Lebanon City Schools projects $15 million carryover in five-year forecast; levy likely not needed until 2028–29

Lebanon City Schools’ board of education on May 19 reviewed a new five-year financial forecast projecting a $15,000,000 carryover by 2029 and pushed out the likely need for a new operating levy until about 2028 or 2029.

The forecast, presented in the board packet and summarized during the meeting, shows the district’s deficit for the current fiscal year narrowed to an estimated $170,000 and anticipates one or more years of stabilized or improved balances before expenses accelerate in later years.

Why it matters: the five-year view helps the board decide when to ask voters for additional tax levies and informs short-term spending and hiring decisions. School finance in Ohio is sensitive to proposed state and federal policy changes that could reduce property-tax or state funding, the board was told.

“We have a $15,000,000 carryover projected right now in 2029,” Mister Gliotti said during the Community Audit Advisory Committee report summarizing the projection. He told the board that, based on current numbers, the district “wouldn’t necessarily need to go to voters to ask for a new levy until 2028, maybe 2029.”

Miss Irvin, who presented detailed monthly and year-to-date results from the district’s forecasting tool, told the board the current-year forecast includes 10 months of actuals and that the district had collected its property-tax revenue for the year. “We’re looking to still deficit spend this year, but only by about a 170,000,” she said.

The forecast reflects several near-term positive items: higher-than-expected tax revenues, savings in insurance and retirement costs (about $1 million mentioned in committee discussion), and benefits from tax-increment financing (TIF) growth in the district’s jurisdiction. The board heard that, under the district’s current cash-balance target, maintaining a three-month carryover would require roughly $19–21 million.

Board members and staff cautioned that the forecast is a snapshot. Miss Irvin and Mister Gliotti repeatedly warned that proposed changes at the state or federal level to how schools are funded could materially alter revenue assumptions. “Anything can change in the next two months,” Miss Irvin said, adding that the projections will be revisited as state and federal policy moves occur.

The board approved the new five-year forecast as part of consent item l during the meeting; the financial consent package (items a through r) passed on a roll-call vote with unanimous support from the board members present.

Less-critical details: the presentation included charts showing revenue composition (property tax currently about 58% of total revenue) and a dashboard indicating the district expects to end the fiscal year near its cash target. The board packet included the full forecast report and comparative slides showing the May forecast versus the prior November projection.

The board directed staff to continue monitoring revenue and expense drivers and to return to the board with updated forecasts if the state or federal funding environment changes.