At the Sept. 20 board meeting, the Kenston Board of Education approved the five-year forecast and related assumptions for the general fund, which is both a short-term and long-term projection of the district's finances...
Five-Year Forecast Approved
At the Sept. 20 board meeting, the Kenston Board of Education approved the five-year forecast and related assumptions for the general fund, which is both a short-term and long-term projection of the district’s finances. Treasurer Paul J. Pestello annually submits the forecast and assumptions to the Ohio Department of Education by Nov. 30 and May 31. A revised five-year forecast may be submitted anytime during the year if, and when, substantial changes occur that affect the projections. The five-year forecast is a “snapshot” in time and is only as accurate as the information available when it was prepared. Utilizing historical trends and realistic assumptions, the five-year forecast is prepared using conservative estimates of revenue and liberal estimates of expenditures.
The primary purpose of the forecast:
- A planning tool for the district’s Board of Education and administration to use to identify and to prepare for future funding issues of the district in support of its mission and vision.
- A key tool in meeting the district’s priority to respect the investment of taxpayers by providing responsible management of resources as we continue our commitment to student success.
- To serve as a basis for determining the Treasurer’s ability to certify that funds are available when entering into contracts.
- To provide a method for the Ohio Department of Education and the Auditor of State to identify districts headed toward financial difficulties.
Highlights of September 2021 5-year Forecast
- The financial forecast was prepared using slightly less conservative estimates of revenue and slightly less liberal estimates of expenditures than past years in an effort to present a more realistic representation of the district’s long-range financial outlook.
- With labor contracts expiring in fiscal year 2022, the five-year forecast does not include cost of living adjustments (COLA) for staff beyond fiscal year 2022.
- The five-year forecast projects an ending cash balance of $8 million on June 30, 2022 (the fiscal year 2024), $4.7 million on June 30, 2023, and $706,000 on June 30, 2024.
Contact Paul J. Pestello, treasurer, with any questions. Past forecast and assumptions are posted on the district’s finance page at kenstonlocal.org.
Excellence in Financial Reporting
Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement to the Kenston Local School District for Excellence in Financial Reporting for its comprehensive annual financial report (CAFR) for the fiscal year ended June 30, 2020. An impartial panel has judged the CAFR to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to communicate its financial story.
The 2020 Comprehensive Annual Financial Report (CAFR) is available on the district website.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting.
Rotary Senior
As the Rotary Student of the Month for September, Dominic Alandt is a motivated and hardworking senior. He will receive an AP Capstone Diploma that concluded with his research paper on profitability within the beef cattle industry. He has been recognized as an AP Scholar with Distinction for scoring a three or above on multiple AP exams. In addition, he has been honored with three departmental awards from the business and English departments.
As a student leader, Dominic is currently the president of Kenston’s chapter of the National Honor Society, Principal’s Leadership Council and class secretary for the past two years. Also, as a member of the Political Action Committee of Kenston (PACK), he has broadened his political literacy and participated in several Candidate Nights.
Dominic is committed to his community. He will receive a Community Service Cord at graduation for having accumulated over 300 recorded service hours. He spearheaded the Student of the Year campaign for the Leukemia and Lymphoma Society during his junior year, raising over $13,000 for new research, treatment and patient care. In addition, he served as a member of the Lead Crew for Bomber Bash, raising money for “A Kid Again,” a local organization that provides adventures for chronically ill children.
Dominic spends much of his time volunteering as a cadet at the Auburn Fire Department outside of school. While learning about fire and emergency management services, he has responded to emergencies like medical calls and traffic accidents.
Although he remains undecided about his college decision, he plans to attend a four-year university and major in health sciences on a pre-physician assistant (PA) track and minor in finance.
