Coventry local schools
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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

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Coventry local schools

Coventry Local Schools

May 2013

Treasurer’s Report

Aaron Butts

Treasurer / CFO


Coventry local schools

Coventry Local Schools

May 2011


May 2011 five year forecast

May 2011 Five-Year Forecast


What happened

What happened?

  • Insurance Concessions by Teachers and Administrators

    • Increased premium share

    • Increased co-pays

    • Increased deductibles

    • Added three tier prescriptions


Coventry local schools

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


Coventry local schools

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


Coventry local schools

Coventry Local Schools

May 2012


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…

FY12FY13 FY14FY15FY16

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


Coventry local schools

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


Coventry local schools

Coventry Local Schools

October 2012


October 2012 five year forecast

October 2012 Five-Year Forecast


May 2011 five year forecast1

May 2011 Five-Year Forecast


Coventry local schools

Coventry Local Schools

November 2012


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


Coventry local schools

Coventry Local Schools

May 2013


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


May 2013 five year forecast

May 2013 Five-Year Forecast


May 2011 five year forecast2

May 2011 Five-Year Forecast


May 2011 to may 2013

May 2011 to May 2013


The bottom line

The Bottom Line…

FY13 FY14 FY15 FY16 FY17

579,852763,8651,164,8111,717,4261,842,093


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


Thank you

Thank You!!


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