During the 2004-2005 school year, the Olmsted Falls School system spent $214,557 more than the revenue it took in. Additionally, earlier financial estimates projected by the District for school year 2005-2006 were to deficit spend again by $552,460.
In an effort to preserve the District’s existing cash balance and extend the last operating levy passed by voters in 1999, stricter cost controls were implemented.

During school year 2005-2006 - as utilities, gasoline and other uncontrollable expenses increased far beyond budget projections - the entire District worked together to control costs at every level. During the week of July 3rd, Olmsted Falls School District closed out the 2005-2006 year, which ran from July 1, 2005 through June 30, 2006. As a result of the implemented cost controls, the anticipated deficit was eliminated and revenues exceeded expenditures by $528,527.

“While making financial cut-backs can be difficult on the employees of an organization, I am proud of the broad-based effort of our staff to assist in identifying cost-saving measures throughout the District,” said Dale Weber, Treasurer.

Fiscal year 2006 ended with an unreserved cash balance of approximately $6.7 million. Despite these cost-saving measures, current budget projections estimate the District will run out of operational funds sometime between fiscal years 2009 and 2010.

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