Community Report 2020

Treasurer / CFO Lisa Shanks – lshanks@sylvaniaschools.org Office of the Treasurer R E V E N U E S Real Estate Taxes 60,176,443.00 63.27% Public Utility Personal Property 3,092,472.00 3.25% STATE FUNDS Unrestricted and Restricted 19,843,844.00 20.86% Property Tax Allocation 7,216,690.00 7.59% Other 4,784,255.00 5.03% Total Revenue 95,113,704.00 100.00% E X P E N S E S Wages 50,956,537.00 57.08% Benefits 21,736,822.00 24.35% Purchased Services 8,884,544.00 9.91% Supplies and Materials 3,884,417.00 4.35% Capital Outlay 141,822.00 0.16% Other 3,711,511.00 4.16% Total Expenses 89,275,653.00 100.00% S U M M A R Y Beginning Balance 15,161,640.00 Revenues 95,113,704.00 Expenses 89,275,653.00 Ending Balance 20,999,691.00 Reservation for Encumbrances 330,856.00 Executive Summary Sylvania Schools is expected to maintain a balanced budget and sufficient cash reserves in fiscal year 2020. Both are es- sential components to long term fiscal health. Operating within a carefully developed fiscal spending plan is a districtwide commitment. Based on current projections, expenditures be- gin to outpace revenues in fiscal year 2022. With this in mind, it is necessary to continue proactively identifying ways to lower costs while maintaining valuable educational experiences for students. Postponing deficit spending will ultimately prolong the need to return to voters to approve a new levy. The much anticipated state biennial budget was released in mid-July. Public schools were hopeful that key funding inequities would finally be addressed with the introduction of a robust K-12 education budget. Unfortunately, meaningful funding reform was put on hold until greater consensus could be reached on the fairness and permanency of the funding model. The current budget provides additional funding for enrollment growth and wellness initiatives but freezes funding at 2019 levels for special education, transportation and career technical programs. Flat funding key educational components could prove costly should enrollment increase in fiscal years 2020 and 2021. The District’s financial success is contingent upon the commitment of legislatures to continue discussion in finding a fair school funding solution. Sylvania Schools received the Auditor of State Award with Distinction for the 2018-2019 fiscal year COMMUNITY REPORT 2020 9