2016 Maintenance and Operations Replacement Levy. October 27, 2015

Transcription

1 2016 Maintenance and Operations Replacement Levy October 27, 2015

2 2016 Levy Calendar October 27 Finalize levy amount and advertised levy rate, instruct bond counsel to prepare ballot November 10 Adopt resolution replacing the expiring maintenance and operations levy November 24 Appoint pro/con committees December 11 Filing deadline at County January 22, 2016 Approximate date ballots are mailed February 9, 2016 Election date

3 Review October 13 Study Session Critical role of levy in K-12 funding 18.9% of Pasco s General Fund revenue Historical trends, comparisons, assessed value example Assumptions used in calculations Estimated revenue generated under three scenarios

4 Budget: Levy Revenue is 18.9% of the General Fund Revenue Source Amount % of Revenue Levy $ 21,758, % Levy Equalization (State)* $ 15,019, % State General Purpose $103,964, % State Grants $ 34,451, % Federal Grants $ 16,896, % All Other $ 2,541, % Total $194,630, % *State funds that are received only if the local tax levy is approved by voters.

5 Two Scenarios from October 13 Study Session (3.7% AV growth) Scenario 1 Maintain Advertised Rate Scenario 2 Additional $915, Projected (Advertised) Levy Amount $23,950,000 $24,800,000 $24,550,000 $25,450,000 Projected Assessed Value (in $1000s) 5,317,323 5,514,064 5,317,323 5,514,064 Projected Levy Rate $4.50 $4.50 $4.62 $4.62 Estimated Levy Authority $34,645,447 $35,684,810 $34,645,447 $35,684,810 Estimated Levy % of Authority 69.13% 69.50% 70.86% 71.32% Additional levy amount generated by.7% increase in projected AV $315,000 $285,000

6 Budget: How are Levy and Levy Equalization Dollars used? 65% for Teaching and Learning TRI Days 7,413,476 Other teaching (prep time reimbursement, overload, etc.) 2,068,276 Professional development 833,707 Supplies (including curriculum, library) 555,969 Visual and performing arts 4,545,370 Elementary assistant principals 1,608,517 Elementary counselors 253,422 Librarians and library clerks 796,900 Substitute teachers 1,252,808 Intervention 1,250,941 Nurses 1,260,760 Special education 414,375 Gifted and advanced placement 67,731 Technology 2,061,648

7 Budget: How are Levy and Levy Equalization Dollars used? 8% for Activities and Athletics Academic teams and clubs, athletics, and activities 3,050,865 27% for Support Services School security 1,619,253 Districtwide support: maintenance/custodial, utilities, insurance, employee services, fiscal services, public affairs, district administration 3,563,824 Student transportation 1,902,667 Portables 1,200,000 Delta (PSD s share) 1,600,000 Total Levy and Levy Equalization $37,320,488 Local Tax Revenue 21,758,000 (58%) Local Effort Assistance Revenue (Revised) 15,562,488 (42%) Total Levy and Levy Equalization $37,320,488

8 Summary of Estimated Contract Costs and Planned Funding Sources CONTRACT ITEM EST. COST TRI Days $ 3,247, TRI Days $ 3,594,763 Insurance Pool Contribution $ 88,000 Loss of Planning/Teaming $ 69,450 Class Size Reductions $ 78,000 Elementary Planning Time $ 96,000 Extracurricular Salary Changes $ 199,945 Supplies and Consumables $ 362, Curriculum $ 1,412,000 Total On-going Costs $ 9,147, Curriculum $ 1,588, Curriculum $ 2,900,000 Total One-time Costs $ 4,488,000 TOTAL COSTS $ 13,635,158 FUNDING SOURCE EST. AMOUNT Planned in Budget $ 960,781 Year-2 Special Programs Funding $ 1,000,000 MSOC (nonpay) Budget Reductions: $ 2,091,665 Unfunded Mandates $ 441,661 Instructional Materials $ 250,000 New School Start Up $ 580,004 Enrollment/Growth Reserve $ 250,000 Scheduling Options $ 100,000 Special Maintenance Projects $ 320,000 Department Budgets $ 150,000 Additional State Revenue $1,000, Levy Revenue $ 1,500, Eliminate Bus Replacement Transfer $915,000 Existing Budget for Curriculum $1,412,000 Total On-going Funding $ 8,879, Re-prioritize Assignments for Curriculum: $ 4,488,000 New School Start Up $ 700, Student Housing $ 838,000 Bus Replacement $ 1,850,000 Future Instructional Materials $ 1,100,000 Total One-time Funding $ 4,488,000 TOTAL FUNDING $ 13,367,446

9 Approved Levy Rate vs. Actual Levy Rate TAX LEVY ASSESSED LEVY RATE YEAR AMOUNT VALUE PER $1,000 APPROVED FOR ,375,000 3,677,358, ACTUAL ,375,000 3,941,318, APPROVED FOR ,450,000 4,054,000, ACTUAL ,450,000 4,232,325, APPROVED FOR ,000,000 4,175,500, ACTUAL ,000,000 4,365,641, APPROVED FOR ,100,000 4,457,112, ACTUAL ,100,000 4,511,354, APPROVED FOR ,300,000 4,501,683, ACTUAL ,300,000 4,705,934, APPROVED FOR ,700,000 4,809,104, ACTUAL ,700,000 4,944,378, APPROVED FOR ,200,000 4,929,331, ESTIMATED 2016 (3.5% Inc.) 22,200,000 5,117,431,

10 History and Context PSD Property Tax Rates Property Tax History Tax Year Levy Rate Bond Rate Total 2006 $3.77 $2.75 $ $3.93 $2.99 $ $3.83 $3.08 $ $4.17 $3.08 $ $4.15 $2.40 $ $4.36 $2.29 $ $4.35 $2.25 $ $4.46 $2.21 $ $4.31 $2.53 $ $4.39 $2.50 $6.89 All Assessed Property Taxes Tax District 101 Franklin Co. Current Expense $ Veterans Relief $ Mental Health $ Courthouse Restoration Bond $ State Property Tax $ City - General $ Fire Bond $ Library Bond $ Port of Pasco $ School District - M&O Levy $ School District - Bond $ Total Tax District 101 $

11 Assessed Value Growth: Tax Assessed $ Change % Change Year Value from Prior Year from Prior Year ,655,499, ,226, % ,739,283,313 83,783, % ,878,844, ,561, % ,024,784, ,939, % ,423,550, ,766, % ,686,824, ,273, % ,038,100, ,276, % ,253,596, ,495, % ,813,170, ,573, % ,941,318, ,148, % ,232,769, ,450, % ,365,641, ,872, % ,511,354, ,712, % ,705,934, ,579, % ,994,378, ,444, %

12 Next Steps October 27 Finalize levy amount and advertised levy rate, instruct bond counsel to prepare ballot November 10 Adopt resolution replacing the expiring maintenance and operations levy November 24 Appoint pro/con committees December 11 Filing deadline at County January 22, 2016 Approximate date ballots are mailed February 9, 2016 Election date

13

14 Questions and Direction?