Willoughby, Ohio Development News

Willoughby Eastlake Schools Board Approves FY27 Budget and Financial Updates

The Board of Education approved the final appropriations for Fiscal Year 26 and amended the June appropriations to temporary for Fiscal Year 27. They also approved the permanent appropriations for Fiscal Year 27. A financial update for Fiscal Year 27 was presented, noting a shift to a four-year forecast instead of five due to state legislative changes, and acknowledging the challenges of providing accurate August forecasts without updated staffing contracts and payrolls. Monthly financials for Fiscal Year 26 were also reviewed, showing revenues at 101% of expected (due to higher property tax revenues) and expenditures at 95% of budget, with savings in purchase services and supplies. Various fund transfers were approved, including general fund dollars to state grant accounts, debt service payments, and funds for the fieldhouse and pool capital expenses. New accounts were established for school activities and groups. Several student activity accounts for Fiscal Year 27 were approved, requiring budget and purpose statements for legal spending. Gifts and donations were also noted. Finally, the board approved monthly financials for all of fiscal 26, noting revenues at 101% of expected and expenditures at 95% of budget.