NEW RICHMOND, Ohio — Ohio has changed how public school districts must report their long-term finances to the state, replacing the familiar five-year forecast with a shorter, more frequent snapshot of district budgets, the New Richmond Exempted Village School District said in a social media post.
Under the revised requirement, districts will no longer file a full five-year projection. Instead, they will submit current-year budget figures along with projections for the following three fiscal years, according to the district.
The reporting frequency is not changing. Ohio has long required districts to file forecasts twice a year, and that will continue under the new rules, the district said. What is changing are the deadlines: districts must now submit forecasts by Aug. 31 and by the last day of February, rather than the dates used under the previous cycle.
Ohio Revised Code Section 5705.391 requires every city, local, exempted village and joint vocational school district in the state to submit financial forecasts, giving school boards, bond-rating agencies and residents a standardized look at projected revenue, spending and cash reserves. Ohio Administrative Code 3301-92-04 sets the format and process districts must follow when filing those forecasts with the Ohio Department of Education and Workforce.
The district said the purpose of the forecast has not changed even though its format has: to give a transparent look at projected revenues, expenditures and fund balances so districts can plan responsibly for the future.
Because the requirement comes from the state, the new three-year projection format and filing deadlines will apply to every public school district in Ohio, not just New Richmond schools.
The information contained in this story was obtained from the New Richmond Exempted Village School District.