Presented by:Paul F. Shaw CPA CGMA RSBFO – TreasurerJuly 31, 2018

Logan-Hocking Local School District

Fiscal Year 2018

Fiscal Year End Financial Report

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Logan-Hocking Local School DistrictSummary of General Fund Revenues & Expenditures

Fiscal Year 2018Revenues

Expenditures

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Logan-Hocking Local School DistrictSummary of General Fund Revenues

Fiscal Year 2018

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Logan-Hocking Local School DistrictSummary of General Fund Expenditures & Year End Fund Balance

Fiscal Year 2018

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Logan-Hocking Local School DistrictFY 2017 vs. FY 2018

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Logan-Hocking Local School DistrictVariations Analysis - FY 2018 Forecast (May 2018) vs. FY 2018 Actual

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Logan-Hocking Local School DistrictGeneral Fund Historical Revenues & Expenditures

Twenty Year History

•FY 2013 – First operating deficit in eighteen (18) years•5 out of last 6 years operating in the red (deficit)

•18 out of last 23 years operating in the black (surplus)•Last local operating tax levy approved November 1981 (nearly 37 years ago!)

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Logan-Hocking Local School DistrictLOCAL vs. STATE FUNDING, AS A PERCENTAGE

Historical Changes

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Logan-Hocking Local School DistrictGeneral Fund Historical Revenues & Expenditures

10 Year History

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Logan-Hocking Local School DistrictNet Operating Surplus (Deficit)

10 Year History

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Logan-Hocking Local School DistrictSUMMARY

Fiscal Year 2018

• Operationally, General Fund expenditures for the year exceeded revenues by $817,874. The District ended the year with a carryover cash balance of $7,131,863.

• FY 2018 operational revenues and operational expenditures increased modestly from FY 2017 (3.0%) and (4.1%) respectively.

• Carryover General Fund balance represents 50 true days cash – a decrease of ten days from FY2017. Treasurer alerting Board that this is less than the 60 days established by Cash Balance Board Policy, therefore notification to Board is required.

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• Actual DEFICIT for FY 2018 of ($1,049,079) was more than the forecasted deficit of ($946, 529) mainly due to temporary transfers out that will be reversed in FY 2019. The five-year financial forecast has been adjusted accordingly.

• With frugal management and cooperation amongst stakeholders, the School District has operated in the black for eighteen out of the last twenty three years. However, operating deficits have occurred in five out of the last six years.

• Reliance on local taxpayers for funding day to day operations has increased from 32% (1999) to 35% (2018). Current legislative changes in the state’s school funding formula will more than likely result in greater reliance on local taxpayers for future school funding.

• The last operating tax levy that was taken to and approved by local voters was in November 1981 – nearly thirty seven years ago – almost unheard of in the State of Ohio!

• The School District faces tremendous challenges to break even financially.

• School management/administration actively working to address financial challenges. Promising prospects are on the horizon. Another deficit is forecasted for FY2019 ($882,000). However with new revenue sources forecasted, slight surpluses for FY2020, 2021 and 2022 are forecasted.

Logan-Hocking Local School DistrictSUMMARY

Fiscal Year 2018

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Presented by:Paul F. Shaw CPA CGMA RSBFO - Treasurer

Logan-Hocking Local School District

Fiscal Year 2018

Fiscal Year End Financial Report

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