Wednesday, Sep 28, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Education

Sylvania schools hit by shortfall

Sylvania school officials are pondering what to do about a more than $1 million shortfall in revenue anticipated during the fiscal year that ended June 30.

The shortfall is expected to grow to about $3 million during this fiscal year, which began July 1.

While the district remains in good financial shape - it has about an $8 million surplus - school board members are studying the matter, including the possibility of placing an operating levy on the ballot sometime in 2002.

Treasurer Arlene Wilson told school officials last night she overestimated the amount of money the system would collect from state and local levies, and it's impossible to make up the shortfall. Ms. Wilson estimated the district would get about $15.8 million from the state last year but actually received $14.6 million.

The district had an increase in projected local tax dollars of about $300,000.

That meant when the district closed is books for the fiscal year in June, it had a shortfall of $1,065,923, Ms. Wilson said.

“We have two sources to look at for revenue. One is from the state, and the other is from local taxes,” she said. “We are going to wait for the Supreme Court decision ... and see if there's any adjustments in state formulas.”

The district has not asked voters for an operating levy since 1996. But voters passed a 1.34-mill bond issue last fall to raise $20.75 million over the next 20 years for capital improvements and technology.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…