Riverside Schools….and the district’s wealth factor

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We were curious about the State of Ohio payments to the Riverside School District. In the State’s desire to ensure total “equality and adequacy” in public education, they adjust the standard payment per pupil by the “wealth factor” of the district.  I asked a Riverside official how our School District is judged by the State of Ohio.  Here is the response.

Hi Brian,

The state funding formula currently starts at $6,010 per pupil. (This is up from $6,000 per pupil last fiscal year and will increase to $6,020 per pupil next fiscal year starting July 1, 2018.) The wealth factor you are referring to is called the State Share Index, which takes into account property tax valuations and the district’s median income compared to the statewide average. Riverside’s state share index is 0.210519548 or 21.05%. Therefore, Riverside only receives $1,265.22 per student base funding. I attached our district’s state share index report that shows the figures and calculation used.  I also attached a detail worksheet that shows all of the funding components. The state share index is recalculated once every state biennium budget. Therefore, our state share index will not be recalculated again until fiscal year 2020 starting July 1, 2019 assuming no major changes occur with the next state biennium budget.
The attached detail can be pulled for any district from ODE here: http://webapp2.ode.state.oh.us/school_finance/data/2018/foundation/FY2018-SFPR-REPORT.asp The attached reports are from the February 23, 2018 payment.
Let me know if you have any additional questions.
Thanks,

Gary A. Platko, CPA

Treasurer/CFO
Riverside Local School District
585 Riverside Drive
Painesville, OH 44077
(Comment – from previous conversation I have learned that if a student opts out of a Riverside school to attend another school, the State of Ohio charges Riverside schools the entire standard $6,010 per pupil payment rather than the adjusted $1,265.22 per pupil given to the school by the State.  When I think about it, the taxpayers in the Riverside school district are therefore subsidizing another district with our real estate tax dollars.  It negates that common belief that excellent schools in your neighborhood are needed to maintain our home values)

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