TROTWOOD, Ohio (WDTN) – Officials with Trotwood-Madison City Schools are assessing the potential impact of an anticipated loss of $320,000 in tax revenue due to the Memorial Day tornadoes.
According to the Montgomery County auditor, several local school districts are set to lose thousands of dollars as property taxes decline due to the tornadoes.
Trotwood-Madison is the county’s hardest hit district, set to lose $320,000 in tax revenue, according to Auditor Karl Keith.
According to Janice Allen, treasurer and CFO for Trotwood-Madison City Schools, that number from the auditor’s office is nearly twice what the district expected. The district’s initial estimate was a $173,000 loss, she said.
The school district is already spending an estimated $100,000 this school year to transport students who are now living outside the district, she added.
“Any revenue loss is a loss to our students and to our district,” Allen said.
According to Allen, the expected gross tax revenue loss is equivalent to the cost of about seven teachers in the district.
The district is projected to regain $55,000 in tax revenue due to new construction, Allen said, but she hopes that number will be even higher.
“What we’re looking at is redirecting dollars,” she said. “And so we’re looking at our grant funds to see if we can pull some of those general fund dollars and pay for those extra expenses through grants.”
Denise Moore, school board president, told 2 NEWS she believes the state should help make up for some of that lost funding and is looking into what types of grants the district can qualify for.
The school board is also interested in working with other affected school districts to obtain more state funding, she added.
“Knowing those totals now, we can definitely have those conversations along the lines of how does the state work with districts that are hit,” Moore said.
School leaders have not ruled out the possibility of cuts, Allen said. But as administrators review the district’s budget, parents and students should not be worried, she added.
“We’re going to continue to have the best school district that we can, regardless of some of the adversities that we’ve faced,” Allen said.
Enrollment has remained stable in the Trotwood district so far this school year, Moore said.