Departments

Achieving Financial Stability Discussions with the Kings Board of Education

The Kings Local Board of Education has been engaged in discussions to achieve financial stability since completing the reopening of school this year. The purpose of these discussions is to closely examine the revenues and expenditures of the District in consultation with the Superintendent, Treasurer, and Administrative Team of the District to determine a path forward to maintain services and address a growing student population.

The District is largely supported by local funding due to the structure of school funding in Ohio. Nearly 80% of all District revenue is derived from a local source (property taxes). Consequently, levy planning and development of community support for local levies is an integral part of the District’s financial planning. Kings doesn't anticipate any additional state support from the Governor's budget and the trend of the five-year forecast project demonstrates a need for additional revenue, expenditure reductions, or both for 2022 to avoid a deficit on June 30, 2023.

The District is positioned to utilize cash reserves from the 2016 Operating Levy through June 30, 2022, to support the cost of re-opening schools and honoring the commitment to make the 2016 levy last 3-4 years while maintaining existing services.

According to Kings Treasurer, Cary Furniss, a new operating levy would likely need to be considered in November 2021 to maintain a positive cash balance on June 30, 2023, and beyond. The Kings Board will continue discussing the financials of the District to determine a structure to achieve financial stability into the future.

 

Board Discussions

Financial Stability Discussion Powerpoint Slideshow