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School Board adopts five-year forecast

November 6, 2019
The Town Crier

The Poland Board of Education adopted its five-year forecast at Monday's BOE meeting. The adoption of a five-year forecast is a requirement in the State of Ohio.

Treasurer Janet Muntean provided the Board of Education and all those in attendance at the BOE meeting with extensive information on the district's finances, showing everyone where the district was two years ago and highlighting where the district is today, yet pointing out areas of concerns still projected in years to come. There is a tremendous amount of positive information in the forecast, and significant items worth mentioning.

First, the unreserved fund balances through Fiscal Year 2024 is in the black. Second, the annual debt service payment has been reduced by more than $160,000 annually for the next four years due to refinancing of the district's outstanding debt. Prior to the district finalizing a new refunding lease purchase agreement in September, the district had three separate bank notes, all with higher interest rates; now the district has only one lower fixed rate agreement.

Third, several expenditure categories have again been reduced and revenue over expenditures is positive through FY21; however, deficit spending is projected to resume. A Bus/Vehicle Replacement Plan and Technology Replacement Plan are in place now, and the district has reduced expenditures by bringing some services back to the district.

"The financial turnaround presented in this forecast is reflective of the Auditor of State Performance Audit results and recommendations, implementing the components of the Strategic Plan, the adoption of Forging the Bulldog Future Vision Plan, and our district staff and stakeholders," said Janet Muntean, Treasurer, Poland Local Schools. "It is a collaborative effort where all parties worked together."

The Board of Education is pleased with the direction the district's finances are heading, as well as implementing goals set in the Strategic Plan. The turnaround is in-line with the Board adopted Strategic Plan, and the decisions the Board has made in the last few years.

"This five year forecast is the result of a lot of hard work, creative thinking, and strategic planning by this leadership team," said James Lavorini, President, Poland Board of Education. "The Board of Education would like to specifically commend Superintendent, David Janofa and Treasurer, Janet Muntean for leading this district through these difficult financial times."

The district has taken several steps to improve its financial position, all while doing what is best for students. Even with these cost saving measures, district operations rely heavily on levy renewals. Currently, the district has a renewal expiring every year. All fixed sum renewals combined generate approximately $7 million in revenue.

 
 

 

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