This spring, Upper Arlington Schools published the 2023-2024 Financial Update, a key part of our commitment to providing clear and transparent communication about the state of the finances of the Upper Arlington Schools. This document provides our community with a concise look at the financial state of the district and the factors that will impact our financial situation in future years.
Annual Audits: In addition to the internal Financial Update, Upper Arlington Schools also relies on external, third-party reviews of the district's finances. Each year, the state auditor's office sends a team to audit the Upper Arlington school district, delving into financial records and reviewing the district's practices. Upper Arlington Schools is proud to consistently earn a clean audit opinion and the Auditor of State Award, most recently for the 2022-2023 school year, recognizing our commitment to effective and accountable financial practices for the community.
Five Year Forecast: The five year forecast is a legally required document that is completed twice a year, in November and May, and submitted to the Ohio Department of Education (ODE) following approval by the Board of Education. The document, which covers three years of actual data and five years of anticipated revenues and expenditures, provides an important check-in point for our district, so that we can keep a clear view on what future impacts and needs are.
Monthly Financial Reports: The monthly financial reports offer an in-depth look at revenue collections, expenditures and the district’s cash balance as it stands for the month and over the course of the fiscal year.
Summer projects
This spring, the district has been preparing for summer projects at its buildings. Several of these projects involve the typical maintenance you would expect — such as asphalt work at three buildings, roof repairs at Hastings Middle School, and track repairs and maintenance at the middle schools and high school.
Thanks to a strong bond-investment strategy, higher interest rates, and the completion of construction on time and on budget with fewer change orders than expected, the district will also be able to address a significant facilities need eliminated in the first phase of the master plan. By utilizing remaining bond interest funds, we will move forward with window replacement in the older areas of Barrington Elementary School this summer, just as we did at Tremont Elementary School last year.
The summer projects also include renovation work, funded by a state grant, at the former district office at 1950 North Mallway Drive. This building will become the home of new educational pathways available to Upper Arlington High School students beginning this fall.
If you have additional questions about our district’s finances, you can contact me at
[email protected].