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Financial Update & Presentation

Mayfield Board of Education November 16, 2011. Financial Update & Presentation. Presentation Outline. Money Management Educational Program Investment Strategies Financial Needs Assessment Financial Recommendation Wild Cards. Money Management. Financial Plan

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Financial Update & Presentation

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  1. Mayfield Board of Education November 16, 2011 Financial Update & Presentation

  2. Presentation Outline • Money Management • Educational Program Investment Strategies • Financial Needs Assessment • Financial Recommendation • Wild Cards

  3. Money Management • Financial Plan • Maintain sufficient cash reserves • Strategic use of all resources • Sound operational decisions, utilization of best practices, and an emphasis on targeted goals • Market Measures • Credit Rating • Relative Tax Rates – lower quartile of Cuyahoga County

  4. Educational Program Investment Strategies • Focused Educational Programming based on: • Data-driven decisions aimed at specific district goals • Targeted professional development • Early intervention for students in math & literacy • Increased use of technology in the classroom • Culminating in: • Mayfield HS named in top 100 according to Newsweek Magazine for its academic performance and programming. • 2011 State of Ohio designation “Excellent with Distinction” • Ranked in the Top 10% of schools that participated in the Battelle value added study.

  5. FINANCIAL NEEDS ASSESSMENT • The need is now, the dashboard indicators are flashing • FY2012 begins deficit spending • Begin to deplete cash reserves. • Focused financial management & planning. • Implemented a 2-year pay freeze for all District personnel. • Made permanent budget cuts of $2.5M to operating budget. • We cannot expect the State to solve our problems. Have a proven track record.

  6. Financial Recommendation • Placement of a combination levy • 5.9 mills comprised of: • 5.4 mill continuing current expense levy to pay for daily operating expenditures • .5 mill continuing permanent improvement levy to pay for capital expenditures such as technology.

  7. Wildcards • HB136 – proliferation of voucher program that has the potential of transferring local & state dollars to students attending non-public institutions. • Development of a new state funding model that further emphasizes local property wealth factors thus reducing or possibily eliminating state aid for Mayfield.

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