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Wyoming City Schools forecast shows multi-year operating deficits; board authorizes $15 million interim notes
Summary
District staff presented a five-year general-fund forecast showing projected deficit spending and cash-balance erosion without new revenue; the board certified levy collection to the county auditor and authorized up to $15 million in bond anticipation notes to begin primary facilities work before full bond issuance.
The Wyoming City Schools board heard a presentation on its five-year general-fund forecast and moved to authorize short-term borrowing to begin facilities work after voters approved a bond earlier this fall.
Presenter (the district finance presenter) told the board the forecast, prepared under the Ohio Revised Code, models three primary revenue buckets — real estate taxes (about 41% of general-fund revenue), school district income tax (about 31%) and state funding (about 20%) — and projects ongoing pressure on the district’s cash balance. "We are going to be deficit spending, and we are going to start eating into our cash balance," the Presenter said, adding that if current trends hold the district would likely need an operating levy in 2027.
The forecast discussion called out a recent large reassessment that raised property values by about 29% but generated only roughly a 2.5% increase in property-tax revenue because of constraints under House Bill 920, which reduces effective millage when values grow. Presenter also described volatility in income-tax collections (noting strong collection years in FY22–23 and a modest decline in FY24) and said state funding has been effectively flat since FY19 for this "guaranteed" district.
On the expense side, Presenter said roughly 80% of the general fund pays salaries and benefits for about 230 staff members, with purchase services and materials making up most of the remainder. The board-approved cash-balance benchmark of $5,000,000 was cited as the target to maintain. Presenter summarized the district’s options: "Raise revenue, reduce expenditures, or some combination of both," and said the forecast assumes no additional levy revenues in the projection period.
Separately, the board voted to certify to the county auditor the amount of the voted property tax for debt charges following the recent bond election. The board also approved a resolution authorizing issuance of up to $15,000,000 in school-improvement unlimited-tax general-obligation bond anticipation notes. Presenter explained the $15 million amount is tied to a small-issuer exemption and arbitrage rules, and that issuing the notes will allow the district to contract with architects and begin initial work while the full $72.5 million bond issuance is scheduled for spring; pricing was anticipated Dec. 17 with an anticipated closing Dec. 30.
The treasurer presented consent items including minutes, the statement of revenues and expenditures and appropriation adjustments, and the board approved the five-year forecast as submitted. Board members recorded their votes by roll call on the consent items and the resolutions.
The district will continue to monitor income-tax receipts and other revenue indicators; Presenter said the forecast's year‑by‑year numbers will change but the trend of cash-balance decline is reliable absent new revenue. Next major fiscal milestones include architect RFQ review and the spring bond issuance to retire the notes and fund the approved facilities projects.
