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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

Coventry Local Schools

May 2013

Treasurer’s Report

Aaron Butts

Treasurer / CFO

what happened
What happened?
  • Insurance Concessions by Teachers and Administrators
    • Increased premium share
    • Increased co-pays
    • Increased deductibles
    • Added three tier prescriptions
slide5

Coventry Local Schools

September 2011

lost revenue
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
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

slide8

Coventry Local Schools

FY12

2011-2012 School Year

further reductions
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
what happened1
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
May 2012 Five-Year ForecastThe Bottom Line…

FY12 FY13 FY14 FY15 FY16

0   -230,411   -733,153   -1,594,681   -2,942,393

slide13

Coventry Local Schools

FY13

2012-2013 School Year

spending freeze continued
Spending Freeze Continued
  • Continued to freeze building budgets
  • Continued to freeze professional development
  • Continued to eliminate field trips
2012 emergency levy renewal
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
2013 may bond pi issue
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
the bottom line
The Bottom Line…

FY13 FY14 FY15 FY16 FY17

579,852 763,865 1,164,811 1,717,426 1,842,093

passage of the bond pi issue
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
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
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