District 5-Year Forecast
The Louisville City Schools Board of Education recently approved the five-year financial forecast presented by Treasurer Derek Nottingham. As required by law, all school districts across Ohio must complete this forecast, which includes three years of actual and five years of projected general fund revenues and expenditures. Not only is it an important financial planning tool, it also offers community members an open and honest review of school district finances and operations.
Click here to download a copy. May 20, 2019.
District Implements New Investment Strategy
In the fall, action was taken to bolster the District’s investment strategy in an effort to increase interest earnings on available cash. As a result, funds were not only invested in certificates of deposit but also in various federal agencies. With this change, the District is anticipating interest revenue of approximately $22,000 for the current fiscal year (FY2016) with the investments in place for only a portion of the fiscal year. Next fiscal year (FY2017), the interest revenue should reach close to $35,000. In comparison, the District brought in $2,465 of interest revenue last fiscal year (FY2015).
Stark County had a valuation update in 2015 which means all property values were adjusted across the County. Many of you probably received notification from the County Auditor in the fall stating the new appraised value of your real estate/property. In December, the County Auditor finalized the proposed property values with the State of Ohio. As a result, the property values within the Louisville City School District increased from by $45,339,470, or 14.5%, to $358,156,300 over 2012 values. The last reappraisal occurred in calendar year 2012 and resulted in a total assessed valuation of $312,816,830. This reappraisal showed a steep decline in values and realized a decrease in assessed valuation of $27,511,500, or 8.1%, based on effects of the recession and specifically the hardships which manifested within the housing market. The 2009 valuation update was $340,328,330.
Property tax revenue and state foundation monies are the District’s major revenue sources. For the current school year, total property tax revenue will account for approximately 28.7% of the District’s general operating fund. Included in that, the emergency operating levy approved in May of 2013 accounts for 7.1% of the District’s general operating fund on its own. Consequently, the District relies heavily on these tax proceeds; they are vital to the District’s general operations. The emergency operating levy is currently on a five year cycle and is approved through collection year 2018 which means November 2017 is the first opportunity to have a renewal on the ballot. The Board of Education and administration are already looking ahead at the future budgetary needs of the District as it relates to the emergency operating levy and total revenue in general.
District Treasurer, Derek Nottingham
As part of our commitment to the community, the Louisville City Schools will continue to be accountable, responsible and transparent in the efficient management and oversight of all financial resources.
On this page, you will find useful forms and detailed information about district finances, including revenues and expenditures, the Five-Year Forecast, student data, monthly financial reports and more.
I am very excited to be a part of the Louisville Local School District and to have this opportunity to serve the Louisville community. Although my time here at Louisville has just begun, it has been great to already witness the dedication and pride that the Louisville community has with this school district.
Thank you for your support!
If you have any questions about the materials or district finances, please contact me at 330-875-1666 or email@example.com.