Financial Fast Facts-The Newsletter

Welcome to the fourth issue of Financial Fast Facts - The Newsletter, with Strongsville City Schools Treasurer George Anagnostou.

Over the last two school years, as part of the District's strategic plan, we launched Financial Fast Facts to keep our community informed about Strongsville City Schools' finances. What began as informative infographics evolved into a video series and now we are adding this newsletter.

To view previous Financial Fast Facts infographics, videos and newsletters, CLICK HERE or scan the QR code below.

For this months Q & A section, we have received the following questions from the community:

With the recent vacancy on the Board of Education, what is the process of filling a Board Vacancy?

Ohio law (Ohio Revised Code 3313.11) establishes the process for filling a vacancy on a Board of Education. When a vacancy occurs, the Board has up to 30 days to appoint a replacement. State law also requires that at least 10 days pass between the occurrence of the vacancy and the appointment.

During this period, the Board publicly posts the vacancy, accepts applications from interested residents, reviews candidate qualifications, and conducts interviews. The interview process is typically scheduled within the first 10 days following the vacancy to allow the Board adequate time to consider applicants before making an appointment.

For the recent vacancy, the resignation became effective on May 14. The Board then began the process of accepting applications and conducting interviews in accordance with the timeline established by state law. This process was completed while balancing several important district events, including commencement activities and the Memorial Day holiday weekend.

At its May 28, 2026 meeting, the remaining Board Members voted unanimously to appoint Timothy Helms to fill the vacant seat. Mr. Helms will serve on the Board through December 31, 2027. At that time, two years will remain on the original four-year term, and Ohio law requires that the remaining portion of the term be filled through a special election in November 2027.

What's On Your Mind?

What topics are important to you? What would you like to have covered in a future Financial Fast Fact episode/newsletter? Scan the QR code below or CLICK HERE to complete the survey and/or submit a question.

Each month at our second Board of Education meeting, we present the district's financial reports under the Treasurer's Report section. These reports include a detailed financial status report and a supplemental report highlighting monthly revenues and expenditures, year-to-date comparisons, and projections against our five-year forecast.

Since our fiscal year runs from July through June, April represents 83.33% of the fiscal year (10 out of 12 months completed).

April 2026 Financial Highlights

Cash Position:

• Month-end cash balance: $51,455,859

• This is down $6,497,163 (10.09%) from last year
  
  

Revenue Update:

• Year-to-Date: Revenues totaled $80,456,834—up $52,851 (0.01%) from last year's $80,403,983

• Fiscal Year Projection: We're trending $981,398 (1.17%) lower than forecasted, now projected at $83,078,381

Expenditure Update:

• Year-to-Date: Expenditures totaled $73,087,106—up $3,336,882 (4.52%) from last year

• Fiscal Year Projection: We're trending $49,259 (0.05%) lower than forecasted, now projected at $93,849,449
  
  

Looking Ahead:

• Net unfavorable impact to forecast: -$932,140

• Projected ending cash balance (June 30, 2026): $37,315,063 (39.76% of projected expenditures)

• Overall projected cash spend-down: -$10,771,069

What's Driving These Numbers?

Revenues

April Snapshot:

• Revenues were $3,557,753 higher than last April

• Homestead and Rollback Reimbursements increased by $3,309,602 compared to last April. This variance is simply due to a shift in timing, as these funds were collected in May during the previous fiscal year. Year-over-year revenue comparisons will normalize once the May financial report is issued.

• State revenues increased by $36,305.

• Other revenues increased by $211,845, primarily due to receiving our annual Medicaid reimbursement a month earlier (April) than last fiscal year (May).

Year-to-Date:

• The year-to-date revenue increase of $52,851 is primarily driven by a timing shift in the receipt of Homestead and Rollback Reimbursements. While year-over-year revenue comparisons will stabilize next month, estimated year-end revenues are projected to finish $3.5 million lower than the previous fiscal year. This anticipated decline stems from a lower-than-expected March property tax settlement and a reduction in overall tax revenue following the expiration of the renewal levy.

• However, we have some positive news:

• State Foundation revenue is up $594,566 primarily due to the performance bonus

• Other revenues are up $394,983 net, including a one-time county reimbursement of $882,559

• These gains are partially offset by decreases in interest income ($431,644) and TIF revenue ($85,809)
  
  

Why We're Trending Below Forecast: We're trending $981,398 thousand (1.17%) lower than forecasted primarily due to final tax settlement results received in March:

• Residential and commercial tax collections are $778,719 lower than expected

• Public utility tax collections are $463,057 lower than expected

Expenditures

April Snapshot:

• Expenditures were $35,868 higher than last April

• Salaries and benefits increased by $13,932

• Non-personnel expenses increased by $21,936

• These increases are primarily due to the timing of invoice payments, particularly for special education tuition and utilities
  
  

Year-to-Date:

• The $3.34 million (4.52%) increase over last year is driven by:

• Salaries and benefits: up $2,217,573 (3.51%)

• Non-personnel expenses: up $1,119,310 (10.65%), including:

• Professional services (nurses, OT/PT therapy): $95,593 higher

• Utilities: $60,732 higher

• Special education placements: $432,205 higher

• Other Transportation Services: $225,167 higher

• Textbooks: $166,286 higher
  
  

Why We're Trending Above Forecast: We're trending $49,259 (0.05%) higher than the $93.9 million forecast due to:

• Salary benefits trending $298,495 lower

• Timing of Chromebook purchases, paid into current year not carried over into next fiscal year: $144,694

• County Auditor Collections Fees: $81,063 higher

• Special Education Placements: $58,015 higher

Important Context

Due to recent legislative changes, forecasts are now due earlier and must align with the district's annual budget. This year's forecast was due in October and prepared in September using August data—just two weeks into the school year. Next year, the forecast will be due in August before school starts.

The forecast is a fluid document that provides a fiscal roadmap of where we're heading. While there may be some twists and turns along the way, the reality remains: we are still deficit spending by approximately $10 million, and the funding cliff remains unchanged, with a cash deficit projected for fiscal year 2029.

Access the Full Reports:

• CLICK HERE to view the April 2026 Monthly Financial Status Report

• CLICK HERE to view the April 2026 Monthly Financial Status Report Supplement

• CLICK HERE for the February 2026 forecast presentation slidedeck

• CLICK HERE for the February 2026 forecast statements and assumptions

• CLICK HERE for the video of the February 23, 2026 BOE presentation.