A Message from the Treasurer/CFO of Pleasant Local Schools, James Corbeil

As the Treasurer and Chief Financial Officer of Pleasant Local Schools, I oversee all aspects of our district's financial management. The responsibilities of this office include but are not limited to, forecasting, budgeting, payroll, accounts payable and receivable, investment management, asset inventory, and handling public records requests and minutes, all while reporting directly to the Board of Education.

One of the key tools we use to assess our financial health is the five-year forecast. This forecast is completed twice a year and provides a comprehensive view of the district's financial status, helping us anticipate future challenges and identify strategies to address them.

Key Highlights:

• The decision to reallocate 1.65 mills to establish a permanent improvement fund has reduced the burden on our general fund, allowing us to better maintain and improve our facilities and campus.

• Federal ESSER funds have been instrumental in offsetting over $2.1 million in salaries and benefits, contributing to the growth of our cash balance.

• The rise in federal interest rates has allowed us to capitalize on our investments, increasing our cash balance by just under $870,000 in the past two years. To safeguard our financial position amid uncertainties about the sustainability of the federal rate, we’ve positioned our cash in high yield mid- to long-term non-callable securities.

Challenges Ahead: While we have achieved significant successes, we remain vigilant about the challenges on the horizon:

• The state’s new funding formula introduces uncertainties, particularly for the FY 2026-2027 biennium budget, where we may see reductions in state funding.

• The potential passage of House Bill 187 could temporarily reduce state funding due to property tax sales-assessment ratio studies.

• The diversion of over $1 billion from public education to fund private school tuition through tax sponsored vouchers is another significant challenge.

• Compliance with federal and state laws regarding special education has necessitated substantial, unplanned investments.

Despite these challenges, our commitment to maintaining the financial health of Pleasant Local Schools remains steadfast. Our focus is on providing a high-quality education for our students while ensuring fiscal responsibility. We will continue to explore innovative solutions to effectively manage our revenues and expenditures.

On behalf of the Board of Education members—Vicki Kimmel, Bret Bowers, Mike Carroll, Eric Queen, and Gary Sims—along with Tom McDonnell, our staff, students, and myself, I want to extend our heartfelt thanks to our community for your support of the 9.5 mill bond (for our new building) and the 1% Earned Income Tax Levies (for general district operations).

Sincerely,
James Corbeil
Treasurer/CFO, Pleasant Local Schools