At the May Board meeting, the following Crestwood staff members were recognized for their retirement by the district. They included Patricia Briggs, who served the district for 30 years, Doyle Hogue who served 7 years. Grover Vaught has been at Crestwood for 34 years, while David Wesley was an educator at Crestwood for 33 years.
Next, Kathryn Hoffmeister Treasurer/CFO presented the Five-Year Forecast. In her presentation, Hoffmeister noted that in FY 2023 a revenue surplus is expected, meaning that expenditures are expected to be less than revenue. Her forecast assumes that the existing levy, which was passed in 2012, will be renewed by voters in November 2023. The levy was last renewed by voters in 2019. If renewed this fall, the renewal will generate the same $1.4million as in previous years. Even with the passage of the renewal, Hoffmeister noted that by the final year of the forecast (FY 2027), the district is expected to have a revenue shortfall.
This is due to many factors, including salaries, which represent 54.93% of total expenditures. She noted that salaries have decreased at a historical average annual rate of -1.75% or -$186,339. Hoffmeister noted that benefits represent 25.53% of total expenditures, they have increased at a historical average annual rate of 0.13%. She noted that these categories are projected to grow and both will be directly influenced by HB33 proposal to raise the minimum base salary for teachers. Hoffmeister noted that the district would need to cut its FY 2027 projected expenses by 9.97% in order to balance its budget without additional revenue. The extensive financial forecast is available at Crestwoodschools.org or by calling (330) 357-8206.
The next regularly scheduled board meeting takes place on Tuesday, June 13th at 7 pm in the Central office (10880 John Edward Drive).
The End of the Fiscal Year meeting takes place on Tuesday, June 27th at 7 pm. The community is invited to attend the meetings in person or via streaming by visiting crestwoodschools.org.
