The Five Year Forecast:
What is a five year forecast, what is an example of the type of funding East Holmes receives, and why is a forecast crucial for guiding our district's path forward?
A five year forecast is a strategic financial projection that outlines anticipated revenues, expenses, and trends over the next five years within the General Fund as well as three years in retrospect. The forecast focuses specifically on the District's General Fund, the principal operational fund responsible for funding day-to-day instructional activities. The report does not include financial data related to various other program funds managed by the school, such as Food Service, Federal Grants, Athletics, Capital Projects, and funds associated with student activity groups.
The District receives various types of funding from the Ohio Department of Education, both restricted and unrestricted, mainly in the form of state grants. One such funding stream includes the Disadvantaged Pupil Impact Aid and Student Wellness and Success Funds, categorized under "restricted grants-in-aid" as outlined in the Five Year Forecast (accessible below). East Holmes uses Student Wellness and Success Funds to empower students with leadership skills through the Leader in Me Program, enhance student mental health support via The Village Network, improve nursing services by contracting with Akron Children's Hospital, provide physical therapy services and enhance safety through a school resource officer.
In our ever-changing educational environment, a comprehensive and accurate forecast is essential for effective financial planning and decision-making. It allows us to anticipate potential challenges, identify opportunities, and proactively allocate resources to align with our district's goals and priorities. The five year forecast provides East Holmes community members with a holistic view of our district's financial health, taking into account factors such as enrollment trends, local and state funding projections, expenditure patterns, and other critical variables. By analyzing this data and making informed projections, we can better understand the financial implications of our actions and make wise choices that benefit our students, staff and community.
By leveraging historical data and economic indicators, we aim to create a realistic and reliable roadmap for our district's financial future. The forecast serves as a powerful tool to guide our district's strategic planning, budget development, and resource allocation. It enhances transparency, accountability, and informed decision-making, ensuring that our financial resources are optimally utilized to support educational excellence.
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Interested in learning about five year forecasts from other school districts in Ohio? Please visit this link to view the Ohio Department of Education and Workforce's Five Year Forecast Database.