Cedar Rapids Community Schools School Finance Basics

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Rachel Sutton
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1 Cedar Rapids Community Schools School Finance Basics 1

Certified Enrollment Trends 18,500 18,000 Budget Enrollment 17,500 17,000 16,500 16,000 15,500 15,000 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 18,110 18,083 18,114 17,860 17,861

2 Certified Enrollment Trends 18,500 18,000 Budget Enrollment 17,500 17,000 16,500 16,000 15,500 15, ,110 18,083 18,114 17,860 17,861 17,656 17,691 17,754 17,677 17,746 Open Enrollment Trends* Students In Out Total losses exceed $9.7 million since inception. *Data Source: FTE of open enrolled resident public students, Annual Certified Enrollment

3 District Cost Per Student $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ $4,338 $4,512 $4,557 $4,648 $4,741 $4,931 $5,128 $5,333 $5,546 $5,768 State Allowable Growth is 4% for fiscal year Allowable Growth Trends Percent District Cost Fiscal Year Growth Per Pupil % $4, % $4, % $4, % $4, % $4, % $4, % $5, % $5, % $5, % $5,768 3

What will the District receive in New Money? Calculation of District New Money INCREASE PERCENT 2008-2009 2007-2008 (DECREASE) CHANGE BUDGETED ENROLLMENT 17,743.50 17,676.60 66.90 0.

4 What will the District receive in New Money? Calculation of District New Money INCREASE PERCENT (DECREASE) CHANGE BUDGETED ENROLLMENT 17, , % (TIMES) DISTRICT COST PER PUPIL $5,546 $5,333 $ % (EQUALS) REG. PROGRAM REVENUES $98,411,129 $94,269,308 $4,141, % BUDGET GUARANTEE $0 $0 ACTUAL REG. PROGRAM REVENUES $98,411,129 $94,269,308 $4,141, % Actual Revenues: General Fund Fiscal Year $6,908,761 Federal Sources $1,966,212 Other Financing Sources Local Sources $62,490,791 State Sources $91,038,154 Total General Fund Revenues: $162,403,918 4

5 Fiscal Year 2008 Valuation Per Student Valuation Per Student $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 $170,880 $233,560 $291,924 Mt. Vernon Cedar Rapids College Community State Aid Formula 2008 Per Pupil Cost = $5, % Funding Level $667 $667 $667 $3,227 $2,657 $1,860 $1,439 $2,009 $2,806 Mt. Vernon Cedar Rapids College Community Uniform Levy State Aid Additional Levy State Aid Formula 2008 Property Tax Rates $10.80 $10.55 $9.43 $5.40 $5.15 $4.03 $5.40 $5.40 $5.40 Mt. Vernon Cedar Rapids College Community Uniform Levy Additional Levy 5

6 Property Tax Valuation Trends ($Billions) $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $ Values* $3.60 $3.56 $3.67 $3.86 $3.97 $3.99 $4.05 $4.09 $4.13 $4.24 Growth rate for fiscal 2009: 2.7% *Excludes TIF valuations District Levy Rate Trends Dollars per $1,000 in Taxable Valuation $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 $15.37 $15.74 $15.36 $15.25 $14.90 $14.37 $13.78 $12.41 $12.95 $ Tax Levy Comparability Linn County School Districts $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Springville Linn-Mar Lisbon Cntr.Pt.- Urb. Mt. Alburnett College Vernon Central City Marion N. Linn Cedar Rapids Levy rate/$1,000 $20.44 $18.25 $17.89 $17.77 $17.51 $16.97 $16.85 $16.60 $15.35 $15.26 $13.78 Fiscal Year

7 Tax Levy Comparability Urban Education Network $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 Sioux City Des Moines Davenport Council Bluffs Dubuque Waterloo Iowa City Cedar Rapids Levy rate/ $1,000 $17.81 $17.78 $17.09 $16.77 $16.88 $16.65 $14.20 $13.78 Fiscal Year General Fund Actual Expenditures Fiscal Year Salaries Benefits SALARIES $101,977,574 64% BENEFITS $30,219,888 19% SERVICES $10,718,211 7% SUPPLIES $9,794,235 6% EQUIPMENT $1,229,085 1% FUND MODIFICATIONS $6,594,318 4% TOTAL $ 160,533, % Services Supplies Equipment Fund Modifications 7

Actual Revenues: All Funds Fiscal Year 2007-2008 $4,525,097 $3,342,103 $16,392,119 $5,111,098 $6,824,137 $5,826,018 $7,004,884 $162,403,918 General Food Service Management PPEL Debt Service Activity

8 Actual Revenues: All Funds Fiscal Year $4,525,097 $3,342,103 $16,392,119 $5,111,098 $6,824,137 $5,826,018 $7,004,884 $162,403,918 General Food Service Management PPEL Debt Service Activity Day Care Fund SILO Total Revenues: $211,429,373 District Actual Revenues: By Source Fiscal Year $10,380,648 $7,254,909 $16,198,462 $27,874,327 $90,936,138 State Sources Property Taxes Other Local SILO Income Surtaxes Federal $58,898,015 Total Revenues $211,542,499 8

9 Actual Expenditures: All Funds Fiscal Year $7,393,895 $6,798,279 General $4,494,674 $5,504,463 $5,189,398 $7,088,147 $3,343,365 Food Service Debt Service Management Activity $160,533,311 PPEL SILO Day Care Total Expenditures: $200,421,512 General Fund Reserve Trends Unspent Balance & Cash $25.00 Cash 14.3% $20.00 $15.00 (millions) $10.00 $5.00 $ Unspent Balance $3.95 $2.43 $1.11 $1.95 $4.54 $7.90 $19.36 $21.78 $23.66 Cash Balance $4.20 $3.10 $0.55 $4.62 $9.88 $16.56 $18.56 $21.00 $22.88 General Fund Reserve Goal Iowa Schools Cash Anticipatory Program (ISCAP) Solvency Ratio 14.00% 12.00% 10.00% 8.00% Solvency Ratio 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% Board Goal: 8.0% Minimum Targeted Solvency: 5.0% Reserve Goal: To achieve a 8.0%-10% solvency ratio through a balanced budget and continued use of the cash reserve levy. 9

Historical and Proposed Cash Reserve Levies $8.

00 $4.00 $3.00 $2.00 $1.00 $2.75 $3.25 $4.68 $4.

00 2000 2001 2002 2003 2004 2005 2006 2007 2008

. Please be patient and explain things clearly!

10 Historical and Proposed Cash Reserve Levies $8.00 $7.00 $7.05 $8.00 $7.92 Millions $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $2.75 $3.25 $4.68 $4.95 $3.70 $3.77 $3.28 $ Fiscal Year No matter who is in charge.. Please be patient and explain things clearly!!! The next time you think you re in a predicament. Remember just how bad it really could be!! 10

11 Don t let anyone stop you from speaking your mind! Don t ever give up because.. In the end, our efforts do make huge difference!! Questions? & Answers 11

12 The Flood of 2008: On June th 2008, the City of Cedar Rapids experienced a flood event of epic magnitude. On June 13 th the Cedar River crested at feet, a full 10 feet higher than the previous flood record established in The flood damaged an estimated 5,390 homes 1,133 businesses and 486 non-profit organizations. An estimated 1,800 District students were displaced as a result of the flood event. The assessed value of property in the 100 year floodplain was $175,897,331 residential $206,816,896 commercial and $84,381,882 industrial property. The Cedar Rapids Community School District s losses to District owned property and contents at the time of this publication are estimated at $35.6 million which includes damage to 8 locations. The estimated damages to property owned by the City of Cedar Rapids, Linn County and Cedar Rapids Schools combined exceeds $1.3 billion. It will take several years for the District and community at large to fully recover from all the damage. A new fund called the Recovery Fund was created in response to this disaster so the District could account for all flood recovery expenditures as well as all revenues from Federal and State sources. The Cedar Rapids Community School District qualifies for Public Assistance benefits under guidelines established by the Federal Emergency Management Agency, FEMA. Due to the magnitude of flood and storm damages in the State of Iowa, FEMA will pay 90% with the State of Iowa paying 10% of all District damages incurred. There will be incidental costs to the District as a result of the flood event not related to flood recovery, such as enrollment losses, that may have an adverse financial impact upon the District.

13 Cedar Rapids Community School District FEMA DR-1763-IA 2008 Flood Recovery Cost Estimates as of: 13 October 2008 Initial Revised Estimated Cost Estimate Facility Description 20-Aug Oct-2008 Variance Comments Education Services Center (ESC) Remediation Cleaning $1,395, $1,395, Building Repair $6,800, $7,559, $759, Current CEF added additional cost. HazMit proposal TBD. Contents $3,000, $3,000, Emergency Protective Measures $45, $45, Total: $11,240, $11,999, $759, Taylor Remediation Cleaning (BMS) $871, $871, Building Repair $2,786, $3,337, $551, Current CEF added additional cost. HazMit proposal: terrazzo flooring in school and polyurethane on gym floor estimated at $280,691. Contents $3,000, $3,000, Total: $6,657, $7,208, $551, Food & Nutrition / Purchasing Warehouse Remediation Cleaning (BMS) $809, $809, Building Repair $1,460, $1,813, $353, Current CEF added additional cost. HazMit TBD. Contents $3,000, $3,000, Total: $5,269, $5,622, $353, ESC Annex Remediation Cleaning (BMS) $360, $360, Building Repair $1,000, $1,114, $114, Current CEF added additional $79,015. HazMit proposal to waterproof interior walls is estimated at $35,850 Contents $1,200, $1,200, Emergency Protective Measures $27, $27, Total: $2,587, $2,701, $114, Paint/Carpenter Shop Remediation Cleaning (BMS) $180, $180, Building Repair $640, $434, ($205,869.00) Current CEF reflects a lower cost than original estimate. HazMit TBD. Contents $1,000, $1,000, Total: $1,820, $1,614, ($205,869.00) Harrison Remediation Cleaning (BMS) $55, $55, Contents $70, $70, Total: $125, $125, $0.00 Transportation Center Remediation Cleaning (BMS) $30, $30, Fences $28, $28, Electrical Repair $30, $30, Total: $88, $88, $0.00 Page 1 of 2

14 Cedar Rapids Community School District FEMA DR-1763-IA 2008 Flood Recovery Cost Estimates as of: 13 October 2008 Initial Revised Estimated Cost Estimate Facility Description 20-Aug Oct-2008 Variance Comments Roosevelt Transition Center Remediation Cleaning (BMS) $52, $52, Contents $30, $30, Total: $82, $82, $0.00 ESC at Kingston Total: $1,500, $1,500, $ Blairs Ferry Road - Temporary Facility Total: $1,000, $1,000, $0.00 USACE / FEMA Direct Costs for Kingston Total: $3,700, $3,700, $0.00 Grand Total: $34,069, $35,642, $1,572, Information above is subject to change as new information becomes available. Page 2 of 2

How Schools are Funded in the State of Iowa

How Schools are Funded in the State of Iowa Funding is Student Driven The number of students enrolled by October 1 determines the school district s budget. More students may enroll after this date, but