Updated five-year financial forecast presented at the Loveland Board of Education meeting
NEWS RELEASE: Susanne Quigley, Loveland Schools Chief Information Officer
LOVELAND, OH – At the February 18 business meeting, the Loveland Board of Education reviewed and approved the school district’s updated five-year financial forecast. The board also formalized its commitment to limit annual expenditure growth of the district’s general fund to an average annualized 2.64% for fiscal years ’21 through ’24, according to the new baseline of projected expenditures for fiscal year ’20. The pledge to limit the growth of expenditures was initially made in conjunction with placing the 6.95-mill operating levy on the March 17, 2020 ballot.
Loveland Schools Board of Education (Photo by Chuck Gibson)
The five-year forecast, which serves as a tool for assessing the financial health of the district by looking at historical and projected financial data, is required by the Ohio Department of Education twice annually.
“The historical data in the forecast shows that our district has been financially stable over the years and that the investments in technology and student programs were made as promised after the community passed the 2014 operating levy,” said District Treasurer/CFO Kevin Hawley. “It also shows that the district has made the money from the 2014 levy last longer than the four years promised.”
Kevin Hawley is the Loveland City School District Treasurer, Kevin Hawley (Provided)
In conjunction with the March operating levy, the district is making $2.7 million in budget cuts, resulting in the reduction of staff and the elimination of planned expansion of programs and services. If the March operating levy does not pass, the district will have to make additional cuts before the 2020-21 school year begins – among others including the elimination of at least 25 additional staff positions and high school busing – due to uncertain funding going forward.
For more information, including a breakdown of the $2.7 million in expense reductions made, visit the levy page on the district’s website. The updated five-year forecast can be found on the Treasurer’s page.