MONROE — For the first time since it was discovered that its budgetary numbers were inconsistent, the Monroe school board Tuesday night learned where it stood financially.

Backed by numbers handed down from the state auditor’s office, and updated by Monroe Treasurer Holly Cahall, the district - which has been placed on fiscal emergency by the state - learned that it is going to have to deal with a $2.2 million general fund deficit and a $3 million retirement bond fund deficit.

“This is a significant time for the district,” said Brett Guido, the board president. “We’ve waited quite a significant amount of time to get these numbers in to us. This financial forecast fixes the problems that have occurred in the past, it moves (the misspent funds) back into the right spots and then it allows us to truly predict where we’re going to be in the next five years.

“This forecast is what the previous school board and this current board — and quite frankly, the public as well — have been searching for.”

Cahall said monthly updates will also be presented on the site from here on out.

The school board learned its exact deficit numbers a day prior to the state’s Financial Planning and Supervision Commission for the district is set to deal with it.

Thus far, there have been three members selected to the five-person panel. Sharon Hanrahan, from the Office of Business and Management, is the designee representing the OBM director. Michael Watson has been named as the chairperson, and selected as the state superintendent’s representative. And on Tuesday, Gov. John Kasich appointed James Barnes of Monroe to the commission.

The fiscal emergency commission will have its first meeting at 2 p.m. Wednesday in the Monroe Elementary School cafeteria. The public is encouraged to attend.

As part of Cahall’s five-year forecast, she showed the numbers according to how they would look if the $2.5 million, 7.05-mill five-year emergency property tax is not approved in August.

Should that levy fail, Cahall’s projections reflect a potential $8.6 million deficit by the year 2016.

“We know that we can’t count on anything more from the state,” Cahall said. “The state is saying ‘If you want your school, you have to support your school.’ ... as long as the current governor is in power, we’ll have to try to do more with less money.”

In other board business, retirees Brenda Gehm, Beth Daly, Sandra Kalisewicz, David Farrish, Joe McDonough, Cindy Hammond and Susan O’Brien were recognized. Each of them were presented with commemorative clocks thanking them for their years of service to the district.

The board also accepted resignations from Erica French, Sarah Wagers, Jan Rouster and Meghan Bruggeman.

Contact this reporter at (513) 705-2851 or jbombatch@coxohio.com.