coventry local schools may 2013 treasurers report aaron butts treasurer / cfo
TRANSCRIPT
Coventry Local Schools
May 2013 Treasurer’s Report
Aaron ButtsTreasurer / CFO
May 2011
Coventry Local Schools
May 2011 Five-Year Forecast
FY12 FY13 FY14 FY15 FY16 FY17 18,000,000
19,000,000
20,000,000
21,000,000
22,000,000
23,000,000
24,000,000
May 2011 RevenueMay 2011 Expenditures
What happened?• Insurance Concessions by Teachers and
Administrators – Increased premium share – Increased co-pays– Increased deductibles– Added three tier prescriptions
September 2011
Coventry Local Schools
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
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
FY12 2011-2012 School Year
Coventry Local Schools
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
May 2012
Coventry Local Schools
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
May 2012 Five-Year Forecast
The Bottom Line…
FY12 FY13 FY14 FY15 FY160 -230,411 -733,153 -1,594,681 -2,942,393
FY13 2012-2013 School Year
Coventry Local Schools
Spending Freeze Continued
• Continued to freeze building budgets
• Continued to freeze professional development
• Continued to eliminate field trips
October 2012
Coventry Local Schools
October 2012 Five-Year Forecast
FY13 FY14 FY15 FY16 FY17 19,000,000
19,500,000
20,000,000
20,500,000
21,000,000
21,500,000
22,000,000
October 2012 RevenueOctober 2012 Expenditure
May 2011 Five-Year Forecast
FY12 FY13 FY14 FY15 FY16 FY17 18,000,000
19,000,000
20,000,000
21,000,000
22,000,000
23,000,000
24,000,000
May 2011 RevenueMay 2011 Expenditures
November 2012
Coventry Local Schools
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
May 2013
Coventry Local Schools
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 9-12th grade High School• Will provide renovations to Middle School and
current High School
May 2013 Five-Year Forecast
FY13 FY14 FY15 FY16 FY17 19,400,000
19,600,000
19,800,000
20,000,000
20,200,000
20,400,000
20,600,000
20,800,000
May 2013 RevenueMay 2013 Expenditure
May 2011 Five-Year Forecast
FY12 FY13 FY14 FY15 FY16 FY17 18,000,000
19,000,000
20,000,000
21,000,000
22,000,000
23,000,000
24,000,000
May 2011 RevenueMay 2011 Expenditures
May 2011 to May 2013
FY12 FY13 FY14 FY15 FY16 FY17
(20,000,000)
(15,000,000)
(10,000,000)
(5,000,000)
-
5,000,000
10,000,000
15,000,000
20,000,000
(1,241,472)
(2,873,321)
(5,028,965)
(8,406,072)
(12,900,000)
(16,000,000)
299,770
579,852
763,865
1,164,811
1,717,426
1,842,093
1,541,242
3,453,173
5,792,830
9,570,883
14,617,426
17,842,093
May 2011 ForecastMay 2013 ForecastMay2011 to May 2013 Reduc-tions Difference
FY13 FY14 FY15 FY16 FY17579,852 763,865 1,164,811 1,717,426 1,842,093
THE BOTTOM LINE… THE BOTTOM LINE…
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
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
Thank You!!