Balance 07/01/06          

$1,894,427

Local Taxes

9,341,402

State Sources

4,809,813

Investment

182,651

Tuition

4,673,220

Other

261,110

Transfers/Advances

313,627

Total Revenue

$19,581,823

Total Available for Expenses

$21,476,250

Regular Instruction

8,710,114

Special Instruction

1,652,402

Vocational

221,576

Other Instruction

530,101

Support Services

     Pupils

836,442

     Instructional

777,006

     Administrative/Fiscal

2,575,089

Operations/Maintenance

2,208,218

Community Recreation

43,373

Pupil Transportation

854,479

Central

138,110

Extra-Curricular

265,275

Debt Repayment

535,898

Advances

404,296

Total Expenditures

$19,752,379

General Fund Balance 06/30/07

 $ 1,723,870

Less Encumbered P.O.

556,451

General Fund Unencumbered

Balance 06/30/07

 $ 1,167,419

                                                                Open Enrollment Statistics 

Open enrollment, which accounts for approximately 30% of our enrollment provides 50% of the state revenue received by the district and includes students from Akron (629), Barberton (38), Cuyahoga Falls (1), Massillon (2), Norton (5), Rittman (1), Southeast (1), Waterloo (2), Woodridge (3), Jackson (3), Lake (2), Manchester (15), Green (24), Springfield (41), and Chippewa (2). Coventry resident students attend other districts in Akron (23), Barberton (26), Cuyahoga Falls (2), Norton (6), Field (2), Northwest (8), Manchester (8), and Springfield (6).   Forty-four (44) students from Coventry attend eleven (11) different Community Schools and Digital Academies.    Open enrollment is capped in the district based on the number of annual resident students, space available without overcrowding, class sizes, and facilities.     

*Source – Ohio Department of Education June 2007 SF-3 report                                                         

                                                                            School year

Open enrollment      FTE

      Resident       Students                FTE          

Resident Students out of district                    FTE               

  Total           Enrollment            FTE         

1999-2000

679

1,799

42

2,436

2000-2001

699

1,863

91

2,471

2001-2002

685

2,153

45

2,793

2002-2003

700

2,093

83

2,710

2003-2004

626

1,965

100

2,491

2004-2005

736

1,798

99

2,436

2005-2006

688

1,819

86

2,421

2006-2007

769

1,836

97

2,508

Fifty-six percent (56%) of the parcels in Coventry Local School District are valued at less than $90,000.  Another 17% are valued at less than $125,000 (73% total are valued at less than $125,000).  Eighteen percent (18%) are valued at $125,000-$200,000.   The remaining 9% are valued at over $200,000.  There are 30 homes in the district valued at over $550,000.                                       

Summary:  More than half of the parcels in Coventry are valued at less than $90,000.   Seventy-three percent (73%) of the parcels are worth less than $125,000; just 27% of the parcels are valued at more than $125,000.  There are 30 homes in the district valued greater than $550,000.                                               

                              1 mill levied on a home valued at $100,000 home = $30.63/year.                   

 **Source – Summit County Fiscal Office

State funded amount per resident student = $5,565  x  1,627 resident  students  =           $  9,056,981.85      due Amount charged off by state for local tax contributions equal to 23 mills:                                                                    Coventry Assessed Property Valuation     $318,123,869   x   .023 mills                      =            - 7,316,848.99       reduced                                                                               Amount actually funded for basic aid by state:      $ 1,740,132.86       funded                                                                            Actual amount  funded per resident student                 $1,069.21                                                                         Amount funded per open enrollment student:            $ 5,565.00* 

   *there is no reduction to the per student amount funded for open enrollment students                                         

The budget bill recently signed by Governor Strickland contained an expansion to the Homestead Exemption that will benefit the State’s homeowners over the age of 65.  The new formula provides for a broader benefit to seniors by reducing every homestead by $25,000 of market value. Therefore, the eligible owner  of a home valued at $100,000 will be billed as if the home were valued at $75,000.  A current tax bill, per mill, would be $30.63; under the new legislation, the tax bill, per mill, will be $22.97. 

Example based on a $100,000 home with an effective millage rate of 30 mills: 

Old legislation:                                                                                                                                                                         $100,000 x 35% = $35,000 taxable (less 12.5% homestead & rollback) = $30,625 taxed x 30 mills =  $918.75/year 

New legislation:                                                                                                                                                                                     $  75,000 x 35% = $26,250 taxable (less 12.5% homestead & rollback) = $22,969 taxed x 30 mills =   $689.07/year                                                                                                               

                         Savings with new Homestead Exemption Expansion legislation: =    $229.68/year                    

Coventry Example:                             Current

Appraised Value                                 $111,780      Taxable Value                                          39,123            Total Effective Tax Rate                   56.884109               All Taxes Due                                        2,225.48/year   Less Homestead/Rollback                    -278.19            Tax Due                                                 1,947.29/year       Tax Due                                                    973.65/half         Tax Due                                                    162.27/mo

 Effective Tax Rate SCHOOL only   25.8888  (45%)

Coventry Example:                               New

Appraised Value                                 $111,780         Taxable Value                                          30,373              Total Effective Tax Rate                     56.884109              All Taxes Due                                          1,727.74/year    Less Homestead/Rollback                      -215.97            Tax Due, or                                              1,511.77/year      Tax Due, or                                                  755.89/half       Tax Due                                                        125.98/mo   Savings per year                                       435.52/year Savings per half                                         217.76/half Savings per month                                      36.29/mo.