Lexington Local Schools receives positive 5-year financial forecast

LEXINGTON ― Lexington Local Schools is expected to have a cash balance of at least $9 million for the next three fiscal years.

Treasurer Jason Whitesel presented the five-year financial forecast at Monday's board of education meeting.

"The five-year forecast continues to show our district on solid financial footing as we continue to ensure we meet the needs of all of our students while also maneuvering the end of federal ESSER funding related to the additional needs caused by the COVID-19 pandemic," Whitesel said. "The five-year forecast also demonstrates the importance of our two existing renewal levies, and we are thankful for the support of our community in the passage of our most recent renewal levy in March."

Voters approved a 6.4-mill, 10-year renewal levy by a margin of 2,013 to 1,955 in totals from Richland and Morrow counties.

Generating roughly 10% of the district's general fund, the levy will produce $2.705 million dollars a year.

According to the financial forecast, Lexington Local Schools is projected to have $9 million, $9.4 million, $9.5 million, $8 million and $5.3 million for a cash balance in the next five fiscal years, respectively.

Treasurer Whitesel talks about 5-year financial forecast

"We are happy that the forecast reflects a solid general fund balance for the full five years of the forecast, with only the renewal of existing levies and no need for new levies throughout the five years of the forecast," Whitesel said. "Updates to the five-year forecast are extremely important as a variety of factors continue to impact the five-year forecast, including decisions made in Columbus at the state level regarding funding for public schools.

"As we continue to serve our students, families and community, we will also continue to advocate for our district as we strive to ensure we get the most out of our local, state and federal public dollars. The five-year forecast is an excellent tool for the board and administration when making decisions for the district to ensure financial stability through rising costs and other state and federal economic uncertainties, while we continue to provide our students with the best education possible."

Lexington graduation set for Friday night

Lexington plans to send off the 198 members of the Class of 2024 Friday at 7:30 p.m. at the football stadium, weather permitting. There will be fireworks.

The ceremony will be bittersweet. For the first time in 60 years, longtime board President Bob Whitney will not be there. Whitney, whose nearly 60-year tenure was the longest for a school board member in state history, died in January.

"We are certainly excited to send the class of 2024 off into the world. This is a great group of students who will undoubtedly make their mark and help shape the future. It is, though, bittersweet, to celebrate the first graduation in 60 years without Bob on the board, and the first in over 40 years that will not include his graduation speech," Superintendent Jeremy Secrist said. "Bob loved our students, our school and the opportunity to address our graduates, so I'm confident that his spirit will be with us, ensuring the evening is a success for our graduates. Bob's presence will be forever felt within the Lexington Local Schools, on graduation day, on the first and last day of school, at athletic events, concerts and everything in between.

"Bob was Lexington, and we are forever grateful for his influence."

mcaudill@gannett.com

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This article originally appeared on Mansfield News Journal: Lexington Local Schools projected to be in black for next 5 years