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Five-Year Forecast

SLSD's Five Year Forecast - October, 2020

 

Ohio requires school districts to complete a five-year forecast, twice per year. Forecasting helps districts plan ahead and make necessary changes before small financial problems become larger ones.  On October 15, 2020 the Southwest Local School District Board of Education approved the updated forecast for October 2020.  The October forecast shows the district having a positive cash balance throughout all five years.  Residential property tax valuations are expected to grow 2.6% for tax years 2020-2024. Earned income taxes are expected to fall slightly in 2020 considering the current economic conditions but are expected to resume a normal rate of growth in the following years. The district does not anticipate any additional expenditures in the general fund for the COVID-19 response, in thanks to Coronavirus Relief Funds from the State of Ohio ($184,000), a Broad Connectivity Grant ($20,000) and federal CARES Act funds ($760,000).


Like all things in this world, the forecast can change.  As the district grows, so does the cost to serve more students.  This ever-present change requires the Board and Administration to keep a close eye on both short-term and long-term financial issues.  Reacting quickly to changes ensures that the district can effectively and efficiently meet student and community needs.  State funding is a key variable for the district that can change dramatically. Changes to this funding source are being passed through Ohio legislature right now.  Depending on its outcome, the district’s forecast could change considerably.  Other key variables include health care costs, required staffing levels, and new construction.  Significant changes to any of these variables could have a substantial effect on the long-term forecast for the district.

 

As always, we strive to provide academic and social growth for ALL students, EVERY DAY.

For questions regarding this forecast, please contact SLSD Treasurer Thomas Lowe at (513) 367-4139 or Thomas.Lowe@southwestschools.org.

 

FY21 - Forecast Assumptions - October 2020
Five Year Forecast - Fiscal Year 2021