West Cleveland News

The Bay Village City School District projects ending the current fiscal year with a cash balance that will be more than $17.3 million, with projected General Fund expenditures $2 million less than its fund revenue. These figures were presented in a recent meeting where district officials discussed their financial outlook for the coming years.

District Treasurer Meghan Rohde recently shared some important information about the district's finances. Rohde offered the projected gain during her presentation of its 5-year financial forecast, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda.

In her detailed presentation, Rohde also broke down how the general fund revenue and expenditures would be allocated for this year. Rohde's presentation shared that the projected General Fund Revenue will be $42.9 million this year. Its expenditures will be $40.9 million, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda. The projected local taxes will make up $33.6 million of the revenue, with $31.8 million from real estate property taxes. Another $1.7 million will come from public utility property taxes. Projected state funding will be $8.7 million with less than $700,000 making up all other operating revenue.

Beyond revenues and expenses, she also outlined specific budget allocations within the district's total expenditure. Personnel costs are 82% of the district's budget or $33.4 million, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda. Purchased services at 10% will cost the district $3.9 million. All other expenditures, including supplies, capital, and debt, will cost the district $3.6 million.

She further provided insight into how the district's cash balance is projected to fluctuate over the next several years. The financial forecast projects that the district's cash balance will rise to $19.2 million in 2026 as the net gains for each year shrink, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda. By the fiscal year 2028, the district projects its cash balance will fall to $15.6 million.

Rohde also touched on the district's track record of expenditure management and its implications for future spending trends. The district historically beats spending expectations based on normal price increases, with a historical annual expenditure change of 2.23% despite projects for the increase to reach 3.81%, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda. The annual change in inflation was recorded at 6.12%.

Finally, she made projections about per-pupil expenditures from the General Fund for future years. Per pupil annual expenditures from the General Fund are projected to rise from $16,616 this year to $20,140 in 2028, according to its Financial Forecast Key Indicators & Analysis that was attached to the board's Nov. 20 meeting agenda. The daily cost per pupil projected in fiscal year 2024 is $97.