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CMSD projects multi‑year deficits even after credit upgrade, CFO says
Summary
Cleveland Metropolitan School District officials presented a May five‑year forecast that assumes flat state funding, projects growing annual deficits after this year and shows cash‑balance improvements from recent cost reductions; the CEO also announced an S&P upgrade to A‑minus that will save roughly $750,000.
Cleveland Metropolitan School District officials told the board that the district faces ongoing multi‑year budget deficits even after measures that have improved its long‑term cash outlook.
Chief Financial Officer Mister Stockdale presented the district’s May five‑year forecast and said the projection assumes flat state funding over the next four years because the state appears to be moving away from the fair school funding formula. "We are projecting out flat funding," Stockdale said.
The forecast shows a small negative balance in the current fiscal year — about $5 million below earlier projections — and recurring, growing budget deficits in the out years under the assumptions in the presentation. Stockdale said the district has narrowed the budget gap…
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