Madison Local School District

Size: px

Start display at page:

Download "Madison Local School District"

Helen Hill
5 years ago
Views:

1 Madison Local School District Popular Annual Financial Report for the year ending June 30, 2015 We are MADISON!

2 October 8, 2015 W Madison Local SCHOOL DISTRICT 1956 RED BIRD ROAD, MADISON, OHIO TELEPHONE (440) FACSIMILE (440) TO THE CITIZENS OF THE MADISON LOCAL SCHOOLS, e are pleased to present the Madison Local School District s Popular Annual Financial Report (PAFR) for the year ending June 30, This report makes our District s finances easier to understand, and communicates our financial situation in an open and accountable manner. The PAFR summarizes the financial activities and operating results reported in the Madison Local School District s audited Financial Report. The PAFR is unaudited and presented on a non-gaap (Generally Accepted Accounting Principle) basis, which primarily deals with full disclosure and segregated funds. The revenue and expenditure numbers presented consist of the General Fund and Joint Financing District Fund of the District. The General Fund and the Joint Financing District Fund are from which most day-to-day programs and services are provided. For more detailed financial information, including a discussion of key changes in financial data from last fiscal year, our economic condition and outlook, please refer to a copy of the audited Annual Financial Report, which is available at The Madison Local School District is proud of this report and the support offered by the Board of Education in its creation. Ultimately, we would like to thank our citizens for their encouragement in creating a report designed to more adequately address their needs as taxpayers, as well as for the opportunity to serve them. Questions, comments and feedback regarding this report are encouraged, so please do not hesitate to contact the Treasurer's office at (440) or at michael.vaccariello@madisonschools.net. Respectfully submitted, Michael Vaccariello, CPA Treasurer M A D I S O N L O C A L SCHOOLS: ADMINISTRATIVE STRUCTURE AS OF JUNE 30, 2015 Superintendent Board of Education Treasurer Assistant Superintendent Director of Pupil Services

3 SUMMARIZED FINANCIAL REPORTS Readers of the Financial Activity Statement should keep in mind that the numbers are taken from the District s Financial Report, but are presented in a non-gaap format. REVENUES AND RESOURCES OVER EXPENDITURES AND SERVICES The Financial Activity Statement, known in accounting terms as the income statement, provides a summary of the resources (revenues) and services (expenditures) of the District. Revenues and Resources FY2015 FY2014 FY2013 FY2012 Property Taxes $ 9,159,284 $10,167,143 $ 9,713,486 $ 9,749,036 State $14,656,886 $14,446,124 $14,358,808 $ 14,780,449 Open Enrollment $ 1,415,584 $ 1,278,638 $ 983,345 $ 1,110,642 Pay to Participate Fees $ 92,381 $ 71,769 $ 51,535 $ 49,870 All Other $ 1,891,366 $ 730,779 $ 724,501 $ 675,135 Total Receipts and Resources $27,215,501 $26,694,453 $25,831,675 $ 26,365,132 Disbursements and Services Provided FY2015 FY2014 FY2013 FY2012 Instruction $16,506,574 $16,409,396 $16,028,309 $15,968,963 Support Services $1,483,773 $1,419,748 $1,949,454 $2,428,004 Administrative $1,862,244 $2,000,213 $1,942,449 $1,613,765 Fiscal/Business $692,965 $720,367 $787,430 $1,270,285 Maintenance $2,228,139 $2,387,243 $2,142,162 $1,764,720 Transportation $2,079,027 $2,074,181 $1,999,648 $1,929,218 Extracurricular $422,252 $491,367 $498,681 $494,952 Other $494,522 $486,305 $340,138 $575,970 Advances and Transfers $459,367 $296,339 $122,493 $335,008 Total Disbursements and Services Provided $26,228,863 $26,285,159 $25,810,764 $26,380,885 Revenues and Resources Over Disbursements and Services $986,638 $409,294 $20,911 ($15,753)

4 OUTSTANDING DEBT AT YEAR END ALL FUNDS The chart below captures the District s long-term debt obligations. In 2010, the District passed a tax levy for $21.8 million of debt for the District s share of the Ohio Schools Facilities Commission $42 million project. At the same time the District refunded the remaining $3.2 million in debt from the 1999 building bonds. As fiscal agent for the Madison Public Library, the District passed two tax levies for facility improvements to the public library. During fiscal year 2014, the District refunded a portion of the library bonds for $37,771 in tax savings. Outstanding Debt At Year End - All Funds FY2015 FY2014 FY2013 FY2012 Bond Anticipation Notes $1,455,000 $1,455,000 $1,455,000 $1,455, Library Facilities $ 290,000 $ 355,000 $ 415,000 $ 470, Library Facilities (Refunding) $ 345,000 $ 430,000 $ 510,000 $ 580, Building Bonds (Refunding) $ - $ 725,000 $1,425,000 $2,135, Building Bonds $20,275,000 $20,945,000 $21,605,000 $21,770, Energy Conservation Bonds $ - $ 75,000 $ 145,000 $ 210,000 Total Outstanding $22,365,000 $23,985,000 $25,555,000 $26,620,000

5 OUR REVENUES AND RESOURCES FY2015: WHERE THE GENERAL FUND MONEY COMES FROM OUR REVENUES AND RESOURCES FY2015: WHERE THE OPERATING MONEY COMES FROM STATE AND FEDERAL TAXES REVENUE 46.1% State/Federal 51.0% 54% Miscellaneous 2% Taxes 34% Tuition/Fees 1% Open Enrollment 5% Special Ed Reimbursement 4% OUR EXPENDITURES AND SERVICES FY2015: WHERE THE MONEY GOES OUR OPERATING EXPENDITURES AND SERVICES FY2015: WHERE THE MONEY GOES Maintenance 8.5% Fiscal/Business 2.6% Administrative 7.1% Support Services 5.7% Transportation 7.9% Other 5.2% INSTRUCTION 66.4% Instruction 62.9% OUR EXPENDITURES AND SERVICES: DEFINITIONS INSTRUCTION is the largest expenditure category and relates to the direct instruction of our students. Students are directly impacted by expenditures from this category. MAINTENANCE expenditures relate to the safe and efficient environment of the school including building maintenance, grounds and custodial services. TRANSPORTATION expenditures relate to providing transportation (mostly by bus) to all students who live in the Madison Local School District consistent with Board of Education policies and the laws of the State of Ohio. On average the bus fleet transports approximately 1,855 students to Madison Local Schools, 20 students to non-public schools and 46 students to community schools. ADMINISTRATION costs represent those of the Administration and Board of Education s operation of the District. Also included in this category are school building secretarial support. FISCAL/BUSINESS SUPPORT costs include business services such as risk management, construction management, central warehousing, courier services, and copy expenditures, financial services, such as payroll, accounts payable and receivable, auditing, budgeting and reporting, and fringe benefits administration. Support Services areas comprise all guidance services, speech, hearing, occupational therapy, physical therapy, and psychological services, library services, mentor teacher program, technology integration support, and literacy collaborative support. Other expenditures include community relations, technology maintenance staff, computer network maintenance contracts, salaries and benefits of club advisors and athletic coaches, advances and transfers.

6 SOURCES OF FUNDING: WHERE DOES THE MONEY COME FROM? PROPERTY TAXES Property Taxes To the right is a graph depicting the amount of cash collections received by the District from real and personal property taxes allocated for operations. Property taxes provide a majority of the local revenue to operate and maintain our schools. In November 2014, the district voters renewed a 1.96 mill five year emergency levy which was originally passed in $11,000,000 $10,000,000 $9,000,000 $8,000,000 $9,763,422 $9,749,036 $9,713,486 $10,167,143 $9,159,284 $7,000,000 STATE FUNDING The chart to the right depicts the actual cash receipts for the District s General Fund from the State of Ohio. More than half of the district s operating revenue comes from the State. $6,000,000 $5,000,000 $14,000,000 $13,500,000 $13,000,000 $12,500,000 $12,000,000 $11,500,000 $11,000,000 $10,500,000 $10,000,000 $20,728,352 $13,351,016 $13,080,982 $22,773,151 $22,446,851 $19,932,979 State Funding $25,485,470 $21,776,279 $13,123,435 $23,994,728 $23,876,129 $13,204,372 $24,939,801 $23,418,723 FY2011 FY2012 FY2013 FY2014 FY2015 $13,420,885 $25,625,555 FY2011 FY2012 FY2013 FY2014 FY2015 Effective Tax Rates for Operations Lake County Lake County Schools - Effective Tax Rates Operating Levies Shown are the effective tax rates for operations. These do not include levies that go towards permanent improvements or debt service. The District has the second lowest tax rate for operations in Lake County. Mills Fairport Harbor Willo- Eastlake Wickliffe Painesville City Kirtland Mentor Riverside Madison Perry

7 P Expenditures per Pupil The graph to the right shows a comparison of the expenditures per pupil for the Lake County schools and the state average. $ 1 6,0 0 0 $ 1 4,0 0 0 $ 1 2,0 0 0 E x p e n d itu re s p e r P u p il F Y $ 1 4,0 6 7 $ 1 3,9 6 1 $ 1 2,8 4 9 $ 1 1,9 0 4 $ 1 0,9 1 3 $ 1 0,8 5 2 $ 1 0,0 0 0 $ 9,9 9 1 $ 9,4 4 5 $ 9,0 0 7 $ 8,8 7 1 $ 8,0 0 0 $ 6, ,353 6,253 6,380 6,433 6,508 6,583 6,658 6,733 6,783 $ 4,0 0 0 $ 2,0 0 0 $ - Perry Wickliffe Mentor Kirtland State Average Painesville City Willoughby Eastlake Fairport Harbor Madison Riverside ASSESSED VALUES OF REAL AND TANGIBLE PERSONAL PROPERTY Collection Residential/ Commercial/ Public Tangible Year Agricultural Industrial Utility Personal Total ,812,320 53,018,880 10,931, ,762, ,646,900 48,489,350 10,093, ,229, ,647,700 49,204,350 9,233, ,085, ,019,260 57,820,530 8,545, ,385, ,500,200 62,926,270 8,204, ,630, ,718,190 61,878,610 7,967, , ,171, ,344,880 57,882,870 7,624,150 1,214, ,066, ,700,770 57,086,590 7,446,110 5,672, ,906,125 UNBUNDLING THE TAX RATE Gross Effective Year Type Rate Rate Approved Inside - Operating N/A Voted - Operating Various Emergency - Operating Permanent Improvement Building Bond Building Maintenance Bond Library Bond Joint Financing District Total Rates

8 P Where Does Your Real Estate Tax Money Go? 1.5% 2.3% 2.3% Where Do Your Taxes Go? Madison Village Resident 2.5% 3.3% 4.3% 4.8% 7.2% 8.9% 11.0% 51.9% Schools Village/Township Madison Fire District Deepwood Lakeland C.C. Metroparks Madison Library ADAMHS Board Auburn Career Center Lake County Other 2.2% 1.4% 2.2% 2.3% 3.0% 4.0% 4.4% 6.7% 8.9% 16.5% Where Do Your Taxes Go? Madison Township Resident 48.4% Schools Village/Township Madison Fire District Deepwood Lakeland C.C. Metroparks Madison Library ADAMHS Board Auburn Career Center Lake County Other

Financial FAQ s Q: I have heard a lot about cuts in state and other funding. How much has Madison Schools lost in funding?

For purposes of illustration, the loss of this magnitude is equivalent to 6.14 mills.

Each district receives a portion of its operating resources from the State through a funding formula.

9 Financial FAQ s Q: I have heard a lot about cuts in state and other funding. How much has Madison Schools lost in funding? A: Over the last seven years, the District has cumulatively lost over $17,700,000 in total funding through a combination of real estate taxes, state aid and personal property tax reimbursement. For purposes of illustration, the loss of this magnitude is equivalent to 6.14 mills. Q: Why does the Madison Schools receive $4,461 per student in basic aid from the State when I have heard the basic aid is $5,800? A: There are over 600 school districts in the State of Ohio. Each district receives a portion of its operating resources from the State through a funding formula. In determining the amount each school district receives, the formula considers factors such as a district s demographics, taxable valuation and average daily membership. The result of this calculation determines the amount of State aid the district receives. In Madison, the School District receives about 58% of its operational revenue from this type of aid. As a result, additional resources are required from the community to operate our schools. Q: What has Madison Schools done to cut the cost of its operations? A: To address the loss in revenue, the Board enacted major cuts in staffing and programs. Staff cuts totaling 84 positions have been made in the last six years. Programs that have either been reduced or completely eliminated include Russian, French, German, Spanish, Exploratory Languages, Family and Consumer Science, Art, Physical Education, Music, and Gateway Technology. All of these program cuts have resulted in larger class sizes. Q: How much did the last two operating levies generate when passed and how much do they generate now? A: The emergency levy passed in 1989 generated about $697,000 and generates the same amount now. The joint financing district generated about $1,700,000 in 1990 and generates $1,400,000 now. Q: Why can t you use the money from the levy passed in 2010 to fund the operations of the District? A: The levy passed in 2010 was for the purpose of repaying the debt associated with the construction of the two new buildings. It can only be used for that purpose and cannot be used for operations.

10 Mission statement: The mission of the Madison Local School District is to provide 21 st Century educational opportunities with expectations for students to achieve and realize their full potential. Expect Believe Achieve MADISON LOCAL SCHOOL DISTRICT 1956 RED BIRD ROAD, MADISON, OHIO TELEPHONE (440) FACSIMILE (440)

Popular Annual Financial Report

H I L L I A R D C I T Y S C H O O S L Popular Annual Financial Report FOR THE YEAR ENDING JUNE 30, 2015 COLUMBUS, OHIO Numbers Behind Hilliard City Schools EMPLOYEES STUDENTS 2015 GRADUATES 1,695 16,045