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Coventry Local Schools

Coventry Local Schools. May 2013 Treasurer’s Report Aaron Butts Treasurer / CFO. Coventry Local Schools. May 2011 . May 2011 Five-Year Forecast. What happened?. Insurance Concessions by Teachers and Administrators Increased premium share Increased co-pays Increased deductibles

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Coventry Local Schools

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  1. Coventry Local Schools May 2013 Treasurer’s Report Aaron Butts Treasurer / CFO

  2. Coventry Local Schools May 2011

  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. Coventry Local Schools September 2011

  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. Coventry Local Schools FY12 2011-2012 School Year

  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. Coventry Local Schools May 2012

  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 ForecastThe Bottom Line… FY12 FY13 FY14 FY15 FY16 0   -230,411   -733,153   -1,594,681   -2,942,393

  13. Coventry Local Schools FY13 2012-2013 School Year

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

  15. Coventry Local Schools October 2012

  16. October 2012 Five-Year Forecast

  17. May 2011 Five-Year Forecast

  18. Coventry Local Schools November 2012

  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. Coventry Local Schools May 2013

  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 9-12th 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. The Bottom Line… FY13 FY14 FY15 FY16 FY17 579,852 763,865 1,164,811 1,717,426 1,842,093

  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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