Treasurer Kathryn Sines got approval from the Board of Education this week to file her revised five-year forecast with the state of Ohio.
The state requires all school treasurers submit reports in May and October of each year.
Sines says that last October's estimates for the 2011-12 school year have come very close to actual receipts and disbursements made by the district during this time period.
"Total operating expenditures are holding steady to the projected amounts," Sines said. "Salary and benefits are approximately 4.7 percent less than the 2010-2011 fiscal year."
Sines noted that employee concessions were responsible for achieving the 4.7 percent reduction.
She also said that reappraisal of all Hudson real property by Summit County resulted in a valuation lowered by approximately $69 million. This decrease caused a reduction in tax collections of around $672,000.
According to Sines' forecast, the district will run in the black until fiscal 2014, after which the district will need to spend approximately $2,582,000 more than it collects. With no new money coming in, the district could have nearly a $7 million deficit by 2016, the last year of the forecast.
Sines cautioned the forecast "is intended to be a fluid and adaptable document. Changes over time are expected with fluctuations in the economy."
The forecast should not be used, "as an absolute projection of Hudson school's future financial condition.
"It is designed to outline in broad terms the general financial condition of the organization," she says, and serves as "a general guide to indicate trends or patterns that should be monitored over the next several years."