Kings Local Board approves financial forecast amid levy, 1% EIT and millage-reduction planning

The Kings Local Board of Education approved a financial forecast at its work session after Treasurer Matt Morrow briefed the board on revenue trends, staffing ratios and assumptions tied to a ballot measure that would impose a 1% earned-income tax and enact a 1-mill property tax reduction if passed.

Morrow told the board the district’s revenues have been largely flat while expenses — particularly personnel and certain purchased services — have continued to rise. He said the district modeled two scenarios: the baseline forecast with current revenues and an overlay that includes the proposed 1% earned-income tax (EIT) and a 1-mill reduction to property taxes, the latter to take effect Jan. 1, 2026.

The forecast matters because Kings Local’s elected board is planning for enrollment growth and ongoing costs tied to personnel and benefits. “We don’t have a crystal ball,” Morrow said, describing how the district used state modeling (based on 2022 collections data) and its forecasting vendor to estimate the EIT ramp-up and likely collections. He noted the state may provide updated data for 2023 by the end of the year.

Why it matters: The board…