Canfield schools facing deficit in 5-year financial forecast

According to the district's five-year financial forecast, which was approved Tuesday afternoon in a special meeting, the Canfield Local School District is headed into a financial deficit of millions. 

Canfield Schools Superintendent Joe Knoll said the district is "caught in a crossfire," with expenses growing faster than revenue and the treasurer said the district will need to dip into savings to cover costs.

The district said rising costs in healthcare, on top of personnel, learning materials and repairs are all factors.

By 2029, the district is projected to be in a deficit of $4.5 Million.

"The challenge is that we have to think beyond the five-year mark obviously, because we don't want to go into a zero or in the red from a spend perspective," Canfield School Board President Nader Atway said, "We have a good surplus that's allowed us to anticipate for this type of spend, and then we are going to have to start to make some decisions, to understand how we can control our spending and to make sure we aren't a definite deficit spend."

The forecast does not account for unforeseen repairs in the old schools, including the more than 100-year-old middle school. A levy to build a new school was voted down three times, but the costly problems the building poses remain, in addition to repairs needed in the high school.

"There are some renovations and upgrades that we need to do just because of how bad things are from a safety perspective," Knoll said. 

If the district does not find a way to increase revenue before 2029, such as proposing a new operational levy on the ballot, Atway said there would be no choice but to make cuts, and salary and benefits take up 84% of the budget.

Knoll said he also plans to have conversations with lawmakers in hopes there is a way to include Canfield in better opportunities for state funding that the district is not currently a part of.