Randy Harvey

Treasurer Randy Harvey gives an overview of the district's finances during an Ontario school board meeting.

ONTARIO — Treasurer Randy Harvey of Ontario Local Schools said the district is on good financial footing during a five-year forecast presentation to the school board earlier this week.

“This is one of the best forecasts I’ve presented, in fact it’s the best forecast I’ve presented,” he said.

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A summary of the Ontario Local Schools Five Year Forecast from November 2021.

School treasurers are required to complete a five-year forecast and send it to the Ohio Department of Education twice each year. Harvey cautioned that beyond the first year, forecasts are a best guess based on about "200 assumptions."

He also said the state government has not given official figures for how much each district will receive under the Fair School Funding plan. Those numbers are due to be released next month, so Harvey based his estimates on estimates that the legislature released in May.

Nevertheless, Harvey said even with a conservative estimate, Ontario could receive an increase of up to $800,000 in state funding over the next two years. After that, Harvey projected a 2.25 percent funding increase each year.

If the state legislature chooses to make the Fair School Funding plan permanent, Ontario would likely receive even more state funding. 

Harvey projected the district will maintain a positive fund balance for the next five years, assuming that voters support levy renewals in 2022 and 2024.

If the levies are not renewed, Harvey projected that the district will dip into the red during the 2025-2026 school year.

Harvey also projected that district expenditures would outpace revenues by the 2024-2025 school year.

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Staff reporter focused on education and features. Clear Fork alumna. Always looking for a chance to practice my Spanish. You can reach me at katie@richlandsource.com