Treasurer outlines years of deficit spending, spending freeze remains in effect; board reviews levy and funding options

The Stow‑Munroe Falls City School District treasurer presented a financial overview on March 3 that traced multi‑year deficit spending, explained the district’s current spending freeze and outlined local levy and permanent improvement (PI) funding sources.

Treasurer Patrick Gallano said the district experienced recurring deficit spending from fiscal year 2014 through fiscal year 2023, with deficits ranging “from roughly $2 million to $4 million” in several years. Fiscal year 2024 showed a surplus of about $3.5 million, a result Gallano attributed largely to increased property valuations rather than structural budgetary changes. Gallano cautioned that long‑term financial health requires earlier interventions to avoid compounding deficits.

Local revenue overview: Gallano presented district levy data the county auditor compiles. Key figures cited in the presentation included: • General fund local levies (examples presented): a 4.74‑mill levy yielding about $6,889,000; a continuous 21.54‑mill levy yielding roughly $17,500,000; and another continuous levy yielding about $4,800,000. Total local funding across general fund, emergency levies…