TROY — The Troy City School Board of Education on Monday met to discuss the district’s financial future.
The board discussed its options for an upcoming levy renewal and whether to seek additional funds to offset revenue losses due to COVID-19 pandemic related-expenses and other revenue losses this fiscal year.
On May 5, the state of Ohio announced the state’s K-12 education budgets would be slashed to save $300 million statewide. Ohio received $384 million from the federal CARES relief act. How those funds are disbursed depends on the district’s “wealth” or ability to seek funding from within its district.
The Troy City Schools will receive funding from the federal CARES Act, but that funding still will fall hundreds of thousands of dollars short of covering the $855,097 in state funding cuts.
Troy City Schools’ state funding was cut by $855,097, the most in Miami County. The federal CARES Act added funds to the city of Troy’s private and parochial schools: Miami Montessori $2,526; St. Patrick $13,704; Troy Christian Elementary $27,991; and Troy Christian High School $33,336. However, Troy City Schools received no funding from the federal CARES Act to offset the state’s cuts.
With the $855,097 loss from the state and an undetermined amount from delinquent tax collections and lower than anticipated income sources, Superintendent Chris Piper said the administration and the board of education will continue to discuss how to seek additional funding as administrators seek ways to cut district expenses. The district has not requested any new additional operating dollars in the last 14 years, Piper said.
Treasurer Jeff Price reported a 1.0-mill increase property tax levy would generate approximately $804,000 per year for the district. The board must decide how it will seek a renewal of the 5.8-mills renewal levy or a replacement levy to seek additional funds. The board must pass two resolutions by Aug. 8 to have it appear on the November ballot.
This year the Troy City Schools anticipate pulling from its carry-over balance for the second year in a row.
Piper said the district is currently reviewing its expenses to further reduce operation costs without impacting student services. Piper said school officials should know what the upcoming school year may look like sometime this week. Piper said the district will purchase Chromebooks for each student, an expense it had planned for in the future, but was needed due to the shutdown of schools last March. Piper said the district will be mindful of student and family costs as it combs through its budget for the upcoming year.
The board plans meet June 30 for its end of the year fiscal review.