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Finance committee flags capital needs, forecasts flat state funding through 2028
Summary
The board’s CAT committee and treasurer briefed members on long-term fiscal outlooks, capital needs including a high-school roof and energy projects, and discussed taxation options; members urged communicating district successes to state legislators.
Members of the district’s Capital, Audit and Technology (CAT) committee and the treasurer updated the Lebanon City Schools Board of Education on Aug. 18 about fiscal planning, capital needs and state funding expectations.
Committee members said the state funding formula had not changed significantly and that no new state funding increases are expected through 2028 or possibly 2029. The committee discussed a state governor’s veto of portions of the budget that would have benefited schools, and urged greater communication with legislators about local school successes.
The committee discussed the rebranded multi-year forecast process required by the Ohio Revised Code (first submission due Aug. 15) and noted the district will propose a forecast by the treasurer’s Oct. 15 filing deadline. The treasurer reported an estimated carryover near $15 million at fiscal year end and said the district currently holds about 128 days of operating cash; staff expect to end the year at about 112 days, with a 120-day target.
Committee members also flagged capital priorities: planned energy improvements and a high-school roof repair among needs that exceed currently available funds. The committee discussed long-term tax options and initial modeling showing that eliminating property tax entirely would require a sizable income-tax rate (discussion gave an example of roughly a 3.5% income tax), though members emphasized the analysis was preliminary.
Board members discussed transparency and outreach; the communications plan for the next 24 months was described, including social media and video outreach. Committee chairs invited community members to apply for CAT membership. No policy changes or new taxes were proposed on Aug. 18; the discussion was informational and part of ongoing budget and capital planning.
