Eastwood financial forecast presented PDF Print E-mail
Written by JORDAN CRAVENS Sentinel Staff Writer   
Wednesday, 31 October 2012 10:53
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PEMBERVILLE - The Eastwood Board of Education approved its five-year financial forecast Monday which projected a small budget surplus at the end of fiscal year 2013.
Treasurer David Michel reported to the board the district is projecting $14,027,421 in revenue for fiscal year 2013, compared with $14,052,097 in expenses. That's a difference of about $20,000.
"We are in very good shape," Michel said.
The three largest revenue sources for the district are state funding, expected to generate $6.1 million for fiscal year 2013; property tax, $4.5 million; and income tax, $1.8 million.
It's two largest expenditures are personnel, $8.1 million and employee retirement/insurance benefits, $3.2 million.
Delinquent real estate taxes, income tax collection and teacher contract negotiations could have an impact on the bottom line in future years, Michel said.
Revenues are predicted to decline with $13.4 million in fiscal year 2014; $13.1 million in fiscal years 2015, 2016 and 2017.
Meanwhile, expenses are projected to increase to $14.7 million in fiscal year 2014; $14.9 million in fiscal year 2015; $15.1 million in fiscal year 2016; and $15.5 million in fiscal year 2017.
Also at the meeting, the board approved a contact with Wilson Auction and Reality Co., Bowling Green, to sell a surplus of items being housed at Webster Elementary at public auction. Only contents will be auctioned.
The auction at the elementary is scheduled for 4 p.m., Nov. 8. Loose furnishings, such as desks, tables, chairs, TVs and TV stands will be auctioned.
"We have been using Webster for district storage and the time has come to unload these items," said Superintendent Brent Welker.
 

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