Board Receives Report From Treasurer/CFO

May Five-Year Forecast
Posted on 05/19/2020
Image of FinancesAkron Public Schools CFO/Treasurer Ryan Pendleton shared the updated May 2020 five-year forecast with the Akron Board of Education today. Due to the unprecedented financial repercussions of COVID-19, the district must plan accordingly for both the known and the unknown budgetary impacts. The updated five-year forecast reflects these changes and assumptions.

What is known is that the Akron Public Schools (APS) district will receive $10 million in stimulus funding in fiscal year 2020, but that will be offset by the $3.5 million in budget cuts issued by the State of Ohio. Without additional stimulus funds, Akron Public Schools will likely be unable to fill additional holes in the budget created by future cuts.

We are almost certain there will be additional state and federal budget cuts in the 2020-21 school year.

With expected revenue losses in the areas of property taxes, investment income and state aid, APS must continue to strategically plan to offset the lost revenue but continue to offer innovative educational programming for its students.
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