The East Knox Local School District's emergency levy, passed in 2016, is set to expire after a decade, with a projected financial impact beginning in 2027 of $708,000. However, this may be offset by the triennial property assessment update in 2023, which increased property values by 43% within the district.
According to the school district's Five-Year Forecast Assumptions approved by its board of education on November 14, the general reappraisal mandated by Ohio law reached its three-year midpoint update. This showed a value increase in Knox County and the district of 43%, significantly impacting fiscal year (FY) 2024 tax collections. Real estate tax collections rose by $1.5 million and are expected to rise by another $1.2 million in FY2025.
Superintendent of Schools Richard Baird said to Mount Vernon News that the positive revenue increase provides the district with funds necessary to cover rising costs in salaries, benefits, and supplies. Proposals at the state level aimed at assisting taxpayers with these increases have led to uncertainty regarding whether the tax revenue increases will be sustained.
"Right now, there is only talk of relief measures that could affect districts; however, the relief measures and their effect are still unknown," Baird said. "As we always are, we have to remain fiscally responsible with spending and steady increases in costs that we do have some control over like salaries."
Financial forecast data prepared by East Knox Local School District Treasurer Jessica M. Busenburg indicates that the school district's revenue for 2024 will be $15.3 million, with expenditures at $12.4 million. The projected revenue for 2025 is $16.6 million, with expenditures at $13.8 million. Projections for 2027 show expenditures decreasing to $15.8 million but rising again to $15.2 million.
Baird further explained to Mount Vernon News that "costs in schools are directly related to all expenses in society." He noted that as everyone's expenses increase, so do those of the school district: "Most of our expenses are in salaries and benefits; therefore as the cost of living increases, the cost of employment goes up along with our supplies and resources."
