Penta Career Center likely will have more money than had been expected.
The board of education last night approved a revised five-year forecast that estimated revenue for fiscal year 2006 as increasing by $1.1 million from the previous five-year forecast.
According to the Wood County Auditor's Office, the center should see an increase in local tax receipts next year, fiscal 2007. The bulk of that change - $825,000 - will be in real estate taxes, Penta Treasurer Carrie Herringshaw told the board.
Estimated total revenue for fiscal year 2006, which ends in June, is $23,779,968. That's an increase of 6.5 percent over the previous year's revenue of about $22,335,342. Expenditures are estimated to be $22,065,040.
Other changes in the forecast include moving $1.5 million from the general fund to the permanent improvement fund to offset building costs. The board approved that transfer last night.
Ms. Herringshaw said the career center borrowed $65 million for construction of its new building and expects to borrow $20 million more. The project is expected to cost $90 million.
"[The transfer] reduces what we'll have to borrow," she said.
According to the revised forecast, the center will have an unreserved balance of $2.4 million at the end of June, 2006, and a balance of about $1.1 million at the end of June, 2010.
"We're maintaining a cash balance that's staying about what it has been," Ms. Herringshaw said.
In other action, the board elected Pat Curtin president for 2006. He is a graduate of the career center.
The career center has high school students from 16 districts: Anthony Wayne, Bowling Green, Benton-Carroll-Salem, Eastwood, Elmwood, Genoa, Lake, Maumee, North Baltimore, Northwood, Otsego, Perrysburg, Rossford, Springfield, Swanton, and Woodmore.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.