Conneaut School District
In a follow up to an audit report last month, Conneaut School Board members learned, in an update from Business Manager Greg Mayle, that the district, through some increased revenues and watching spending carefully, increased its fund balance by $385,064 instead of dipping into any fund balances by $1,229,468.
Some factors in the budget for the past 2015-16 school year saw current real estate taxes increase by $163,830; current Act 511 Earned Income taxes increase by $107,629; basic instructional subsidy from the state increase by $181,020; transportation support from the state increase by $143,347; and federal revenues fall by $376,739.
On the expense side, legal fees were $114,450 more than first budgeted due to the on going Conneaut Lake Park issue but most should be recovered in the end - the district finally receiving payment on the sale of the second lot recently.
The school district will soon begin budget planning for the year to begin July 1, with several factors to be dealt with including 8% annual increases in health insurance; 2.5 % increase in other insurances; and retirement payments projected at 32.57% of each general fund dollar - that is almost 33¢ of every general fund dollar going towards retirement with that projecting to go to 36.40% by 2021-22.
Read more in this weeks issue.
For additional details about School district fund balance increases, as well as the headlines noted below, please purchase a Monday, January 9, newspaper at area locations or a digital download of the paper.
- AREA BUSINESSES: SALUTE FIRST RESPONDERS!
- SUMMIT, EF, WF, SADSBURY TOWNSHIP MEETINGS!
- SUMMIT LEADERS HEAR A PRICE TAG FOR NEW BUILDING