Five-Year Financial Forecast and Assumptions

Forecast and Assumptions

State law requires that all public schools file a Five-Year Financial Forecast with the Ohio Department of Education twice a year, by November 30 and May 31. The forecast requires districts to evaluate their General Fund for potential long-term outcomes when making current decisions about new initiatives and funding existing programs and services over multiple years. The multi-year budgeting process lends itself to meeting both short and long-term goals while maintaining financial solvency.
The General Fund is the largest district fund. The General Fund is primarily unrestricted and is used for the day-to-day operation of the school district.
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.
  • To identify future years’ deficits to allow districts to engage in planning for those conditions prior to their arrival and eliminating a projected deficit.
Due to the uncertainties and changing nature of school finance and economic factors, this forecast is fluid and subject to change.
Contact the Treasurer’s Office at 440-543-9677 with any questions.