New Albany-Plain Local
Forecast: $12.8M deficit likely in fiscal year 2016
The New Albany-Plain Local school board on Oct. 22 unanimously approved its most recent five-year financial forecast, which details estimated revenue and expenditures for the next five years.
Superintendent April Domine said revenue projections are down and the district estimates a $12.8 million deficit in fiscal year 2016.
She said even if voters approve Issue 50, which includes a 4.24-mill continuous operating levy to generate $3.51 million, the district would face a $528,174 deficit in fiscal year 2016 and will need to go back to voters for operating funds, most likely in 2015.
The forecast was reviewed by the school board Oct. 8. Some members of the district's financial review and reporting committee attended that meeting, and the FRRC reviewed the figures again at its meeting Oct. 15.
Domine said the FRRC members requested more information on the income-tax revenue sharing agreement with the city of New Albany. Domine said the city is projecting the district's portion will remain flat at $3.62 million, the amount it was paid last fiscal year.
FRRC members also asked to review enrollment projections. The district is adding about 100 students annually, Domine said.
The forecast includes minimal staffing and funds to open a new building in 2015. It also places $250,000, or 0.5 percent of the district's budget, into a new fund for research and development. The fund was created when the forecast was updated in May.
Ohio law requires school districts to pass a five-year forecast prior to Oct. 31 and update it between April 1 and May 31 each year.