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5 Year Forecast

Solid Financial Outlook, District Closely Monitoring COVID-19 Impacts

By Beth Collier, CPA

Treasurer/CFO, Grandview Heights Schools

October 6, 2021

 

The Board of Education recently approved the district’s updated 5 Year Financial Forecast.  We are pleased to share that Grandview Heights Schools is in good shape financially thanks in part to a strong tax base and the increased revenue stream from the Grandview Yard.  The Grandview Yard development continues to be a strong and consistent source of revenue exceeding annual projections.

 

The new state budget has also been recently finalized and, as expected, the impact on Grandview Heights Schools is minimal. While the Fair School Funding Plan significantly changes how K-12 school district funding is calculated, it has virtually no impact on our district.  This was to be expected since the new formula is based on school district property valuation and district residents’ income, both measures of a community’s ability to pay. 

 

While the past 18 months have presented unprecedented educational and financial challenges, the district has made good use of federal funding offered to alleviate the additional financial burden of the global pandemic. These funds were used, in part, for summer programming to help students stay on track and to bridge any learning gaps after a challenging 2020-2021 school year. 

The financial forecast is not without challenges. After five years of average annual health insurance premium increases of less than .5%, we were hit with an increase of 12.5% this year.  And, while health insurance claims are continuing to outpace premiums, we are facing additional increases as we look to the future.  That said, we are working closely with our District Insurance Committee and broker to evaluate cost-savings options in an effort to stabilize our health insurance costs.  

Finally, we are excited to share that our forecast reflects the elimination of all-day kindergarten tuition in an effort to ensure equal access to this educational opportunity for all students. This fee was able to be eliminated while still maintaining a strong cash balance due, in part, to responsible fiscal management. 

As we move forward, our focus remains on our mission to maximize and personalize every student’s learning, while continuing to be good stewards of our financial resources.  If you have any questions, please do not hesitate to contact me.