State Budget Proposal – Impact to Loveland City Schools
As the chief financial officer of the Loveland City School District I wanted to take the time to share with you – our Loveland investor – some important information about how the state budget proposal could potentially impact the district. In Ohio, the funding of schools is shared by the state and local school districts. The Ohio General Assembly determines what an adequate education costs in the state’s biennial education budget. The information presented by the Governor is the first proposed budget. The numbers will change as it goes through the legislative process. Keep in mind that the budget process is long, and the original proposal is likely to undergo several changes along the way. The provisions in what will become the final budget will not be certain until the Governor signs it into law.
As proposed, in fiscal year (FY) 2016 our district is projected to increase $342,207 in Final Core Aid as compared to FY 2015. In FY 2017 our district is projected to decrease $464,710 in Final Core Aid as compared to FY 2016. The difference in total funding over the two fiscal years of 2016 and 2017 is a net decrease of $122,503 for the two fiscal years. This equates to a 1 percent decrease in state funding when compared to our current FY 2015 estimated Final Core Aid. The current Core Aid from the State makes up 28 percent of our total general fund.
In short, the state budget proposal is not a surprise. This assumption was built into the operating levy we passed in the spring of 2014, and the current school district budget we are using. Based on the numbers as proposed today, the Loveland City Schools Board of Education will be able to keep its promise of not going back to voters for additional funding for at least four years.
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