Financial Forecast Remains Stable Despite Economic Challenges
By Beth Collier, CPA
Treasurer/CFO, Grandview Heights Schools
May 13, 2020
On May 13, 2020, the Grandview Heights Board of Education approved an updated five-year financial forecast for the school district. Overall, the forecast remains stable and the district will have a positive cash balance at the end of five years.
Here are some highlights:
- In May, Governor Mike DeWine announced a $300 million reduction in state funding to K-12 schools for the last two months of this fiscal year, which ends in June. For Grandview Heights Schools, these reductions amount to $320,495, or 21.6% of its annual state funding, but the district will make up for some of that with $54,934 in federal funding through the CARES Act.
- The district has set into motion a plan of action that will take place immediately, including:
- Cancelation of non-critical purchasing
- Layoff of Kids Club hourly employees, due to the cancellation of the Kids Club summer program, effective May 15
- Reduction of spring supplemental contracts by 50%
- Keeping staffing levels flat for 2020-2021
- The board will also discuss a 5-10% building/department supply budget reduction for 2020-21 and will evaluate staffing for the 2021-22 school year to determine whether reductions may be needed.
- The facility project budget has not been impacted by the state funding cuts. That project is funded by the bond proceeds issued last year and will continue as planned.
Communicating the financial health of our schools in a transparent manner with taxpayers has always been a priority. Please contact email@example.com if you should have any questions.