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Latest Monroe Schools Financial Overview
Friday, June 20, 2008 4:00:39 PM - Monroe Ohio

by Monroe Local Schools staff

Recorded from Board Meeding of June 9, 2008

Dr. Lolli and Mrs. Thorpe gave a financial overview of the needs of the district. Several scenarios where presented to the Board regarding the renewal of upcoming emergency levies and the bond levy that is still in discussion. As it stands now we will be in a negative financial situation in the year 2010.

Scenario one is to renew the three upcoming emergency levies with 2 million in additional monies but this only carries us through 2010.

Scenario two encompasses combining two of the upcoming emergency levies into a millage levy and up the millage in the amount of 8 mils which will take us to year 2013.

Scenario 3 is non-renewing two upcoming emergency levies. We would leave the third emergency levy in place. We would replace these emergency levies on the ballot with one combined emergency levy in the amount of 5 million which would keep us solvent until the year 2013 . The Board asked what amount the 5 million levy would cost the homeowners of Monroe. Mrs. Thorpe will get these to the Board at a later time.

One scenario given by the Board was to let one of the emergency levies fall off and instead place 5 mills of inside millage into the permanent improvement fund. This solution would not help with additional funds.Other options were discussed by the Board such as substitute levies (which is contingent upon HB 256 passing), 1% earned income tax levy with the renewal of the three existing levies, and incremental levies.

The Board asked for additional information on the cost to homeowners of scenarios presented.

Discussion will continue at the next Board meeting which will allow the Board time to suggest other scenarios and requested information to be gathered.

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