October 25, 2014

Medina
Intermittent clouds
66°F

Treasurer David Chambers: Medina Schools finances are good for now

MEDINA — Medina Schools will operate in the black for at least another two years, district Treasurer David Chambers said.

Chambers presented the district’s five-year financial forecast at Monday’s school board meeting.

Chambers said the district expected to have a $5.6 million carryover in 2014 and $3 million in 2015.

After that, the numbers are bleaker with predicted shortfalls in the next three years of $2.1 million, $4.6 million and $6 million.

Chambers said the forecast, a summary of estimated district revenues and expenditures, was a conservative estimate of the financial future for Medina Schools.

“It’s unknown whether funding levels will continue as we have seen,” Chambers said. “That’s the big 16-to-18-million-dollar question.”

The district saw a decrease of $6.7 million in state and federal funding from 2011 to 2013.

Superintendent Dave Knight pointed out renewing the levy in five years could keep the negative numbers at bay.

“We celebrated that we passed a 5.9-mill, five-year levy,” Knight said. “In five years, we will be back on the ballot to renew the levy.

“We hope people will say we spent the money wisely and there was good value for the dollars spent.”

Knight said the levy enables the district to bring back programming.

Chambers added the passage of the November levy will allow the district to bring back 63 staff members including 30 teachers and nearly as many bus drivers.

Contact reporter Nancy Johnson at areanews@medina-gazette.com.