FISCAL FLASH - Home - Gallipolis City Schools
Transcript of FISCAL FLASH - Home - Gallipolis City Schools
How did we end FY17? Fiscal Year (FY) 17 ended June 30, 2017
General Fund
Beginning Balance - $202,073
Revenue - $20,072,743
Expenditures - $20,020,787
Excess - $51,956
Ending Balance - $254,029
Healthy Ending Balance would be 60 days of operating = $3,300,000
Why are we struggling financially?
1. Medical Insurance
Insurance companies look at claims to premium ratio when renewing policies. Gallipolis City Schools’ policy renews in
January. The ideal ratio for 0 increase is 82%. With this being the first year with Anthem, they call this an “immature”
year since they only have 9 months of data to compute the renewal. Trend data is used to make a renewal projection.
Claims Premiums
Feb $77,094 $491,723
March $528,879 $245,337
April $220,970 $245,389
May $222,920 $244,732
June $151,542 $231,347
July $472,943 $227,917
August $155,428 $235,381
September ?????
Totals $1,829,776 $1,921,826
95%
FY18 QUARTER 1 (July 1-October 31, 2017)
In August using only data through July, Anthem projected our
renewal at 30% insurance increase which would cost
approximately an additional $725,000 per calendar year.
Seriously, what can I do to help contain insurance costs?
Utilize anthem.com website to manage insurance
Do your research on procedures and prescriptions (price compare)
Practice preventive and self-care
Maintain healthy living (Exercise/Reduce stress)
Be happy! A review of more than 200 studies found that positive
psychological well-being is linked with a lower risk of heart disease, lower
blood pressure and stronger immune system.
Funding Enrollment
Please bear with us during this difficult time as decisions are made to become financially stable.
FISCAL FLASH
2. Enrollment
Enrollment continues to be a major concern. The State funding formula is based on student enrollment. Currently, we
are down 34 students from last May which equals approximately $110,500.
We are not alone…
Other Ohio Districts are finding their expenditures are meeting or exceeding their revenue. The difference between us
and other districts are that other districts had a larger carryover and have not depleted their carryover funds yet.
Gallipolis City School District has functioned with a modest carryover from year to year to provide the best education
possible to our students.
Us Gallia Local Jackson City Oak Hill Meigs Wellson
FY17 Revenue 20,072,743 26,991,135 22,736,300 13,918,391 21,536,789 17,237,548
FY17 Expenditures 20,020,787 28,014,518 22,719,786 13,801,307 20,817,032 17,115,861
Excess 51,956 (1,023,383) 16,514 117,084 719,757 121,687
$9,367,785Carryover from
Previous Year$202,067 $6,445,374 $10,476,328 $7,842,870 $3,580,639
With the rise of virtual schools,
we must compete for our
students’ enrollment. Families
have more options than ever
before as to where or how to
gain an education. In order to
survive, we must attract our
students to stay in our district.
Most Ohio districts have seen a decline in
enrollment over the past 5 years.
1950
2000
2050
2100
2150
2200
2250
Gallipolis City Schools' Enrollment
Important Update: Last spring we were released from Fiscal Caution by the Ohio Department of Education.
After receiving our year end financials, Ohio Department of Education contacted the district on September 28,
2017. The district has provided an update on our current financial status. The department will be checking on the
district at the end of October once insurance renewals are provided and the October 5-Year Forecast is submitted.
Data for other districts taken
from May 2017 Projected
5-Year Forecast
which can be found at:
http://fyf.oecn.k12.oh.us