GNADENHUTTEN -- The Indian Valley Local Board of Education approved the five-year financial forecast at its meeting Sept. 20.

"We are actually in the 'black,'" Treasurer Brad Maholm said.

He said the district was fortunate enough to have a $2.7 million carry-over into the start of this school year. That should increase by the start of the next school year to $2.9 million. However, by 2013, the district will be in deficit spending, Maholm said.

By 2015, the district will be at a $4 million deficit.

"This is if everything stays the same," Maholm said. "But there's a lot of unknowns, including the state's bi-annual budget."

Meanwhile, the board approved the negotiated agreement with the Indian Valley Teachers' Association for the re-opener on salary and insurance only for the 2010-2011 school year. Salary increase of 0 percent for 2010-2011 school year and there are no changes in insurance.

"On Sept. 2, the members of the Indian Valley Teachers' Association voted to carry the existing contract forward for one year with no changes in the wages or insurance provisions. The association's members believe, as does the administration and the classified employees that this is not the time to ask for an increase in wages. The current economic environment is such that a large number of the wage earners and supporters of the Indian Valley School District are in difficult situations. The membership believes that by accepting the current wage scale, we are showing our support for the Indian Valley community," said Paul Beucler, president, Indian Valley Teachers' Association.

In other business, the board:

* Approved the resignation of Garrett Doty as assistant band director, effective July 31.

* Accepted grants from the Reeves Foundation, $3,000; Rosenberry Foundation, $10,000; and Indian Valley Athletic Boosters, $1,000.

* Approved the Gnadenhutten Public Library Board of Trustees recommendations to appoint Julie Kelly to replace Robert Fuller with the term of service to end January 2017.

The Indian Valley Board of Education will meet again in regular session on Monday, Oct. 18 at 7 p.m. in the Indian Valley High School Library.