Cincinnati Public Schools families can now see where district dollars go in a new plain-language financial document, the first of its kind for CPS.

The district announced its first Popular Annual Financial Report, or PAFR, on Monday, Oct. 26. The report covers the 2025-2026 fiscal year and breaks down how CPS spends money on instruction, transportation, meals and school facilities. It also compares CPS per-pupil spending with other major Ohio urban districts and lays out the district's financial outlook.

"People shouldn't need an accounting background to understand their school district's finances," CPS Treasurer Michael Gustin said. "This report explains where the money goes and who checks our work."

The PAFR lands as east-side families weigh a five-year, 7-mill property-tax levy on the Tuesday, Nov. 3, ballot. If approved, it would generate roughly $66.3 million per year, with collections starting in January 2027. For a home with a market value of $100,000, the annual cost would be about $245, according to the district's levy announcement.

That levy follows a difficult budget year. CPS closed a projected gap of nearly $58 million and adopted a balanced $634.6 million general-fund budget for 2026-27 through staffing reductions, five furlough days and lower non-personnel spending. WLWT reported in September that the district faces a $44 million deficit by 2029 and must submit a financial recovery plan to the Ohio Department of Education and Workforce by the end of November.

The new report details who reviews district finances, including independent auditors, an internal audit team and a volunteer audit committee. It also ties financial decisions to the district's 2026-2030 Strategic Plan, which we covered Oct. 27.

CPS holds ratings from multiple credit agencies. CPS lists a Moody’s Aa2 rating and a Fitch AA rating, both with stable outlooks, according to the district's financial health page.

The PAFR does not replace the district's Annual Comprehensive Financial Report. CPS describes it as a starting point for residents who want to dig deeper. The full report is available on the district's financial reports page.