North Royalton City Schools’ Treasurer Provides Year End Financial Update District Concludes Year with “Revenue over Expenditures” of more than $1.7 million
North Royalton City Schools recently completed its June 30, 2016 fiscal year end. The district concluded with “revenue over expenditures” in the amount of $1,747,000. This was due to several reasons:
• Real estate values increased slightly, causing real estate revenue to increase $498,000.
• State funding through House Bill 64 was originally anticipated to increase revenues by $460,000 that was later adjusted to $252,000.
• Federal funding allowed for increased reimbursement of services that provided an additional $44,000.
• Investment opportunities allowed the district to realize an additional $65,000 over the prior fiscal year.
The expenditures cost projection savings of $1,094,000 was also due to two factors. The first was the consolidation of the Early Childhood Center (ECC) into our existing elementary buildings and the second was our district-wide retirements. Total personnel saving totaled $790,000 and the elimination of contractual agreements amounted to $304,000.
The district also had other variances to its revenues and expenses, but these were the major contributors to the June 30, 2016 “revenues over expenditures” of $1,747,000. In 2015, the district had an end-of-year balance of $698,000; in 2014 an end-of-year deficit of $157,000; and in 2013 an end-of-year balance of $117,000.
“I want to thank the Board of Education and the efforts of the administrative team and the entire staff for working collaboratively to maintain the operational financial health of our district,” said Greg Gurka, superintendent, North Royalton City Schools. “It remains our philosophy to examine all aspects of the district to assure the community that we are operating in the most fiscally responsible manner as possible. While the educational needs of our students will need to be addressed in terms of the bond issue for facilities, our day-to-day operating processes will allow us to extend an operating levy approved in 2009 and designed to last three years, to last until at least 2019.”
“It is important to note that the operational success prolongs operational levy requests, not building capital improvement levy requests,” said Dr. John Kelly, board member, North Royalton Board of Education. “Our buildings and infrastructure are still in need of the recommendations reported by the Community Engagement Task Force and it is our hope that the community will support this need so our students will be learning in classrooms and buildings that foster collaboration, communication, creativity and innovation, critical thinking, as well as utilize technology in a 1:1 learning environment.”