Ravenna schools report improved cash position after levy but say state funding cut leaves a gap

The Ravenna School District treasurer told the board on Jan. 26 that the district’s five‑year forecast has returned to positive after a period of fiscal oversight and years of deficit spending.

“We were placed in fiscal oversight,” the treasurer said, recounting May 2024 as the point when the district’s financial status was reviewed. The treasurer said two changes were decisive: voter approval of a $2,750,000 five‑year levy and “right‑sizing” of district operations, which together moved the district away from deficit spending and toward a positive fund balance through the five‑year forecast.

The treasurer gave specific figures for FY26: casino tax receipts of $121,853 and $181,845 attributable to reappraisal-related local receipts. He said state foundation funding for FY26 decreased by $519,719, and explained that reappraisal-driven increases in local valuation reduce state aid under the state funding formula.

Looking at December compared with the district’s August forecast, the treasurer said revenues were trending higher by about $401,000 and expenditures were about $637,000 lower, yielding an end-of-period cash balance “a little over $1,000,000.” He said a refreshed financial forecast will be presented at the board meeting in February.

Why it matters: The treasurer framed the levy and operational changes as the primary remedies that prevented a fiscal emergency and restored positive balances in multi‑year projections, while noting a substantial reduction in state funding that affects planning for FY26.

The treasurer concluded the report by saying the full materials will be posted online and invited board questions; no substantive changes to the forecast were made on the floor during the meeting.