Boardman school board announce five year financial plan

The Boardman Local School District's five year financial forecast is looking positive.

According to the school's Board of Education, the school district is expected to have a positive cash balance in the general fund for the next five years. This forecast looks at the school's general fund from the start of 2025, to June of 2029.

The total revenue is expected to grow 3.2% annually over the next five years, while expenses are estimated to grow 4.8% a year. Wages and benefits are the main drivers for the projected expense increase.

Arthur Ginnetti, treasurer of the Boardman Local School District Board of Education, said this forecast is good news for the district.

"The five year forecast is a snapshot in time of the general fund. We are predicting a positive cash balance for the five years of the forecast," said Ginnetti.

But the success of the forecast relies on the future funding from taxpayers. Ginnetti said there are four levies they're hoping to renew in order to have a successful financial future at the school. 

"73.5% of our revenue is local, with 62% being property taxes. Therefore, renewal of all four levies is crucial to the financial stability," said Ginnetti. "We need to renew all term limited levy's when they come up for renewal if we want to be financially viable in the long term."

The board is counting on the two 5.9 mill current expense levies, the 6 mill levy and the emergency levy to be renewed.

This forecast is based on everything going well. I asked Ginnetti if he would have any concerns with the fifteen year tax exemption given to the Southern Park Mall owner being transferred to Kohan Retail Investments, a group with a troubled financial history.

"At this time, we do not foresee any of that. Again, if there was no sale, those incentives would have still been in place," said Ginnetti.

The board members are staying optimistic about the school's financial future, even without the tax revenue from the mall.