Fairborn City projects stable finances in five-year forecast; district wins national accounting awards
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Summary
District treasurer presented a five-year forecast showing roughly $62 million in annual revenue, strong projected cash balances and a near 50/50 local-state revenue split; the district also received three state and national awards for financial reporting and auditing.
Mister Fano, staff member, presented Fairborn City Schools' five-year financial forecast Thursday, saying the district expects about $62 million in revenue this fiscal year and projected “strong and stable” ending cash balances over the next five years.
The forecast, which the presenter described as “our best guess at what the future looks like,” projects revenues and expenditures each of just under $62 million and an ending cash balance for the current year of roughly $34 million. Fano said the district spends about 80 percent of its budget on personnel costs and that local and state revenue are almost evenly split.
The presentation noted district demographics that affect finances: an estimated 20 percent of students are identified as students with disabilities and 84.3 percent are economically disadvantaged. The district’s per-pupil spending was reported at about $14,000 for 2023, below the Ohio statewide average, while local median household income for residents was reported around $56,000.
Fano said the five-year forecast includes placeholders for future negotiated agreements and a worst-case scenario for health insurance costs. “Every number I hear will change,” he said, adding that the forecast is a planning roadmap to show “when do we need the levy, etc.”
The district also announced three recognitions for its finance office: awards from the Association of School Business Officials International and the Government Finance Officers Association for financial reporting, and a clean audit recognition from the Ohio Auditor of State. Fano said this is the sixth consecutive year Fairborn City Schools received the state and national reporting awards.
Board members moved and seconded acceptance of the monthly financial report after the presentation; the motion passed on a recorded voice vote.
The board also discussed comparative data showing nearby districts (Huber Heights, Beavercreek and Mad River) with differing spending and demographic profiles to illustrate Fairborn’s relative per-pupil spending and community income levels. The presenter said the mix of funding and the district’s ending balances indicate financial stability.
The presentation concluded with an invitation for board questions and the treasurer’s remark that improving financial communication, transparency and long-range planning remained ongoing priorities for the district.
