School Finance Newsletter

School Finance Newsletter

May 2017

5/1/2017

Five-Year Forecast

The EMIS May 2017 five-year forecast window opened on April 3rd and will close on May 31st.  In accordance with Ohio Revised Code 5705.391 each school district is required to submit five-year forecasts annually in both October and May.  
 
Please upload your five-year forecast prior to May 31st, thus allowing you the opportunity to correct any errors or missing information before the window closes.   Should you determine anything is missing or incomplete, please work with your ITC and/or the EMIS help desk to make the necessary corrections no later than May 26th so you can validate the correction by May 31st. 
 
Please note, your data can no longer be corrected once the forecast window is closed.  The goal is to have 100% accurate information in the system on June 1st so financial analysis can be performed on proper and complete information.
 
EMIS currently processes forecast data on each business day during the forecast period.  The Department’s website,  http://education.ohio.gov/Topics/Finance-and-Funding/Five-Year-Forecast, should reflect the district’s current five-year forecast the first business day after EMIS processing.
 
Please review the forecast uploaded on the ODE website to confirm:
1)     There are no missing lines.  Data must be provided for 1.070, 2.070, 2.080, 4.500, 5.040, 5.050, 6.010, 7.010, 7.020, 8.010, 10.010, 12.010, 15.010.
2)     The information uploaded is complete.  Please verify sub-totals.  There have been instances where the detailed lines don’t add up to the subtotal because a line was missing.
3)     The proper forecast information has been uploaded.  There have been instances where the wrong forecast was uploaded.
4)     The proper amount is reported on the proper line.  There have been instances where amounts are presented on the wrong lines.
 
The Five-Year Forecast Assumptions in PDF format can be submitted to schoolfinance@education.ohio.gov.  Directions for submitting assumptions can be located on the Department’s website, http://education.ohio.gov/Topics/Finance-and-Funding/Five-Year-Forecast/Five-Year-Forecast-Assumptions-in-PDF-Format
 
If you need assistance with developing your forecast or if you would like to discuss five-year forecast details, please contact a fiscal consultant from the team that services your area:
http://education.ohio.gov/Topics/Finance-and-Funding/Finance-Related-Data/School-Finance-Area-Coordinators-Directory
 
Or contact Kim Richard, assistant director of financial analysis and fiscal oversight at (614) 387-0295 or Kim.Richard@education.ohio.gov.