The Ashland City Schools Board of Education approved a five-year financial forecast at their regular meeting Monday night.
  
District treasurer Gina Deppert said the district has avoided a $4.7 million deficit projected in a 2008 financial forecast by cutting expenditures.
 

The new forecast predicts a possible deficit by  fiscal year 2016.   

"At this point and timewe're in deficit spending where we are spending more than what our revenue is taking in each fiscal year. However our reserves will carry through to 2015," Deppert said.
 

In other business, the Ashland Teacher's Association endorsed the district's 3.7-mill bond issue for new facilities.

The bond issue would cost the owner of a $100,000 home about $113 dollars per year and $85 per year for senior citizens.