At the May 2021 Board Meeting, The Kenston Board of Education approved the five-year forecast for the General Fund, which gives a long-term view of the district’s finances. Treasurer, Paul J. Pestello, annually submits the forecast to the Ohio Department of Education in October and May and makes updates during the year as information changes. The five-year forecast reflects conservative projections based on historical trends and assumptions for the future known at a moment in time and presents a snapshot financial report.
The primary purpose of the forecast:
- A planning tool for the district’s Board of Education and administration to use to identify and to prepare for future funding issues of the district in support of its mission and vision.
- A key tool in meeting the district’s priority to respect the investment of taxpayers by providing responsible management of resources as we continue our commitment to student success.
- To serve as a basis for determining the Treasurer’s ability to certify that funds are available when entering into contracts.
- To provide a method for the Ohio Department of Education and the Auditor of State to identify districts headed toward financial difficulties.
- Highlights of the May 2021 financial forecast include that the Real Estate Tax Collections were not affected by the pandemic as expected, reinstatement of State Foundation revenue by the Governor to pre-pandemic levels and an unexpected and significant rebate and dividend payment was received from the Bureau of Worker’s Compensation.
- To identify future years’ deficits to allow districts to engage in planning for those conditions prior to their arrival and eliminating a projected deficit.
- The current five-year forecast projects a deficit at the end of June 30, 2024 (fiscal year 2024).
Please contact Paul J. Pestello, Treasurer with any questions. The forecast and assumptions are posted on the district’s Finance page at kenstonlocal.org.