Ohio Revised Code 5705.391, as amended in 2018, requires school districts to file a five year projection for the General (operating) fund to the Ohio Department of Education in November and May of each year.
Ohio school districts are the ONLY governmental entity in Ohio required to provide or attempt to forecast revenues and expenditures for a five year period. For example, the state of Ohio only estimates its budget on a biennium (two year) period.
As a result, Five Year Forecasts have risks and uncertainties not only due to legislative changes made in the biennium budget, but also due to economic uncertainties. The SCSD Board, Superintendent and Treasurer prepare the Five Year Forecast using the best data available and laws in effect at the time the forecast is filed.
However, as the forecast extends, those projections will deviate from actual experience. For the numbers represented in the forecast to be meaningful, the reader must review and consider the Assumptions to the forecast which are submitted to the Ohio Department of Education along with the forecast.