On October 16, 2024, Jennifer Burke, Treasurer of Reading Community City School District (RCCSD), addressed the Reading Chamber of Commerce to build transparency and foster strong ties between the local Business community as well as community members. This presentation offered a comprehensive overview of the district's finances, focusing on revenue and expenditures, cost-saving measures, and plans for capital improvements.
Valuing Partnership with the Chamber of Commerce
RCCSD views its relationship with the Chamber of Commerce as a vital partnership that strengthens both the school district and the local community. This ongoing collaboration provides RCCSD with valuable insights into the economic and workforce needs of local businesses, allowing the district to align educational priorities with community goals. The Chamber’s support is instrumental in helping the district create opportunities for students, from job-shadowing experiences to internships and career pathways, ensuring that students graduate with relevant skills and a clear vision of their future.
"We deeply appreciate the Chamber’s role in fostering a supportive network for local business, our students and families," said Burke. "By working together, we can prepare students for meaningful roles within the community and contribute to the long-term prosperity of Reading."
Financial Status and Revenue Sources
Burke explained RCCSD’s general revenue, highlighting that despite a recent enrollment decline, the district is committed to maintaining a stable financial outlook. Since 2021, RCCSD has experienced a net loss of 229 students, impacting funding due to the Fair School Funding Model that allocates resources based on enrollment. Burke noted that the district has strategically managed these challenges through targeted cost-saving initiatives, such as classroom section reductions, use of one-time pandemic funding and applying for competitive grants, minimizing the fiscal impact of decreased enrollment.
Cost Savings and Competitive Grants
To counteract funding pressures, RCCSD has implemented several cost-saving initiatives, including leveraging one-time pandemic relief funds to offset allowable expenditures without increasing general fund obligations. Additionally, participating in an insurance consortium has kept employee benefit costs low over the last decade along with negotiated energy contracts have reduced utility expenses.
Bond Refinancing and Tax Impact
A significant focus of the presentation was RCCSD’s proactive approach to managing debt. Burke explained the district's plans to refinance its 2016 A&B bonds, an initiative that could positively affect local tax rates. The refinancing process is scheduled to begin in January 2025 with potential savings by spring 2025, depending on market conditions.
Career-Tech Grant and Capital Investments
Burke shared an exciting update about the recent award of a $1.96 million competitive grant from Governor DeWine’s office, which will fund the creation of an advanced manufacturing training space expected to open in January 2026. This initiative aligns with the district’s mission to prepare job-ready graduates for local industries, contributing to the workforce with practical skills and hands-on experience.
In addition, Burke presented RCCSD’s commitment to long-term capital planning. With the Board’s approval of a permanent transfer of funds from the General Fund, the district is setting aside resources for necessary repairs and capital improvements, ensuring the longevity of district assets. This includes a detailed, evolving capital improvement plan, which aims to evaluate asset lifespans, estimated costs, and schedules for replacements.
Community Engagement and Next Steps
Burke emphasized RCCSD’s commitment to open communication, inviting local business and community members to reach out with questions or to learn more about the district’s financial health. She can be reached at 513-554-1800 or via email at [email protected].
This meeting highlights RCCSD’s dedication to a transparent and collaborative relationship with the Reading community, which plays a crucial role in aligning the district’s educational mission with community growth and economic sustainability.