five year forecast notes and assumptions · revenue sources and forecast year-over-year projected...

1

Keystone Local School District

Five Year Forecast

Notes and Assumptions

18-May-20

Michael Resar Sr., Treasurer

Forecast5 Analytics ReportWriter Software 2019 ©

Keystone Local School District

Table of ContentsPage

Table of Contents 2

Forecast Summary 3Revenue Sources and Forecast Year-Over-Year Projected Overview 4

1.010 - General Property Tax (Real Estate) 51.020 - Public Utility Personal Property 61.030 - Income Tax 71.035 - Unrestricted Grants-in-Aid 81.040 & 1.045 - Restricted Grants-in-Aid 91.050 - Property Tax Allocation 101.060 - All Other Operating Revenues 112.070 - Total Other Financing Sources 12

Expenditures Overview 133.010 - Personnel Services 143.020 - Employee Benefits 153.030 - Purchased Services 163.040 - Supplies and Materials 173.050 - Capital Outlay 183.060 - 4.060 - Intergovernmental & Debt 194.300 - Other Objects 205.040 - Total Other Financing Uses 21

Five Year Forecast 22

Ohio Department of Education's purposes/objectives for the five-year forecast are:

1.

2.

3.

Forecast Methodology - This forecast is prepared based upon historical trends and current factors. This information is then extrapolated into estimates for

subsequent years. The forecast variables can change multiple times throughout the fiscal year and while cash flow monitoring helps to identify unexpected

variances no process is guaranteed. The intent is to provide the district's financial trend over time and a roadmap for decisions aimed at encouraging

financial sustainability and stability.

Forecast Purpose/Objectives

To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C. §5705.412, commonly known as the "412

certificate."To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems.

To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district.

IntroductionThe following are the official notes and assumptions for the FY20-24 five-year forecast. The Ohio Revised Code states that the five-year forecast must be

approved by the Board of Education each year, and filed with the Ohio Department of Education by November 30th and must be revised and filed again by

May 31st. The five-year forecast is for the General Fund (001) only, which covers the operational, or day-to-day, expenses of the district.

It is important to recognize that the five-year forecast and assumptions change continuously based on new information. All assumptions are based on the

most current information available at the time of the computation/filing. The assumptions and Five year forecast change throughout the course of the

fiscal year as new information becomes available. Many areas have a positive and/or negative impact on the five-year forecast. There are several items that

are unresolved at this time that will have a significant impact on the five-year forecast. These items include, but are not limited to:

•Nexus Pipeline Valuations (Line 1.02)

•State Educational Budget/Funding for FY21-24 (Line 1.035)

•Labor Negotiations FY22-24 (Lines 3.01 and 3.02)

•Health Insurance Premiums FY21-24(Line 3.02)

•Litigation over Facility Construction (Lines 3.03 and 4.055)

For the reasons listed above, this five-year forecast will need to be updated as more information becomes available.


# Forecast Summary Keystone Local School District

Note: Cash balance includes any existing levy modeled as renewed during the forecast.

Cash balance is not reduced for encumbrances.

Financial Forecast Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year

2020 2021 2022 2023 2024

Beginning Balance 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756

+ Revenue 16,858,285 16,936,050 17,477,356 18,024,159 18,032,833

+ Proposed Renew/Replacement Levies - - - - -

+ Proposed New Levies - - - - -

- Expenditures (16,504,314) (17,160,983) (17,613,614) (17,865,575) (18,061,005)

Ending Balance with renewal levies 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584 Note: Not Reduced for Encumbrances

Analysis Without Renewal Levies Included:Revenue Surplus or Deficit w/o Levies 353,971 (224,933) (136,258) 158,584 (28,172) Ending Balance w/o Levies 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584

3

158,584 (136,258)

In FY 2020 a revenue surplus is expected. This means that expenditures are expected to be less than revenue by -$353,971 in FY 2020. By the last year of

the forecast, FY 2024, the district is expected to have a revenue shortfall where expenditures are projected to be greater than revenue by $28,172 The

district would need to cut its FY 2024 projected expenses by 0.16% in order to balance its budget without additional revenue.

(28,172) = Revenue Surplus or Deficit 353,971 (224,933)

The district's cash balance is positive at year-end in FY 2020 and is projected to worsen by FY 2024. A worsening cash balance can erode the district's financial

stability over time.

-

- -

-

- -

-

- -

-

- -

-

- -

-

- -

5,938,584

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

2019 Actual 2020 Projected 2021 Projected 2022 Projected 2023 Projected 2024 Projected

Total Revenue Replace/Renew Levies New Levies Total Expenditures 15.01 Cash Balance


Keystone Local School District Keystone Local School District

Revenue Sources and Forecast Year-Over-Year Projected Overview

Projected RevenueRenewal Levy Revenue2014 $0

2015 $14,324,924

2016 $14,955,941

2017 $16,185,387

2018 $16,429,344

2019 $16,462,020

2020 $16,858,285 $0

2021 $16,936,050 $0

2022 $17,477,356 $0

2023 $18,024,159 $0

2024 $18,032,833 $0

3-Year Historical Actual Average Annual Dollar ChangeCompared to 5-Year Projected

Historical Projected ProjectedAverage Average Compared toAnnual Annual Historical

$$ Change $$ Change VarianceReal Estate $397,656 $113,526 ($284,130)Public Utility $68,042 $212,242 $144,200 Income Tax $0 $0 $0 State Funding ($18,871) $4,277 $23,149 Prop Tax Alloc $23,746 $9,140 ($14,606)All Othr Op Rev $36,140 ($24,196) ($60,336)Other Sources ($4,686) ($826) $3,860

Total Average Annual Change $502,026 $314,163 ($187,864)3.31% 1.85% -1.46%

$323,753

4

Note: Expenditure average annual change is projected

to be > On an annual average basis, expenditures are projected to grow faster than revenue.

Total revenue increased 3.31% or $502,026 annually during the past

five years and is projected to increase 1.85% or $314,163 annually

through FY2024. Real Estate has the most projected average

annual variance compared to the historical average at -$284,130

Real Estate

Real Estate

State Funding

State Funding

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Sources of Revenue Over Time

Real Estate Public UtilityIncome Tax State FundingProp Tax Alloc All Othr Op RevOther Sources

4.41%

8.22%

1.51%

0.20%

2.41%

0.46%

3.20% 3.13%

0.05% 0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

2016 2017 2018 2019 2020 2021 2022 2023 2024

Year-Over-Year Dollar & Percentage Change

Annual Dollar Change Annual Percentage Change

$1

4,3

24

,92

4

$1

4,9

55

,94

1

$1

6,1

85

,38

7

$1

6,4

29

,34

4

$1

6,4

62

,02

0

$1

6,8

58

,28

5

$1

6,9

36

,05

0

$1

7,4

77

,35

6

$1

8,0

24

,15

9

$1

8,0

32

,83

3

$0

$0

$0

$0

$0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Renewal Levy Revenue



1.010 - General Property Tax (Real Estate)


2015 $4,659,256

2016 $5,471,862

2017 $6,397,069

2018 $6,501,674

2019 $6,664,829

2020 $6,806,328 $0

2021 $6,907,155 $0

2022 $7,052,171 $0

2023 $7,253,126 $0

2024 $7,232,457 $0

Values, Tax Rates and Gross CollectionsTax Yr Valuation Value Change Class I Rate Change Class II Rate Change2018 274,395,420 30,069,180 27.68 - 26.84 - 2019 281,669,620 7,274,200 27.68 0.00 27.48 0.64 2020 284,271,070 2,601,450 27.68 (0.01) 27.59 0.11 2021 292,263,408 7,992,338 27.20 (0.48) 27.03 (0.56) 2022 293,389,860 1,126,452 27.20 (0.01) 27.49 0.46 2023 294,920,506 1,530,646 27.19 (0.01) 27.60 0.11

*Projected % trends include renewal levies

5

100.5%Including Delinquencies

97.0%

Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural)

and class II (business).

100.0%

101.5%101.5%

Gross Collection Rate

100.0%

Real estate property tax revenue accounts for 40.49% of total revenue. Class I or residential/agricultural taxes make up approximately 91.88% of the real

estate property tax revenue. The Class I tax rate is 27.68 mills in tax year 2019. The projections reflect an average gross collection rate of 100.0% annually

through tax year 2023. The revenue changed at an average annual historical rate of 7.02% and is projected to change at an average annual rate of 1.65%

through FY 2024.

However, the district is antipcating an increase in delinquences in tax year 2020, collectable in FY21. The district decreased collection rates by 3%. Due to the

economic conditions, the district is showing low growth in valuations for tax year 2022 - 2023. Further, the district is expecting a decrease of 1.5% in new

construction in tax year 2021 - 2023. New construction occuring in 2019 and early 2020 is projected to come on the tax duplicate in 2020 as expected.

Property values are reappraised by the County Auditor every six years and are updated every three years in between appraisals (triennial update). Property

taxes are based on collections, Board of Revision appeals, scheduled updates (reappraisal and triennial), and projections from the County Auditor. The next

update, will not take place until 2021 where a 2.50% increase is projected.

$4

,65

9,2

56

$5

,47

1,8

62

$6

,39

7,0

69

$6

,50

1,6

74

$6

,66

4,8

29

$6

,80

6,3

28

$6

,90

7,1

55

$7

,05

2,1

71

$7

,25

3,1

26

$7

,23

2,4

57

$0

$0

$0

$0

$0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


17.44% 16.91%

1.64%2.51% 2.12% 1.48% 2.10% 2.85%

-0.28%-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

($200,000)

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

2016 2017 2018 2019 2020 2021 2022 2023 2024



40.5% 40.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Real Estate as % of Total Revenue



1.020 - Public Utility Personal Property


2015 $504,871 $504,871

2016 $571,957 $571,957

2017 $643,681 $643,681

2018 $678,432 $678,432

2019 $776,084 $776,084

2020 $1,326,930 $0 $1,326,930

2021 $1,805,381 $0 $1,805,381

2022 $1,813,266 $0 $1,813,266

2023 $1,826,534 $0 $1,826,534

2024 $1,837,296 $0 $1,837,296

Values and Tax RatesTax Year Valuation Value Change Full Voted Rate Change

2018 16,835,490 3,062,890 50.55 - 2019 50,876,570 34,041,080 50.55 (0.00) 2020 35,726,570 (15,150,000) 50.55 0.00 2021 36,046,391 319,821 50.55 - 2022 36,246,854 200,463 50.55 - 2023 36,473,349 226,495 50.55 -

*Projected % trends include renewal levies 6

Including Delinquencies100.0%

100.0%

PUPP valuations have increased by an average of 4.8% percent dating back to tax year 2014. In tax year 2018, the valuations increased by 22.8%. The District

believes this is due to added infrastructure from new construction. The District’s PUPP valuation increased from $16,835,490 to $50,876,570 mainly as a result

of the construction of the Nexus pipeline. However, the District was notified by the County Auditor on December 6th, 2019, that Nexus has appealed the

valuation with the Ohio Department of Taxation. Nexus had requested the valuation be reduced from $28,693,160 to $17,644,340. Nexus amended their appeal

asking the State for further reductions to $13,540,170. This is a request for a decrease of $15,152,990, or 47.19%. The District will forecast increases in PUPP to

the extent of the un-appealed valuation until the appeal process has been resolved. The District received half of the un-appealed revenue in spring of 2020

(FY20). Beginning in FY21, the district will recognize full collections on the Nexus revenue. The District is projecting minimal future growth in PUPP

values/revenue. This is due to a combination of an estimated 3% annual depreciation on the Nexus pipeline, and a historical 4% appreciation on pre-Nexus

values.

Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate.

100.0%

100.0%70.2%

Gross Collection Rate

100.0%

The public utility personal property tax revenue is generated from the personal property values, additions, and depreciation reported by the utility companies.

This category currently makes up 4.71% of total district revenue. The property is taxed at the full voted tax rate which in tax year 2019 is 50.55 mills. The

forecast is modeling an average gross collection rate of 94.02%. The revenue changed historically at an average annual dollar amount of $68,042 and is

projected to change at an average annual dollar amount of $212,242 through FY 2024.

$5

04

,87

1

$5

71

,95

7

$6

43

,68

1

$6

78

,43

2

$7

76

,08

4

$1

,32

6,9

30

$1

,80

5,3

81

$1

,81

3,2

66

$1

,82

6,5

34

$1

,83

7,2

96

$0

$0

$0

$0

$0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


13.29% 12.54%

5.40%

14.39%

70.98%

36.06%

0.44% 0.73% 0.59% 0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2016 2017 2018 2019 2020 2021 2022 2023 2024



4.7%10.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

PUPP as % of Total Revenue



1.030 - No Income Tax

Projected RevenueRenewal Levy Revenue2014 - 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - - 2021 - - 2022 - - 2023 - - 2024 - -


7

Revenue collected from income tax earmarked specifically to support schools with a voter approved tax by residents of the school district; separate from

federal, state and municipal income taxes.

The district does not have an income tax levy.

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

- - - - -

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

$0

$0

$0

$0

$0

$1

$1

$1

$1

$1

$1

2016 2017 2018 2019 2020 2021 2022 2023 2024



0.0% 0.0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Income Tax as % of Total Revenue



1.035 - Unrestricted Grants-in-Aid

8

The State funding formula for schools has changed significantly over the last decade. During this time, Keystone has received state funds through the SF-3,

PASS, Bridge, and now the SFPR. The SFPR, or School Finance Payment Report, is part of a two-year state education budget cycle. The formula evaluated the

wealth of the district in comparison to the wealth of the State and calculates a state share index for Keystone. The SFPR formula, resulted in no new revenue

for Keystone in FY18 or FY19. In fact, Keystone lost, roughly, $20,000 each year as a result of changes made to the formula. This is because Keystone is on the

‘Transitional Aid Guarantee,’ as a result of an ineffective funding formula. The uncertainty regarding the Transitional Aid Guarantee, and the funding formula in

general, are a great concern to the district. Any reduction in the guarantee will have an adverse impact on the district’s ability to operate effectively. As a

result of unfavorable economic conditions, the Govenor has cut the K-12 state budget by $300 million. Keystone will recognize a $313,000 decrease, or 5% cut,

in state aid in FY20. The state had made it known that further cuts could happen in FY21 depending on when and how well the economic conditons improve.

Keystone is projecting an addition $313,000 decrease, or 10% decrease, in FY21. Projections include a 5% increase in state aid in FY22 and FY23, and would

return state aid to the pre-COVID-19, or FY19, levels for FY23 and FY24.

The District is also receiving “Student Wellness Success Funds.” However, the State has given instruction that these funds are “restricted” in nature and are to

be accounted for in fund 467. These funds are not being treated as operating funds. Considering the District was instructed to account for these funds in a

separate funds concerns the district that these funds will not be sustainable. The District will receive $66,446 in FY20 and $95,058 in FY21 to be used for wrap

around services (mental health, social worker, etc.). As of this filing, the Student Wellness and Success Funds have not been reduced as a result of the state

budget cuts. Casino Revenue has been reduced by 50% in FY21 as a result of mandated closures and poor economic conditons. Casino revenue collections were

$82,000 in FY20, and are projected to be $41,000 in FY21. The district is projecting increases in Casino funding back to normal levels in FY22.

Funds received through the State Foundation Program with no restriction.

The FY 2019 per pupil and foundation revenue amount is the base aid amount used in FY 2020. In addition to its FY 2020 base funding amount of $6,100,020 the

district is projected to receive FY 2020 categorical funding of $77,889. Wellness dollars included in this amount are recorded in a special revenue fund and not

included in this forecast. The district has the option to move some expenditures from the general fund to the special revenue fund receiving these dollars. For fiscal

year 2022 - 2024, the district is projecting an average annual increase of 3.7%

$6

,29

2,5

22

$6

,36

1,9

21

$6

,24

5,6

97

$6

,35

3,4

72

$6

,30

7,9

74

$6

,03

1,5

66

$5

,67

3,7

84

$6

,01

4,3

19

$6

,32

9,3

39

$6

,32

9,3

60

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

38.3%35.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Unrestricted as % of Total Revenue

1.10%

-1.83%

1.73%

-0.72%

-4.38%

-5.93%

6.00%5.24%

0.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

($400,000)

($300,000)

($200,000)

($100,000)

$0

$100,000

$200,000

$300,000

$400,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





1.040 & 1.045 - Restricted Grants-in-Aid

9

Restricted grants included Special Education Catastrophic Aid Reimbursement. This line includes the Career Tech and Economically Disadvantaged funding.

The reimbursement received in FY19 was in the amount of $77,348. We anticipate receiving similar reimbursements through the life of the forecast. A

$77,348 reimbursement in Catastrophic Aid has been projected for FY20-24.

Career Tech funding is currently $9,613 and is projected at that level throughout the forecast. Economically Disadvanted funding is currently $31,856 and is

projected at that level throughout the life of the forecast.

Funds received through the State Foundation Program or other allocations that are restricted for specific purposes.

Restricted aid is the portion of state per pupil funding that must be classifed as restricted use. Historically the district's restricted state aid changed annually

on average by -$889 and is projected to change annually on average by -$0. Restricted funds represent 0.72% of total revenue.

$2

41

,49

4

$1

20

,90

0

$1

14

,99

8

$1

25

,43

1

$1

18

,23

3

$1

16

,81

9

$1

18

,23

3

$1

18

,23

3

$1

18

,23

3

$1

18

,23

3

2015 2016 2017 2018 2019 2020 2021 2022 2023 20240.7% 0.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Restricted as % of Total Revenue

-49.94%

-4.88%

9.07%

-5.74%-1.20% 1.21% 0.00% 0.00% 0.00%

-60.00%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

($140,000)

($120,000)

($100,000)

($80,000)

($60,000)

($40,000)

($20,000)

$0

$20,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





1.050 - Property Tax Allocation


2015 $715,929

2016 $746,101

2017 $812,111

2018 $813,965

2019 $817,339

2020 $825,779 $0

2021 $845,097 $0

2022 $852,862 $0

2023 $858,891 $0

2024 $863,038 $0


10

Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback.

Property tax allocation primarily consists of reimbursements from the state of Ohio for local taxpayer credits or reductions. The state reduces the local

taxpayer's tax bill with a 10% rollback credit, and 2.5% owner-occupied rollback credit, plus a homestead credit for qualifying taxpayers. In FY 2020,

approximately 8.7% local residential property taxes will be reimbursed by the state in the form of rollback credits and approximately 2.6% will be reimbursed

in the form of qualifying homestead exemption credits.

$7

15

,92

9

$7

46

,10

1

$8

12

,11

1

$8

13

,96

5

$8

17

,33

9

$8

25

,77

9

$8

45

,09

7

$8

52

,86

2

$8

58

,89

1

$8

63

,03

8

$0

$0

$0

$0

$0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024


5.0% 4.8%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Property Tax Allocation as % of Total Revenue

4.21%

8.85%

0.23% 0.41%1.03%

2.34%

0.92% 0.71% 0.48%0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





1.060 - All Other Operating Revenues

11

Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations.

Other revenue includes tuition received by the district for non-resident students educated by the district. It also includes interest income, payments in lieu of

taxes, and miscellaneous revenue. The historical average annual change was $36,140. The projected average annual change is -$24,196 through FY 2024.

All Other Revenue includes all other locally collected revenue such as mobile home taxes, interest income, open enrollment, student fees, pay to participate

fees, and tuition from other districts. It is unclear what impact COVID-19 will have on Open enrollment, which has been projected at FY20 levels. If Open

enrollment varies significantly, and amended forecast will be need to be filed. Further Pay-to-play athletic revenue has decreased by roughly $46,000 due to

the cancellation of spring sports. This could further affect All Other Revenue if fall sports are cancelled or if students opt out of sports due to COVID-19. The

poor economic conditions has resulted in projections of a significant decrease in interest revenue in FY21 and FY22, with increase in FY23 and FY24 as

economic conditions are expected to improve.

In the December 2019 forecast, the district receipted $594,000 as a settlement for faulty construction into to the general fund. An accounting adjustment will

be made in FY20 to properly receipt this settlement revenue in the 'Building Fund (004), where the initial expense occured. This revenue will be used to pay

for future debt obligations/KHS lease purchase agreement payments. This is noted because this is a significant change from the December 2019 forecast, and

the proper accounting for these funds.

$1

,84

5,3

31

$1

,64

0,5

28

$1

,82

2,5

26

$1

,86

1,7

75

$1

,74

8,9

48

$1

,67

5,7

24

$1

,56

1,9

16

$1

,60

2,0

22

$1

,61

3,5

52

$1

,62

7,9

65

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

10.6% 9.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Other Revenue as % of Total Revenue

-11.10%

11.09%

2.15%

-6.06%-4.19%

-6.79%

2.57%0.72% 0.89%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

($250,000)

($200,000)

($150,000)

($100,000)

($50,000)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





2.070 - Total Other Financing Sources

FORECASTED2019 2020 2021 2022 2023 2024

Transfers In - 0 0 0 0 0 Advances In 26,593 20,656 20,000 20,000 20,000 20,000 All Other Financing Sources 2,021 54,483 4,483 4,483 4,483 4,483

12

Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers-in, and all other financing sources like sale and loss of

assets, and refund of prior year expenditures.

Other sources includes revenue that is generally classified as non-operating. It is typically in the form of advances-in which are the repayment of temporary

loans made from the general fund to other district funds. In FY 2019 the district receipted $26,593 as advances-in and is projecting advances of $20,656 in FY

2020. The district also receives other financing sources such as refund of prior year expenditures in this category. The district is projecting that all other

financing sources will be $54,483 in FY 2020 and average $4,483 annually through FY 2024.

$6

5,5

20

$4

2,6

71

$1

49

,30

6

$9

4,5

95

$2

8,6

13

$7

5,1

39

$2

4,4

83

$2

4,4

83

$2

4,4

83

$2

4,4

83

2015 2016 2017 2018 2019 2020 2021 2022 2023 20240.2% 0.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Other Sources as % of Total Revenue

-34.87%

249.90%

-36.64%-69.75%

162.61%

-67.42%

0.00% 0.00% 0.00%

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

250.00%

300.00%

($80,000)

($60,000)

($40,000)

($20,000)

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





Expenditure Categories and Forecast Year-Over-Year Projected Overview

3-Year Historical Actual Average Annual Dollar ChangeCompared to 5-Year Projected

Historical Projected ProjectedAverage Average Compared toAnnual Annual Historical

$$ Change $$ Change VarianceSalaries $339,397 $195,019 ($144,377)Benefits $17,968 $168,192 $150,224 Purchased Services $138,408 $3,403 ($135,005)Supplies & Materials $71,286 ($27,146) ($98,432)Capital Outlay $66,433 ($25,578) ($92,011)Intergov & Debt $16,413 ($9,848) ($26,261)Other Objects $74,487 $27,342 ($47,146)Other Uses ($53,778) ($7,631) $46,147

Total Average Annual Change $670,613 $323,753 ($346,860)4.58% 1.97% -2.61%

$323,753

13

Note: Expenditure average annual change is projected

to be > On an annual average basis, revenues are projected to grow slower than

expenditures.

Total expenditures increased 4.58% or $670,613 annually during the

past five years and is projected to increase 1.97% or $323,753

annually through FY2024. Benefits has the largest projected

average annual variance compared to the historical average at

$150,224.

Salaries Salaries

Benefits Benefits

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Expenditure Categories Over Time

Salaries BenefitsPurchased Services Supplies & MaterialsCapital Outlay Intergov & DebtOther Objects Other Uses

$1

4,6

89

,20

9

$1

4,4

30

,40

2

$1

4,6

42

,29

5

$1

4,6

85

,59

2

$1

6,4

42

,24

1

$1

6,5

04

,31

4

$1

7,1

60

,98

3

$1

7,6

13

,61

4

$1

7,8

65

,57

5

$1

8,0

61

,00

5

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

-1.76%

1.47%0.30%

11.96%

0.38%

3.98%2.64%

1.43% 1.09%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

($500,000)

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





3.010 - Personnel Services

14

Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc.

FY19 Increase of 10.34% was a result of 25 of the 26 payrolls occuring in FY18 due to a three week payroll skip - thus understating FY18 salaries.

Further, FY19 included an increase in staffing based on increased enrollment and the strategic plan.

Salaries are based on the Keystone Local Education Association (KLEA) Collective Bargaining Agreement (CBA) that was ratified by the union and

approved by the Board of Education in May of 2019. The KLEA CBA includes increases on the base of 1%, 2%, respectively for FY20 and FY21. The

District and KLEA will reopen negotiations in the Spring of 2021 to discuss FY22 salaries. The CBA is for a three-year period beginning on July 1,

2019 and ending on June 30, 2022. The district has forecasted only step increases in FY22-24. The current Ohio Association of Public-School

Employees (OAPSE) CBA, provides a 2% increase on the base in each year of the agreement, FY20-22. The district has forecasted only step

increases in FY23-24.

Salaries are projected at current and future step placements. The district is expected to receive $127,000 in CARES funding. The district is reducing

general fund salaries by $127,000, which will be charged to this grant.

Salaries represent 54.12% of total expenditures and increased at a historical average annual rate of 4.23% or $339,397. This category of

expenditure is projected to grow at an average annual rate of 2.11% or $195,019 through FY 2024. The projected average annual rate of change

is -2.12% less than the five year historical annual average.

$8,1

65,8

80

$7,8

80,3

35

$8,1

13,7

71

$8,0

64,6

99

$8,8

98,5

25

$8,9

40,3

83

$9,2

24,3

92

$9,5

48,9

54

$9,7

86,8

72

$9,8

73,6

22

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

54.1% 54.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Salaries as % of Total Expenditures

-3.50%

2.96%

-0.60%

10.34%

0.47%

3.18% 3.52%2.49%

0.89%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

($400,000)

($200,000)

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





3.020 - Employees' Benefits

15

Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health-

related insurances.

Employee benefits for retirement (14%), Medicare (1.45%) and Workers Compensation (variable) are driven by salaries.

Keystone pays 85% of the premium contributions for certified staff and 86.5% for classified staff and administration. Health insurance premiums

increased by 1.89% and 0% percent for FY18 and FY19, respectively, due to low claim history as determined by the health consortium’s Actuary.

FY20 health insurance premiums will increase by 5%. In FY21, premiums will increase by 6.5% as overall claims have increased and high cost claims

exceeding $100,000 have nearly doubled. FY22 - FY24 premiums are projected to increase by 8% based on the current market as recommended

by the health consortiums actuary.

In FY17, FY18, and FY20 the district received a premium holiday, which resulted in savings of approximately $138,000 each year. It is unknown at

this time if there will be premium holiday beyond FY20. Therefore no other premium holidays are included in the forecast.

Benefits represent 19.00% of total expenditures and increased at a historical average annual rate of 0.69% This category of expenditure is

projected to grow at an annual average rate of 4.89% through FY 2024. The projected average annual rate of change is 4.20% more than the five

year historical annual average.

$3,0

69,8

47

$3,0

70,4

94

$2,9

44,2

52

$2,9

17,6

27

$3,1

24,3

96

$3,2

03,6

27

$3,3

99,3

38

$3,5

89,6

66

$3,7

71,9

61

$3,9

65,3

55

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

19.0% 22.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Benefits as % of Total Expenditures

0.02%

-4.11%

-0.90%

7.09%

2.54%

6.11%5.60%

5.08% 5.13%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

($150,000)

($100,000)

($50,000)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2016 2017 2018 2019 2020 2021 2022 2023 2024


Annual Dollar Change Percentage of Total Budget



3.030 - Purchased Services

16

Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, expenses for tuition paid to other

districts, utilities costs and other services which the school district may purchase.

Purchased services include repairs, contracted agreements, legal services, property insurances, utilities, communications, special education

services and payments to Community Schools. Special Education costs are volatile due to enrollment and services are evaluated each year

annually resulting in large fluctuations from year to year.

A. Litigation – As a result of litigation involving the District’s High School, Middle School, and now, potentially the Elementary School, the District

has forecasted increase in attorney fees in FY20 – FY22 with thees costs tappering off in FY23. The district is hopeful litigation will be resolved

sooner, but felt it is prudent to forecast these costs into FY23.

B. Special Education - As stated above, special education outside placements are a large cost and are difficult to predict year to year based on

enrollment and required services in the IEP. A 5% year over year increase in special education professional services has been projected.

C. No other increase in professional services have been projected, as administration works to decrease spending as a result of budget concerns

over the next several fiscal years.

Purchased Services represent 16.98% of total expenditures and increased at a historical average annual rate of 5.61%. This category of

expenditure is projected to grow at an annual average rate of 0.21% through FY 2024. The projected average annual rate of change is -5.40% less

than the five year historical annual average.

$2,4

50,0

60

$2,3

76,8

91

$2,4

57,7

48

$2,4

95,1

12

$2,7

92,1

15

$2,8

50,3

50

$3,0

04,9

62

$3,0

55,9

04

$2,8

44,0

63

$2,8

09,1

31

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

17.0% 15.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Purchased Services as % of Total Expenditures

-2.99%

3.40%1.52%

11.90%

2.09%

5.42%

1.70%

-6.93%

-1.23%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

($300,000)

($200,000)

($100,000)

$0

$100,000

$200,000

$300,000

$400,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





3.040 - Supplies & Materials

17

Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance

supplies.

Supplies, materials and textbook adoptions are included in this line item. Building departmental budgets have been cut in previous fiscal years

due to levy failures and have not been fully restored despite a successful May 2015 levy campaign. The district will be making further cuts to

building/department budgets in FY21 and beyond as a result of the state aid budget cuts resulting from COVID-19.

Large textbooks and other costly initiatives in this line item are temporarily put on hold as the district develops a plan to adjust to the budget cuts

resulting from the COVID-19 releated economic conditions.

Supplies & Materials represent 4.10% of total expenditures and increased at a historical average annual rate of 13.71%. This category of

expenditure is projected to decrease at an annual average rate of -4.03% through FY 2024. The projected average annual rate of change is -

17.74% less than the five year historical annual average.

$437

,923

$459

,575

$556

,467

$600

,586

$673

,432

$591

,766

$501

,114

$501

,114

$537

,701

$537

,701

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

4.1% 3.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Supplies & Materials as % of Total Expenditures

4.94%

21.08%

7.93%

12.13%

-12.13%-15.32%

0.00%

7.30%

0.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

($150,000)

($100,000)

($50,000)

$0

$50,000

$100,000

$150,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





3.050 - Capital Outlay

18

This line includes expenditures for items having at least a five-year life expectancy, such as land, buildings, improvements of grounds, equipment,

computers/technology, furnishings, and buses.

Capital Outlay represent 1.90% of total expenditures and increased at a historical average annual amount of $66,433. This category of

expenditure is projected to decrease at an annual average amount of -$25,578 through FY 2024. The projected average annual change is less than

the five year historical annual average.

Capital outlay includes instructional, maintenance, and transportation equipment. Beginning with FY15, the district’s casino revenue has been

earmarked for technology equipment. Projections include purchases of new chrome books for students, new teacher laptops and network/server

upgrades.

The district purchases larger Capital Outlay expenditures including building/site improvements, equipment, buses, vehicles, etc. from the General

Fund. The District’s Permanent Improvement (PI) funds cannot fully support these purchases.

Despite the economic conditions, the district has committed to a wifi upgrade in FY20. This wifi project will be funded by the federal government's

erate programm, where the district will bare, roughly, 40% of the cost of the entire project, or $110,000. In FY21, the district is projected to

purchase three new buses in an effor to manage the aging bus fleet. The district is taking advantage of $30,000 in grant funds from the state to do

so. The district will explor grant opportunityes to further offset this cost. In FY22-FY24 the district is projecting to purchase one bus a year. This line

item also includes replacing teacher laptops, servers, etc.

$71,

279

$113

,808

$131

,919

$128

,739

$313

,107

$315

,207

$431

,197

$227

,997

$234

,997

$185

,216

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

1.9% 1.0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Capital Outlay

59.66%

15.91%-2.41%

143.21%

0.67%

36.80%

-47.12%

3.07%-21.18%

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

($250,000)

($200,000)

($150,000)

($100,000)

($50,000)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





3.060-4.060 - Intergovernmental & Debt

19

These lines account for pass through payments, as well as monies received by a district on behalf of another governmental entity, plus principal

and interest payments for general fund borrowing.

The Intergovernmental/Debt expenditure category details general fund debt issued by the District.

Keystone refinanced the 2004 High School bonds with a savings to taxpayers of over $2.7 million over the remaining life of the bonds in 2012 and

2013 in two separate issuances. The $11,500,000 bond issue (to fund the new Middle School) as well as the High School bonds are paid from bond

retirement funds. In June 2014, the district refinanced a portion of the Middle School bonds saving taxpayers an additional $1,065,000 over the

life of the bonds. The elementary school, which opened in the fall of 2015, was funded entirely by the State of Ohio. The transactions pertaining to

this debt are recorded in the Debt Service Fund (002) - not the general fund (001).

The district is financed a remedial project replacing the KHS roof. The maintenance fund cannot alone support this payment. In FY19, the general

fund supported this payment. In FY20, once the project was complete, and signficant change orders were not needed, the Building Fund (004)

supported the remainder of this payment.

$0

$0 $0 $0 $4

9,23

9

$0

$0

$0

$0

$0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

0.3% 0.0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Debt as % of Total Expenditures

0.00% 0.00% 0.00% 0.00%

-100.00%

0.00% 0.00% 0.00% 0.00%

-120.00%

-100.00%

-80.00%

-60.00%

-40.00%

-20.00%

0.00%

($60,000)

($40,000)

($20,000)

$0

$20,000

$40,000

$60,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





4.300 - Other Objects

20

Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit

expenses, and election expenses.

Other Objects represent 2.94% of total expenditures and increased at a historical average annual rate of 26.32%. This category of expenditure is

projected to grow at an annual average rate of 5.34% through FY 2024. The projected average annual rate of change is -20.98% less than the five

year historical annual average.

Other Objects include expenditures such as insurances, dues, tax collection fees, ESC services, settlement agreements and election expenses.

Minimal inflationary increases of 1% are projected throughout the forecast.

The ESC services are charged to this line item. While the district have contracted to increase the part time social worker to full time and have hired

a part time BCBA in FY21, this line item has increased. However, the forecast includes a reduction of expense due to the Student Wellness and

Success Funds. The distict will use its FY20 and FY21 SWSF for the purposes of the BCBA and social worker in FY20 and FY21. The future of the

SWSF is unknown at this time due to the pandemic, and is not forecasted beyond FY21.

$188

,667

$259

,809

$258

,138

$434

,861

$483

,271

$532

,980

$529

,980

$619

,980

$619

,980

$619

,980

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2.9% 3.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Other Objects as % of Total Expenditures

37.71%

-0.64%

68.46%

11.13% 10.29%

-0.56%

16.98%

0.00% 0.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

($20,000)

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





5.040 - Total Other Financing Uses

FORECASTED

2019 2020 2021 2022 2023 2024

Transfers Out 87,500 50,000 50,000 50,000 50,000 50,000 Advances Out 20,656 20,000 20,000 20,000 20,000 20,000 Other Financing Uses - - - - - -

21

Operating transfers-out, advances out to other funds, and all other general fund financing uses.

Operating transfers out historically consist of funds transferred to our retirement severance fund. The district is projecting $50,000 be transferred

in each year of the forecast. Advances of $30,000 will be returned to the general fund in the following fiscal year.

Other uses includes expenditures that are generally classified as non-operating. It is typically in the form of advances-out which are then repaid

into the general fund from the other district funds. In FY 2019 the district had advances-out and has advances-out forecasted through FY 2024.

The district can also move general funds permanently to other funds and as the schedule above presents, the district has transfers forecasted

through FY 2024. The table above presents the district's planned advances and transfers. The district can also have other uses of funds which is

reflected in the table above.

$305

,555

$269

,491

$180

,000

$43,

968

$108

,156

$70,

000

$70,

000

$70,

000

$70,

000

$70,

000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

0.7% 0.4%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2019 2024

Other Objects as % of Total Expenditures

-11.80%-33.21%

-75.57%

145.99%

-35.28%

0.00% 0.00% 0.00% 0.00%

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

($150,000)

($100,000)

($50,000)

$0

$50,000

$100,000

2016 2017 2018 2019 2020 2021 2022 2023 2024





Five Year Forecast

Actual FORECASTED

Fiscal Year: 2019 2020 2021 2022 2023 2024

Revenue:

1.010 - General Property Tax (Real Estate) 6,664,829 6,806,328 6,907,155 7,052,171 7,253,126 7,232,457

1.020 - Public Utility Personal Property 776,084 1,326,930 1,805,381 1,813,266 1,826,534 1,837,296

1.030 - Income Tax - - - - - -

1.035 - Unrestricted Grants-in-Aid 6,307,974 6,031,566 5,673,784 6,014,319 6,329,339 6,329,360

1.040 - Restricted Grants-in-Aid 118,233 116,819 118,233 118,233 118,233 118,233

1.050 - Property Tax Allocation 817,339 825,779 845,097 852,862 858,891 863,038

1.060 - All Other Operating Revenues 1,748,948 1,675,724 1,561,916 1,602,022 1,613,552 1,627,965

1.070 - Total Revenue 16,433,407 16,783,146 16,911,566 17,452,873 17,999,675 18,008,349

Other Financing Sources:

2.010 - Proceeds from Sale of Notes - - - - - -

2.020 - State Emergency Loans and Adv - - - - - -

2.040 - Operating Transfers-In - 0 0 0 0 0

2.050 - Advances-In 26,593 20,656 20,000 20,000 20,000 20,000

2.060 - All Other Financing Sources 2,021 54,483 4,483 4,483 4,483 4,483

2.070 - Total Other Financing Sources 28,613 75,139 24,483 24,483 24,483 24,483

2.080 - Total Rev & Other Sources 16,462,020 16,858,285 16,936,050 17,477,356 18,024,159 18,032,833

Expenditures:

3.010 - Personnel Services 8,898,525 8,940,383 9,224,392 9,548,954 9,786,872 9,873,622

3.020 - Employee Benefits 3,124,396 3,203,627 3,399,338 3,589,666 3,771,961 3,965,355

3.030 - Purchased Services 2,792,115 2,850,350 3,004,962 3,055,904 2,844,063 2,809,131

3.040 - Supplies and Materials 673,432 591,766 501,114 501,114 537,701 537,701

3.050 - Capital Outlay 313,107 315,207 431,197 227,997 234,997 185,216

Intergovernmental & Debt Service 49,239 - - - - -

4.300 - Other Objects 483,271 532,980 529,980 619,980 619,980 619,980

4.500 - Total Expenditures 16,334,085 16,434,314 17,090,983 17,543,614 17,795,575 17,991,005

Other Financing Uses

5.010 - Operating Transfers-Out 87,500 50,000 50,000 50,000 50,000 50,000

5.020 - Advances-Out 20,656 20,000 20,000 20,000 20,000 20,000

5.030 - All Other Financing Uses - - - - - -

5.040 - Total Other Financing Uses 108,156 70,000 70,000 70,000 70,000 70,000

5.050 - Total Exp and Other Financing Uses 16,442,241 16,504,314 17,160,983 17,613,614 17,865,575 18,061,005

6.010 - Excess of Rev Over/(Under) Exp 19,778 353,971 (224,933) (136,258) 158,584 (28,172)

7.010 - Cash Balance July 1 (No Levies) 5,795,614 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756

7.020 - Cash Balance June 30 (No Levies) 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584

Reservations8.010 - Estimated Encumbrances June 30 - - - - - -

9.080 - Reservations Subtotal - - - - - -

10.010 - Fund Bal June 30 for Cert of App 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584

Rev from Replacement/Renewal Levies

11.010 & 11.020 - Renewal Levies - - - - -

11.030 - Cumulative Balance of Levies - - - - - -

12.010 - Fund Bal June 30 for Cert of Obligations 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584

Revenue from New Levies

13.010 & 13.020 - New Levies - - - - -

13.030 - Cumulative Balance of New Levies - - - - - -

15.010 - Unreserved Fund Balance June 30 5,815,392 6,169,363 5,944,430 5,808,172 5,966,756 5,938,584

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Supplemental Page #1

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Summary

As a person reviews the five-year forecast, the lines that are most crucial to understand are lines 6.010 “Excess of Revenue over

Expenditures” and 7.020 “Cash Balance June 30”. The school funding cycle is best represented in line 6.010. This shows whether

the school is spending more or less money than revenue received for that year. Ending cash balance for each year is reflected in

line 7.02. This is a brief summation of the many changes or influences of the district’s forecast. Please contact the Keystone

Treasurer’s Office, Michael Resar Sr., Treasurer/CFO (440-355-2424) for more information.


five year forecast notes and assumptions · revenue sources and forecast year-over-year projected...

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