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Canfield board adopts three-year financial forecast, flags deficit spending and levy choices
Summary
The Canfield Local Board of Education adopted a three-year financial forecast showing deficit spending driven by personnel and rising health-care costs; trustees discussed levies, state tax-reform uncertainty and the need to educate voters about school finance.
The Canfield Local Board of Education voted Oct. 8 to adopt a three-year financial forecast that projects ongoing deficit spending unless the district increases revenue or reduces expenses.
Board members approved the forecast after a presentation from district finance staff showing the two principal revenue streams are property taxes and the state foundation. The forecast, which covers the current fiscal year plus three forecast years, assumes negotiated 3% payroll increases and healthcare cost increases the presentation estimated at 7% for 2025…
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