Thank you for taking the time to visit the District’s web site and specifically to review information relating to the District’s finances.
On our web page you will find several important financial reports for the District. One of the reports provided is the Five Year Financial Forecast. The forecast is formatted to provide historical revenues and expenditures in a look-back for three years and a five year projection. This forecast is based upon the District’s General Fund, which is the primary operating fund from which day to day instructional operations are paid. The report does not reflect financial activity for the many other program funds maintained by the school such as Food Service, Federal Grants, Athletics, Debt Service or the Permanent Improvement Fund. All public schools are required to update and submit this forecast to the Ohio Department of Education at least twice per year in May and October.
The Revere Local School District is primarily funded by local taxes from real estate, both residential and commercial property. This dependency on local taxes has become more acute for several reasons. First, as a result of a shift in Public Tax Policy, the State of Ohio has eliminated tax revenue from public utilities and from tangible personal property taxes paid by businesses. Second, the Revere Local School District, because we are defined as a high wealth district, has been penalized through Ohio’s School Funding Formula. As a high wealth district our funding has been frozen or reduced. For the purposes of the State’s funding formula, “wealth” is correlated with total assessed property value. Third, the State has introduced mandates for which there is no funding such as the new Teacher Evaluation System or creates programs such as the Peterson Scholarship which instead of being funded at the State level is funded from local dollars (our constituent’s real estate taxes).
Over time, we have consistently worked to reduce or contain costs that are within our control. To this end, we have contained medical expenses by implementing a Staff Wellness Program and by forming a Health Care Consortium. We have addressed increases in salary through proactive contract negotiations, by taking advantage of retirement opportunities and by introducing a Staff Reduction Incentive Plan. Many other creative steps have been taken to reduce cost. Two examples in this regard would include shared technology services and shared shipping services.
On behalf of our students, the Board and our staff, we want to thank the community for their support at the ballot, within our buildings through volunteerism, and through active booster organizations. With these resources, we will continue to maintain the instructional excellence we have achieved and at the same time work to stretch the levy cycle as far into the future as possible.
In closing, we take very seriously the task of managing the tax dollars and other resources entrusted to us by our community. We strive daily to do more with less, operate as efficiently as possible, provide fiscal transparency and direct our resources to the benefit of the students. These are the key tenants we adhere to as stewards of your tax dollars.
Please contact us for an appointment to meet with us to discuss our school system’s finances or other questions you may have.