At Grandview Heights City Schools, we believe in maintaining transparency and good communication with our stakeholders, especially when it involves school finances.

At Grandview Heights City Schools, we believe in maintaining transparency and good communication with our stakeholders, especially when it involves school finances.

Residents can be confident in knowing we place a high priority on ensuring facts and information are readily available when questions arise from time to time.

One of the most common questions I receive is how the development at Grandview Yard impacts revenue to our school district. It is logical to think that with all the growth, construction and job creation happening at Grandview Yard, a windfall of money would be available to our schools.

However, due to a complex public-private agreement and tax exemptions known as tax-increment financing, very little property-tax revenue from the growth of Grandview Yard will go to fund our schools in the foreseeable future. In fact, much of the revenue generated will go to repay the private investors who financed the public improvements required to make the once-blighted area into a thriving part of our community.

In lieu of tax revenue, the school district does receive funding through an agreement between the city and the schools, but these funds primarily serve as a "hold harmless," which simply replaces the tax revenue that was lost when major property demolition began on the land. "New" funding generated by Grandview Yard has totaled $1,061,000 since 2010. These funds represent a small fraction of the district's annual general-fund operating budget -- less than 1 percent per year.

It is exciting to be a part of a community that is flourishing, and developments such as Grandview Yard greatly benefit our quality of life in Grandview Heights. Our school district continues to meet with our city partners to use this complicated agreement to the best of our advantage and we appreciate the collaboration between our local governments.

In reality, though, because of the way these laws and agreements work, Grandview Yard will not provide significant revenue for our schools until the TIF expires, which currently is projected to be in 2040.

School finance is an important topic for ongoing discussion, and it is critical that we share financial information with our residents on an ongoing basis to ensure transparency and aid understanding. For more information on Grandview Yard and its impact on our schools, email me at beth.collier@ghcsd.org.

Beth Collier is treasurer of the Grandview Heights City School District.