Roughly 10 days after missing the state’s deadline, the Akron Board of Education voted unanimously to approve its five-year budget forecast.
The delay occurred after two weeks of back and forth between the board and Akron Public Schools’ administration. The board asked for cuts to be included in the five-year forecast, and after cuts were included, its members requested additional details.
The approved forecast has the district maintaining a positive cash balance until fiscal year 2029. It is expected to end fiscal year 2025 with about $86 million in cash reserves and fiscal year 2029 with about $16 million.
Board member Barbara Sykes led the push to ask the district to include cuts in the five-year forecast. Sykes was joined by Gregory Harrison and Rene Molenaur in asking for additional details.
In total, the district is expected to cut about $14 million from its budget. Roughly $10 million would be eliminated before the next academic year, and about $4.5 million would be cut over the life of the five-year forecast.
The board approved a plan that includes the following reductions:
- $1.79 million from the Division of Academics.
- $1.1 million from the Division of Student Services.
- $4.8 million from the Division of Schools and Accountability.
- $85,000 from the Division of Talent and Organization.
- $2.39 million from the Division of Operations.
“We are not in a deficit for five years with those 10 million in cuts,” APS Treasurer Steve Thompson said Monday night.
The board voted 6-0 to pass the forecast.
Board approves early issuance of $15 million bond
In addition to passing the five-year forecast, the board also approved the issuance of a $15 million bond that would allow the district to get an early jump on the construction of a new North High School by hiring an architect as early as January. It would also earn the district some extra money for the project by allowing it to borrow the money at a lower interest rate, invest it at a higher interest rate and pocket the earnings.
Thompson, who spearheaded the plan, said investing the remaining $15 million would net the district between $200,000 and $300,000 in additional funds to put toward the construction project.
Board approves grant to support students experiencing homelessness
The GAR Foundation donated — and the school board approved — $87,000 to purchase and distribute youth beds through Project RISE.
The donation will provide 390 beds and bedframes, along with $50 gift cards to purchase bedding. It also covers the cost of delivery.
“We want to certainly acknowledge GAR as a community partner for the social needs of our kids, the material needs,” Harrison said.
Editor’s note: The GAR Foundation is a financial supporter of Signal Akron.
