WILMINGTON — Looking ahead financially was on the agenda for the Wilmington City Schools Board of Education on Monday.

The district’s treasurer, Kim DeWeese, broke down the five-year forecast for the district. DeWeese advised that since the 1% income tax failed to be renewed, the district is projected to be at an estimated $3.7 million over/under expenditures in 2024. Those expenditures would decrease until it reaches just over $5 million in 2027.

“We’ve been very fiscally responsible with our money and we do have an $18 million carryover, which is about six months of expenditures,” she said, but adding that “it’s really not a lot in the grand scheme of things.”

She highlighted, in particular, the cash balance for the schools is expected to go down drastically over the forecast — from $18.5 million in 2023 to $361,691 in 2027.

The 1% income tax was originally passed by the voters in 2002 and was renewed three times after that. It was not renewed in 2022, losing by 340 votes – 3,484 against it, 3,144 for it.

According to the Clinton County Board of Elections, the proposed levy is a 0.75% annual income tax on individuals and estates for five years. The levy is to appear on the May 2 primary ballot.

DeWeese highlighted that, if passed, 95% of the money would go toward operating expenses and 5% would go toward permanent improvements. If passed, it would go into effect on Jan. 1, 2024.

Also during the meeting:

• The summer lunch program will occur between May 30 and Aug. 11 from 11 a.m. to 1 p.m. at Wilmington Middle School. They will be closed on July 4. A child does not have to be a Wilmington City Schools student to get lunch, they only have to be under 18-years-old.

Reach John Hamilton at 937-382-2574