The Northeastern Local Board of Education met in a brief special session Monday evening to approve the district’s five-year forecast.
Treasurer Sara Buchhop said that the assumptions or projected figures for the next five years show the school district continuing to have a positive balance through fiscal year (FY) 2024.
Agriculture real estate decreased by $8,190 from 2018 to 2019. However, residential valuations increased by $708,790. This results in a net increase of $708,790. Additionally, the commercial and industrial property valuation increased by $2.5 million.
In November of 2018, district voters approved the renewal of a 2.95-mill operation levy. Buchhop said that considering the additional revenue brought in by Rover Pipeline, LLC, a public utility, the county could lower the current bond rates.
The district’s funding through the state foundation through FY 2020 and FY 2021 is based on the current biennial foundation budget. No increase or decrease has been projected for FY years 2022-24. However, there is a possibility of a reduction in state funding due to the increase of revenue through the public utility valuation within the district.
Buchhop said there are some unknowns with the district sale of obsolete classroom and building items from Noble Elementary School and the junior high and high school buildings. The final outcome of the Noble building is yet to be determined.