Coventry Local Schools May 2013 Treasurers Report Aaron Butts Treasurer / CFO

May 2011 Coventry Local Schools

May 2011 Five-Year Forecast

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

September 2011 Coventry Local Schools

Lost Revenue! Special Federal Funds have ended which include: – EdJobs$ 410, (two year allocation) – ARRA$1,021, (two year allocation) – SFSF$ 456, (two year allocation) $ 1,889, State Budget $155,810 Loss Total Loss-$2,044,810.38

Washed away… The 6.45 mill emergency levy passed in 2010 generates $2,045,538. This levy will need to be renewed by Renewal levies = NO NEW TAXES

FY School Year Coventry Local Schools

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

May 2012 Coventry Local Schools

What Happened? Reduction in Force effective FY13 ( ) – 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 ( ) Total Savings $2,959,928

May 2012 Five-Year Forecast The Bottom Line… FY12FY13 FY14FY15FY , ,153 -1,594,681 -2,942,393

FY School Year Coventry Local Schools

Spending Freeze Continued Continued to freeze building budgets Continued to freeze professional development Continued to eliminate field trips

October 2012 Coventry Local Schools

October 2012 Five-Year Forecast

May 2011 Five-Year Forecast

November 2012 Coventry Local Schools

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

May 2013 Coventry Local Schools

2013 May Bond / PI Issue 4.89 mills – Bond will generate $28,305, mills (.6 mill PI,.5 mill required OFCC Facilities Maintenance) Will provide new OFCC 9-12 th grade High School Will provide renovations to Middle School and current High School

May 2013 Five-Year Forecast

May 2011 Five-Year Forecast

May 2011 to May 2013

FY13 FY14 FY15 FY16 FY17 579,852763,8651,164,8111,717,4261,842,093 T HE B OTTOM L INE …

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 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!!