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Comprehensive Financial Update and Educational Program Strategies - Mayfield Board of Education

The Mayfield Board of Education's financial update outlines critical financial needs and strategic investment in educational programming as of November 16, 2011. Key components include a needs assessment indicating the urgency of financial management, a recommendation for a combination levy to support daily operations and capital improvements, and targeted educational programming enhancements. Factors such as technology integration and professional development are prioritized to improve student outcomes, as demonstrated by Mayfield High School’s recognition in academic performance rankings.

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Comprehensive Financial Update and Educational Program Strategies - Mayfield Board of Education

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  1. Mayfield Board of Education November 16, 2011 Financial Update & Presentation

  2. Presentation Outline • Money Management • Educational Program Investment Strategies • Financial Needs Assessment • Financial Recommendation • Wild Cards

  3. Money Management • Financial Plan • Maintain sufficient cash reserves • Strategic use of all resources • Sound operational decisions, utilization of best practices, and an emphasis on targeted goals • Market Measures • Credit Rating • Relative Tax Rates – lower quartile of Cuyahoga County

  4. Educational Program Investment Strategies • Focused Educational Programming based on: • Data-driven decisions aimed at specific district goals • Targeted professional development • Early intervention for students in math & literacy • Increased use of technology in the classroom • Culminating in: • Mayfield HS named in top 100 according to Newsweek Magazine for its academic performance and programming. • 2011 State of Ohio designation “Excellent with Distinction” • Ranked in the Top 10% of schools that participated in the Battelle value added study.

  5. FINANCIAL NEEDS ASSESSMENT • The need is now, the dashboard indicators are flashing • FY2012 begins deficit spending • Begin to deplete cash reserves. • Focused financial management & planning. • Implemented a 2-year pay freeze for all District personnel. • Made permanent budget cuts of $2.5M to operating budget. • We cannot expect the State to solve our problems. Have a proven track record.

  6. Financial Recommendation • Placement of a combination levy • 5.9 mills comprised of: • 5.4 mill continuing current expense levy to pay for daily operating expenditures • .5 mill continuing permanent improvement levy to pay for capital expenditures such as technology.

  7. Wildcards • HB136 – proliferation of voucher program that has the potential of transferring local & state dollars to students attending non-public institutions. • Development of a new state funding model that further emphasizes local property wealth factors thus reducing or possibily eliminating state aid for Mayfield.

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