Upper Arlington Schools is committed to being a good steward of our community’s investment in our schools. As part of that commitment, it is essential that we provide our community a clear and transparent view of our district’s finances.
The five year forecast provides that important check-in point for our community twice every year. It includes three years of actual data and five years of anticipated revenues and expenditures — offering a look at both our current financial status and our outlook, including the potential impact of any future needs.
This legally required document is presented to the Board of Education and filed with the state of Ohio every November, and then it is updated every May.
The May 2023 update reflects a few key changes since the November 2022 filing, including the 2024 calendar year property revaluation by the Franklin County auditor’s office. These updates to property values are completed every three years, based on state law, to reflect changes in the real-estate market.
This fall, all Franklin County homeowners will be receiving a new appraisal estimate from the county auditor. While property values are expected to increase by an average of 30 percent countywide, that doesn’t mean homeowners will be paying 30 percent more in property taxes — or that school districts will be receiving 30 percent more in property tax revenue.
As you may recall, a state law known as House Bill 920 ensures that voted operating levies do not grow as property values increase. In fact, as property values increase, tax rates actually decrease for homeowners, so the district gets about the same amount of money. There are exceptions to this, including something called inside millage, a fixed amount that is legally provided for by the Ohio Constitution and is not related to levies or bond issues approved by voters. Because of that, Upper Arlington Schools will receive an additional $2.1 million per calendar year beginning in 2024. For context, that amounts to less than 2 percent of the district’s total annual revenue.
In addition to the upcoming revaluation, the most recent update to the five year forecast also takes into account the governor’s proposed biennium budget, which was still making its way through the legislative process as of the writing of this column. Based on what we knew as of May, we expect the total amount of state aid that we receive to remain relatively the same.
You can take a closer look at the five year forecast on our website, www.uaschools.org/treasurer.aspx. While you’re there, you can also explore the other documents we have available — including the 2022-2023 Financial Update, our annual financial accountability report to the community. If you have any questions, please feel free to contact me at [email protected].
Andrew Geistfeld is the Treasurer / Chief Financial Officer of the Upper Arlington Schools.