School district fund balance increases

Notice

David Schaef update: (12/05/23)

I spoke with David yesterday. He had just arrived at the Encompass Health Rehabilitation Hospital in Erie.

There are still a couple of issues to resolve, and David is optimistic that Encompass has the skills. We didn't speak much of medicine and health, most of the conversation was about our subscribers and the Community News newspaper.

I was much encouraged by the tone of his voice and the idea he was interested in talking about Community News. So, he’s at that, “I want to get back to work” stage of healing.

He talked about his subscribers and a letter he is composing for them. He talked about how to proceed with the newspaper when he gets home.

He said he hopes to be home in 2 weeks.

Thank You all for your Love and Prayers and Well Wishes.
Tom Deighton

Details: Written by DAVID SCHAEF DAVID SCHAEF; Created: 09 January 2017 09 January 2017

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.