A Destination for Financial Stability
Part of what makes the Loveland City School District a destination for families in Ohio is our consistent ability to operate in a fiscally conservative manner while maintaining excellence. It takes thoughtful planning from the classroom level all the way to the Treasurer’s Office to ensure this happens. One tool we use to project our financial future is the five-year forecast – and each fall, by state law, it is presented to the Loveland Board of Education, and then updated in the spring. As the chief financial officer, it is my privilege to share with you – our Loveland investor – the spring update that was presented to the Loveland Board of Education at the April 19 Board Business Meeting. As anticipated, we continue to be a district of financial stability.
As we first shared with you in October, our five-year model projected a cash balance that offered the district one-time funds to make significant investments in areas that were deferred during the recession. This opportunity was the outcome of projected state funding being more than anticipated, and health insurance costs being less. Our positive projections were also due in part to voters in the Loveland City School District passing a 5.6 mill operating levy in May of 2014; passage of the levy provided our team an opportunity to continue the excellent education we provide to prepare our students for tomorrow, today. As always – we offer a sincere thank you to those who supported and continue to support our district. With that gratitude comes an assurance that we will continue to manage expenditures:
• $400,000 per year saved since 2011 with the addition of energy efficient initiatives
• $350,000 saved due to participation in two insurance programs
It was also during the 2014 levy campaign that the district first informed you the bond millage would be reduced from 3.34 mills down to 1.75 mills. When taxes were due – because of that retirement of district bonds – taxpayers living in the district saw a reduction of approximately $48 per $100,000 of appraised real estate. We are pleased that this promise made to you, our investor, has been fulfilled.
Being a good steward of taxpayer money is a responsibility our Board of Education and administration takes very seriously. Should you have any specific questions about our district finances, I encourage you to contact me directly. My door is always open.
Loveland City School District
Treasurer & CFO