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Schools

Levy Passage Deters Projected Shortfall for Falls School District

May five-year forecast shows balances expected to be in the black.

With voters’ approval May 3 to renew a 9.97-mill school levy, the has avoided the budget deficits projected prior to its passage.

“In October, we had been in the negative for next year. We are now in the positive for four years out,” District Treasurer Kathryn Sines said.

Sines no longer expects the budget shortfalls for the school district shown in the five-year forecast she prepared last fall. The updated five-year forecast, approved May 23 by Cuyahoga Falls Board of Education, indicates that the school district will operate in the black through 2015.

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Although no change is expected from the previous forecast for June 30 this year, the school district now expects to end its upcoming fiscal years with a nearly $2.7 million balance in 2012, $4.8 million in 2013, $5.3 million in 2014 and $4 million in 2015.

Before the renewal levy passed, the October forecast showed the school district expected to end upcoming fiscal years with a nearly $1.5-million deficit in 2012 that would have grown to a more than $21-million deficit by 2015.

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Additional changes since the October forecast that are expected to keep the school district out of the red include more than $3.5-million in spending reductions related to personnel costs, employee insurance and retirement benefits.

One Board member at the meeting expressed remaining concern for the overall finances of the school district.

“I still make that observation that compared to four years ago our revenues are down and our expenditures are up. So, we’re still looking at a remarkable swing,” said Boardmember Dale Petty.

With three levies now in place, the school district relies on property taxes from a 4.75-mill levy that will end collection in 2012, a 7.9-mill levy that will end collection in 2015 and the five-year levy voters renewed last month that will begin collection next year.

“I’m really pleased the community supported the levy,” Sines said.

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