State funding plays a crucial role in MCS's budget, constituting about 36% of our revenue. Understanding the State of Ohio's biennial budget, enacted on July 1 in each odd-numbered year, allows us to plan for the district’s future. #FinanceFridays
Did you know that MCS's real-time financial and transactional data are available online at the Ohio Checkbook? Visit https://checkbook.ohio.gov/ to see how state funding and revenue allocation impact our district's bottom line. #FinanceFridays
What is Ohio House Bill 187? HB 187, currently with the Ohio House of Representatives after being passed by the Senate, changes how property tax is determined. This has the potential to expedite the financial position of the district. Check out the Five-Year Forecast for more.
Ohio’s Department of Education and Workforce’s General Revenue Fund stretches far and wide. In fact, it provides funding to Ohio’s 611 public school districts, 49 joint vocational school districts, 335 public community schools, and 8 independent STEM schools! #FinanceFridays
Did you know? The Treasurer’s Department publishes a Five-Year Forecast every May and November that takes a look at the district finances and the variables that could affect the district funding, from local levies to state and federal funding. Find them on our department website.
Public school districts use a combination of state funds, local property taxes ( in some cases, school district income taxes) and federal funds. The amount of state funding a district receives is based on a formula that was first implemented in fiscal year 2022. #FinanceFridays
In fiscal year (FY) 2023, the state of Ohio spent more on primary and secondary education than at any other time in state history. Learn more about how state funding is distributed on Ohio’s Department of Education and Workforce website. #FinanceFridays
Assessed value = the value assigned to a property by tax assessors for taxation purposes. For most residential property owners (Class I and Class II properties), the property is assessed at 35%, meaning a property’s taxable value is 35% of its property value. #FinanceFridays
Levy Insights: The Replacement Levy maintains the same goal as the one it replaces but preserves the original millage rate. This leverages local value growth over the previous levy's lifespan, with a slight reduction in the first year, like a new levy. #FinanceFridays
Levy insights: In the face of unforeseen challenges, an Emergency Levy is a district’s safeguard. It funds immediate operating needs for a limited time, up to 10 years, ensuring a district stands strong during times of urgency.
Levy Insights: Renewal Levies request voters renew support for an existing levy just prior to its expiration. The levy must serve the same purpose and must be renewed at the existing effective millage rate. #FinanceFridays
Levy Insights: A Bond Issue allows the district to borrow funds for capital projects like new building construction and significant renovations. The levy is for a specified amount over a specific period of time and requires passage by the district community. #FinanceFridays
Levy Insights: A Continuing Levy ensures ongoing district support. This levy only expires if repealed by the community. This perpetual funding source guarantees a reliable stream of resources for vital district day-to-day needs. #FinanceFridays
Levy insights: A Substitute Levy can replace existing emergency levies and can increase as new real property is added to the community tax base. This type of levy can remain in effect for up to 10 years. #FinanceFridays
Ohio School Districts receive state aid through the State Foundation Formula. The formula takes into account a district's tax-raising ability and the per-student minimum amount the state determines is necessary to provide an appropriate education.
Discover the three main funds used in schools with MCS Treasurer Justin Blevins! Permanent Improvement funds, fueled by property tax revenues from a passed levy, fund lasting projects—enhancements, fixes, & acquisitions - prioritizing safety & enriching the learning environment.
Proposed Plan: The Ohio Senate aims to aid seniors in the face of rising property values. State Sen. Blessing highlights concern for fixed-income seniors, suggesting an expanded Homestead exemption, which would provide a reduction in their property taxes.
Discover the three main funds used in schools with MCS Treasurer Justin Blevins. The Operations Fund (General Fund) is vital for daily operations and is fueled by local property taxes. This fund sustains teaching, utilities, materials, supplies and facility maintenance.
Bond Funds from property tax contributions after a Bond Issue success are legally bound to specific capital projects. Dedicated to building, renovations, and land acquisition—meeting enrollment expansion needs.
Permanent Improvement funds, fueled by property tax revenues from a passed levy, fund lasting projects—enhancements, fixes, and acquisitions. Prioritizing safety and enriching the learning environment.