Indian Hill School District Five-Year Forecast November 2021 Update
At the Indian Hill Board of Education Meeting Thursday, November 18, I shared an update to the District’s five-year financial forecast. This important planning tool is required by the Ohio Department of Education and presented twice a year, in November and May. The forecast aligns our income and expenses to our District’s current and future goals with respect to academics, operations, and facilities.
I first reported in May, and I think it is important to note again this fall, this has been a positive year for the Indian Hill School District. Due to the passage of our May 4, 2021 combined operating/bond levy, our financial picture has stabilized on all fronts.
AAA Rating & Historic Low Interest Rates
In July 2021, the Indian Hill School District had a very successful sale of $71,450,000 of AAA rated tax exempt bonds. The bonds were very well received in the market, receiving roughly $110,000,000 in orders. Interest rates in the market were near all-time lows, allowing the school district to achieve an all in interest rate of 2.316%.
Energy Savings Program
In the fall of 2020, the Indian Hill School District partnered with Motz Engineering and Energy Optimizers in developing a fiscally responsible Energy Savings Program to make District-wide facility upgrades that are good for the environment. This plan equips District school buildings with LED lighting designed to provide students and staff with an improved learning environment. Along with the brighter, clean light in classrooms and hallways, the District has implemented a building-by-building plan to improve facilities with a focus on integrating energy-efficient systems, improving air quality, and conserving water. Certain end-of-life equipment replacements were incorporated as well as installing air conditioning in the high school gymnasium. As part of this Board-approved plan, the Indian Hill School District invested $3.7 million to make the facilities upgrades. The improvements will result in a guaranteed energy savings of $154,528 annually. We are happy to report this work is near completion.
Continued Conservative Fiscal Management
With the Energy Savings Program as an example, we will continue to look for opportunities to provide cost savings to our stakeholders in all that we do as an organization. Our budget is balanced; our financial outlook is stable; our focus is to continue to provide our stakeholders the excellence they expect and deserve, and doing so in a fiscally responsible manner.
Again, thank you for the continued support of our schools. You can count on continued timely financial updates. Should you have any questions about our District’s finances, please contact me directly.
Sincerely,
Mick Davis
Treasurer
Indian Hill Exempted Village School District
Posted: Friday, November 19, 2021