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Coventry Local Schools

District Finances


Ohio's Financial Measures
Generally Accepted Accounting Principals
Financial Reviews
Financial Forecast
 Financial Statements/Audit Reports


THE HISTORY:   In 1997 the Coventry Local School District was placed into the state category of "Fiscal Watch" by the Auditor of State.  The district remained in fiscal watch until the 2015-2016.  On December 4, 2015, the Ohio Auditor of State officially declared the Coventry Local School District in a state of "Fiscal Emergency."  In accordance with ORC 3316.03(B)(2), the Auditor of State certified that the district had, at the time, an official deficit of ($4,838,000).  

Due to the significant deficit, the district was unable to provide an acceptable recovery plan or a way to offset the revenue shortcoming.  In response to the Fiscal Emergency certification, an advancement of funds was requested from Ohio’s solvency assistance program.  This request was subsequently approved by Ohio's Controlling Board on May 2, 2016. By the end of the 2016-2017 school-year, Coventry had repaid the full amount of the solvency loan back to the state.  However, the district remained in Fiscal Emergency status and continued to have a Financial Oversight Commission review and approve the district's financial practices for several years after the loan was repaid.  

On April 21, 2021, the Coventry Local School District's Board of Education approved and submitted a formal Resolution requesting to be released from fiscal oversight and to have the Fiscal Emergency designation lifted.   The request was reviewed by several state entities including the Ohio Department of Education, Ohio's Office of Budget and Management, Local Government Services (LGS: a division with the State Auditor's Office), and Ohio's State Auditor.   The request to be released was officially approved by Ohio's State Auditor on April 30, 2021.  

The release from Fiscal Emergency was a historic accomplishment for the district.  After decades of financial hardships and uncertainties, Coventry Schools had finally reached a point of fiscal stability.  Through years and years of hard-work, sacrifices, and determination the district overcame the financial difficulties of the past to forge a new future built on efficient financial practices, greatly improved accounting methods, and the maintenance of meaningful accountability measures.  

TODAY & TOMORROW:  Coventry Schools is fully dedicated to preserving the financial practices and accountability measures implemented during its years in Fiscal Emergency.  The district will continue to maintain, as well as refine these practices to ensure the most efficient and effective methodologies are in place now and in the future.  Accountability and transparency are an important part of the district's ongoing efforts.  The information available below will provide insight to Coventry's ongoing efforts to achieve long-term fiscal stability and success.