Author: Tanner Atha

Understanding Our District’s Finances: Key Takeaways from the November Five-Year Forecast

Ohio law requires every school district to update its five-year financial forecast twice a year: once by November 30 and again by May 31. These forecasts provide a snapshot of our district’s financial health and help us plan for the future. Here’s an easy-to-understand overview of the key points from our latest update.

Where We Stand Financially

• Starting Cash Balance: On July 1, we began the fiscal year with $91 million in cash. By the end of FY25 (June 2025), we expect to have $89.6 million remaining, despite operating at a deficit.
• Deficit Spending: Although we are spending more than we take in during FY25, the passage of the 6.9-mill operating levy in November will significantly help. This levy will generate $15.8 million in new revenue this spring, reducing the majority of the operating deficit we had originally projected for FY25.

Impact of Issue 39

Under the current assumptions, the approval of Issue 39 enables us to meet the 20% cash reserve required by Board policy through FY2029. This proactive planning helps us avoid future financial challenges, like a negative cash balance or fiscal emergency.

Where Our Funding Comes From

• Local Taxes: 68% of our funding comes from local property taxes.
• State Funding: 27% of our funding is provided by the state.
• Other Revenues: The remaining 5% includes payments from businesses like Amazon and TruePointe, which will begin contributing later in this forecast period.

For FY25, total general fund revenues are projected to be $247.2 million.

Key Revenue Insights:

• Property values are expected to grow 1% annually due to new construction.
• The new operating levy will provide $31.6 million in annual real estate tax revenue.
• State funding is anticipated to remain stagnant, even if the state adjusts its base cost formula in the coming years.

How We Spend Our Funds

As a labor-intensive organization, most of our budget goes toward the people who support our students daily:

• Salaries and Benefits: These account for 84% of expenditures. Salaries are expected to increase annually, reflecting cost-of-living adjustments and step increases.
• Other Costs: Purchased services (utilities, transportation, etc.) make up 10%, while supplies and materials represent 6%.

For FY25, total general fund expenditures are projected at $248.7 million.

Key Expenditure Insights:

• Rising healthcare costs are a challenge, with a projected 18% increase in medical insurance costs for 2025. Future increases are expected to moderate to 6% annually beginning in 2027.
• Utility costs are also climbing, with natural gas expected to rise 8% and electricity costs increasing by 25% in FY25.

Why This Matters

Our district is committed to financial transparency and careful planning. By making these forecasts available, we aim to keep our community informed about how we allocate resources to provide a high-quality education for all students.

For more details, you can review the full five-year forecast here or explore archived financial reports HERE.

Kaitlin Price Bowman, a 2013 graduate of Davidson, is living her dream with not just one, but two fulfilling careers. Thanks to the education and opportunities provided by Hilliard Schools, she’s been able to blend her passions with her skills. 

After high school, Kaitlin attended The Ohio State University, earning a bachelor’s degree in strategic marketing and professional writing. Her love for music, nurtured through participation in the marching and concert bands, orchestra and the Columbus Symphony Youth Orchestra, followed her to college. She joined the student staff of The Ohio State Marching Band, a natural fit considering her parents met while playing in the band. 

During college, Kaitlin also discovered a love for jazzercise, inspired by her mom, who has enjoyed the cardio exercise for as long as she can remember. She became an instructor and has never looked back. 

Fast forward to today. Kaitlin is the Administrative Coordinator for Ohio State’s Marching and Athletic Bands, where she oversees travel and logistics for the university’s musicians. In 2021, she also purchased Hilliard Jazzercise. While she continues to teach, she acknowledges that balancing a business with a full-time job takes a village. She’s grateful for her team of instructors and her mom, who pitches in whenever needed.  

Kaitlin credits several teachers and musical directors for her success, including Mr. Mark Sholl, Mr. Dave Handshue, Mrs. Carol Handshue, Mr. Don Ley, Mr. Shawn Malone, and Mr. Corey Aumiller.

If you know an alumnus who deserves the spotlight, click here to send us an email!

Emma Wood Turek graduated from Davidson in 2019 and has since gone on to have a successful career in the military. 

She graduated from the Air Force Academy in 2023 and is working toward her master’s in Aerospace Engineering at Texas A&M University. She is currently slated to attend intelligence school upon completion of her degree but hopes to become a pilot. 

Emma said Hilliard City Schools focus on STEM career fields more than prepared her for life post-high school. 

“Davidson has great pre-engineering, physics and math programs, which helped me advance to where I am today,” she said. 

She was especially influenced by math and pre-engineering teacher Mr. Kuch and science teacher Mr. Herring. 

If you know an alumnus who deserves the spotlight, click here to send us an email!

Congratulations to this month’s Embrace, Empower & Inspire Award winners, Amanda Gasaway (Transportation), Marie Desrosiers (Transportation), and Katie Speakman (Hilliard Davidson Spanish Teacher).

These staff members go above and beyond the expectations of the Hilliard Way and truly make a difference in our district. If you know a staff member who goes above and beyond their way to make a difference, you can nominate them for next month’s award by clicking HERE!

In unofficial results, voters have approved the $142 million bond issue and 6.9-mill operating levy proposed by the Hilliard City Schools Board of Education. The successful passage of the levy and bond will allow the district to address immediate and future operational and educational needs.

“We are incredibly grateful to our community for their support,” said Superintendent David Stewart. “This outcome ensures we can move forward with critical investments in our schools, staff, and programs, all of which are essential to ensuring that every student has a learning environment that supports 21st-century instruction.”

The approved funding will allow the district to preserve current programming, avoid staffing cuts, and move ahead with Phase 1 of the Master Facilities Plan. This includes a new sixth-grade school, three new elementary buildings, and additional preschool classrooms, as well as improvements to athletic and performing arts spaces, increased safety and security, and playground renovations. Superintendent Stewart added, “We’re excited to continue our mission of ensuring every student is Ready for Tomorrow, and we thank the entire community for their investment in the future of our schools.  Because of this investment, the next several years will be an exciting time for our Hilliard City Schools community.”

In the coming months, the district will communicate its progress relative to these plans on a regular basis with the community.