PEMBERVILLE – Eastwood Local Schools will deficit spend over $1 million dollars for each of the next five years, but there is good financial news ahead for the district.
Treasurer Monica Leppelmeier gave an update to the five-year forecast at the May 15 school board meeting.
The good news is the $1.27 million used to pay off the certificates of participation bonds that built the new elementary will go away after fiscal year 2025. Those funds will go into the general fund.
Payments of $56,000 for energy savings bonds will also expire in fiscal year 2025, with that money returning to the general fund as well.
“We are ever closer to being debt free at the end of FY25,” Leppelmeier wrote in her forecast notes.
Some bad news is the district will see a 70% increase in its electric bill this year, she said.
The district’s budget shows expenses will top revenues this year by an estimated $1.78 million and next year by $1.81 million. That number increases to $3.25 million in fiscal year 2027.
The district’s cash balance of $10.10 million this year is enough to cover expenditures for the next five years but is expected to decrease to $2.43 million in fiscal year 2027.
Also at the meeting, the board:
• Commended Brenna Payne for her appointment to West Point.
High School Principal Jim Kieper said this was the first Eastwood student appointed to West Point in 34 years.
• Approved one-year contracts for Zachary Morris, high school intervention specialist, Ashley Post, high school math, and Stacie Stroshine as high school guidance counselor, all effective for the 2023-24 school year.
• Approved a two-year contract with Laurie Ruch as assistant treasurer, effective July 1.
• Approved the Community Learning Center’s STARS program agreement for the 2023-24 school year.
• Accepted donations of $500 from NAMI of Wood County to the high school prom, $500 from Grover Powder Coating to the softball program, and $200 from ZKO Cooperation, $200 from Mick and Nancy Foster, $300 from Kati Tharp, $200 from Centaur Tool and $200 from Jamie Kuhlman Tax Services, all for the track program.
• Renewed property, liability and fleet insurance with the Ohio School Plan for 2023-24 for $86,278.