Leetonia schools to end year with $950K carryover

LEETONIA- The Leetonia school district is ending the fiscal year in its best financial shape in over five years.

Superintendent Rob Mehno reported Thursday night that the district will end the fiscal year with an approximate $950,000 carryover, the most since 2007. The carryover marks a significant turn around for a district that attempted seven new-money levies between November 2007 and May 2010 and routinely projected million dollar deficits.

“Not only is the trend to have better (tests) scores each year ….but (we’ll) also end the fiscal year with over $950,000,” Mehno said.

“That’s a testimony to students, staff, the community and board of education for everything they’ve done over the years to accomplish that combination of excellence in education in addition to being stewards of the tax payers money.”

In other business the board approved a 1 percent increase to 11 percent for employee contribution to the State Teachers Retirement System of Ohio. Teachers and administrators will pick up the full 11 percent, while the school will pick up the 1 percent increase for the superintendent.

The board also adopted the Fund Balance Reporting and Governmental Fund Type Definitions of the Governmental Accounting Standards Board (GASB), which took effect fiscal year 2010-2011. The policy is aimed at making the district’s financial statements easier for the public to read, according to Treasurer Jennifer Coldsnow.