Mr. Furniss reminded the Board that the Fiscal Year ended in June. He noted that the District finished the fiscal year ahead of the forecasted projections from October 2017 and May 2018. He covered the revenue impact from enrollment growth and how the extra students affect District finances.
Due to budget constraints imposed by the state legislature, the District's per pupil state aid is "capped" for the past and upcoming school year. Due to the "Gain Cap," the District had approximately 1,250 students last year that were not funded. With a 3.5% increase in the cap and the increase in students, it is expected the number of unfunded students will climb in excess of 1,300 for the 2018-19 school year.
The restraints the funding formula places on per pupil funding, along with a growing student population will continue to put pressure on the Kings budget and the reliance on the local community for support.
Additionally, Mr. Furniss notified the Board that the District has enrolled in the
Ohio Checkbook
program for additional financial transparency.
The Board approved the following:
- Minutes from the July 17 Regular Meeting and August 14 Work Session.
- Donations and Financial reports for the month of July