14FY15FY16 0 -230,411 -733,153 -1,594,681 -2,942,393

13 FY13 2012-2013 School Year Coventry Local Schools

14 Spending Freeze Continued Continued to freeze building budgets Continued to freeze professional development Continued to eliminate field trips

15 October 2012 Coventry Local Schools

16 October 2012 Five-Year Forecast

17 May 2011 Five-Year Forecast

18 November 2012 Coventry Local Schools

19 2012 Emergency Levy Renewal Originally approved in 2003, then renewed in 2008 and again in 2012 (Thank You!) Generates $2,880,700 each year for five years Equates to 32% of Coventry Local Schools funding each year Provides a total of $14,403,500 to Coventry Local Schools over the five years

20 May 2013 Coventry Local Schools

21 2013 May Bond / PI Issue 4.89 mills – Bond will generate $28,305,500 1.1 mills (.6 mill PI,.5 mill required OFCC Facilities Maintenance) Will provide new OFCC 9-12 th grade High School Will provide renovations to Middle School and current High School

22 May 2013 Five-Year Forecast

23 May 2011 Five-Year Forecast

24 May 2011 to May 2013

25 FY13 FY14 FY15 FY16 FY17 579,852763,8651,164,8111,717,4261,842,093 T HE B OTTOM L INE …

26 Passage of the Bond / PI Issue – This issue will reduce expenses and increase revenue through elimination of duress spending and subsidization of general fund debt payments – It puts Coventry Local Schools in the best financial shape this district has seen in over 25 years – Will allow Coventry Local Schools to be released from Fiscal Watch

27 Some Final Points to Remember State Budget bills run every two years. In the life of this forecast we will see two more budget bills that could significantly change (again) the way schools are funded

28 Thank You!!

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