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Financial News

Southwest Local School District Receives Ohio Auditor of State Award Again!

Once again, Southwest Local School District earned the honor of receiving the Ohio Auditor of State Award for excellence in financial reporting and following all rules and regulations set forth by the State of Ohio.  You can find the State’s Press Release HERE

 

FY23 November 5-Year Forecast

FY23 May 5-Year Forecast
Southwest Local School District Board of Education approved an updated 5-year forecast at it’s April 20, 2023 board meeting.  This forecast continues the trend of positive financial results for the future.  Care’s Act operating expenses will begin showing back up in the general fund in fiscal year 2024 and be entirely spent by fiscal year 2025.  HB33 shows promise in increasing Southwest’s share of the state foundation payments for future years.  This will likely be the number one influencer of our financial future.

 

FY23 Forecast Assumptions
Southwest Local School District approved it’s 5-year forecast at the October 20, 2022 regular board meeting.  This 5-year forecast puts the district in good shape for the foreseeable future.  Beginning in fiscal year 2025 the district will see additional costs coming back to the general fund from expenses currently carried in the Care’s Act Funds.  This has been called the “fiscal cliff” by many across the State of Ohio as many districts see a distinct downturn in financial condition beginning in fiscal year 2025.  State Foundation funding is up for big changes at the end of fiscal year 2023 and could result in big changes for many districts including Southwest.

 

FY23 Budget Update     
Southwest Local School District Board of Education approved an updated budget at it’s April 20, 2023 board meeting.  This brings the general fund inline with the current 5-year forecast and aligns federal funds with the most recent expected amounts.

 

Moody’s Credit Rating Increased!
Southwest Local Schools received a boost in credit rating to Aa3 from A1.  See what Moody’s had to say below:
New York, May 16, 2023 -- Moody's Investors Service has upgraded Southwest Local School District (Hamilton County), OH's issuer, general obligation unlimited tax (GOULT), and general obligation limited tax (GOLT) ratings to Aa3 from A1. The district had roughly $80 million of debt outstanding as of June 30, 2022.

RATINGS RATIONALE

The upgrade of the issuer rating to Aa3 reflects the district's strong reserves and liquidity, solid full value per capita and resident incomes and positive enrollment trend, balanced by an elevated long-term liabilities ratio.

 

FY22 Annual Financial Audit Complete
Southwest Local School District once again sees a clean audit from the Ohio Auditor of State’s office for the 2022 fiscal year.  A copy of the financial report and audit can be found HERE.

 

4 StaRS Rating by Ohio Auditor of State – Monitoring Transparency in Government
Southwest Local School District once again receives a Four-Star rating from the Ohio Auditor of State’s office.  This represents the highest level of achievement and rating offered by the Auditor’s office for transparency in government.  You can view Southwest’s rating HERE.