MEDINA — If Medina Schools’ proposed 5.2-mill substitute emergency levy doesn’t pass in May, the district would face million-dollar deficits in the coming years, Treasurer David Chambers told the school board Monday night.
Chambers’ five-year financial forecast shows the district would see a $6.8 million deficit in the 2019 fiscal year, $11.6 million in 2020, $13.6 million in 2021 and $16 million in 2022.
“The district is not taking in as much as it’s spending. The forecast can’t show the potential passage of a levy,” he said.
Because of increases in property values, the 5.2-mill levy the board is talking about placing on the May ballot would generate about $6.6 million, the same as the levy on the books generates now.
In 2013, voters approved a 5.9-mill emergency levy that’s set to expire in December 2018.
“Stabilization can occur with passage of the substitute emergency levy in May 2018,” Chambers said.
The district has incorporated its five-year strategic plan into the financial forecast.
The strategic plan calls for increases in programming and academic opportunities for children in K-12.
If the proposed substitute emergency levy passes, the district would incorporate free all-day kindergarten, which now is tuition-based.
Chambers said the school district has an opportunity to become a “better district” within the next five years.
“In order to be able to take advantage of the strategic plan, the district has to remain fiscally conservative and remain fiscally stable with help from the Medina community,” the treasurer said.
Superintendent Aaron Sable recommended the first of two resolutions needed to place the proposed substitute emergency levy on the ballot as a continuous funding source. The board approved the resolution 5-0.
Contact reporter Bob Finnan at (330) 721-4049 or firstname.lastname@example.org.
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