HUDSON: The forecast for Hudson schools predicts that the district will remain in the black into 2018.
District Treasurer Kathryn Sines presented and obtained board approval of her October five-year forecast at the Board of Education meeting on Monday.
The forecast is required to be sent to the state twice each year.
Sines said that the majority -- 66 percent -- of the district's income comes from real estate taxes. Of that income, 80 percent is residential, and 20 percent is business real estate.
She said that the forecast is based on assumptions, including that real estate taxes will remain consistent and the rate of collection will remain at 98.5 percent. Sines said that is a high rate of collection for a city.
Prior presentations have included federal stimulus money, but it is not included in the current forecast. There is no further expectation of those extra funds at this time, she added.
She included a category for casino earnings, however, at the request of the state auditor, although she is wary of such funds actually coming through. Her experience with the Ohio Lottery has shown that predicted funds don't always materialize.
The district's biggest expenditures are for salaries and benefits, which total 81 percent. However, salary costs have actually declined and are 6.5 percent lower since the 2010 fiscal year.
She attributed this decrease to prior staff reductions, wage freezes, and employee health insurance contributions being raised to 15 percent.
Board President David Zuro pointed out that expenses in 2013 were actually $4.7 million less than in 2010.