The Mentor Board of Education adopted our Chief Financial Officer Daniel L. Wilson’s Update to the Five Year Forecast at October’s regularly scheduled meeting.
While the good news is the forecast projects a balanced budget through the 2016-2017 school year, the continued declining revenue from the State of Ohio is causing our district to spend down its budget reserve. Major tax policy changes over the last 10 years are a large contributor to our decreased funding.
Even with under-spending the budget the last 11 years (since the last new levy in 2004), projected future spending of less than the typical inflation rate, and planned reductions in staffing, our district will spend more than $8 million of our reserves this year fiscal year and $16 million next year. This leads to a projected deficit in 2017-2018 of ($29,004,169).
You can view the Five Year Forecast in its entirety by visiting the Chief Financial Officer’s section of our website, www.mentorschools.net. Thank you for your continued support of Mentor Public Schools.