Miami Trace Local School District Fayette County Actual Forecasted Revenues Other Financing Sources Expenditures Other Financing Uses

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1 Miami Trace Local School District Fayette County Schedule of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Years Ended June 30, 2015, 2016 and 2017 Actual; Forecasted Fiscal Years Ending June 30, 2018 Through 2022 Actual Forecasted Fiscal Year Fiscal Year Fiscal Year Average Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Change Revenues General Property Tax (Real Estate) $11,528,048 $12,538,508 $13,300, % $12,991,999 $12,305,255 $11,998,990 $11,997,881 $12,007, Tangible Personal Property Tax Income Tax Unrestricted State Grants-in-Aid 9,441,360 10,587,508 11,168, % $11,201,489 11,201,489 11,201,489 11,201,489 11,201, Restricted State Grants-in-Aid 359, , , % $305, , , , , Restricted Federal Grants-in-Aid - SFSF Property Tax Allocation 1,163,370 1,260,801 1,362, % $1,386,995 1,284,808 1,209,639 1,209,411 1,209, All Other Revenues 3,334,391 3,101,270 3,792, % $4,407,313 4,407,313 4,407,313 4,407,313 4,407, Total Revenues 25,826,718 27,882,420 29,891, % 30,293,534 29,504,605 29,123,170 29,121,832 29,131,061 Other Financing Sources Proceeds from Sale of Notes State Emergency Loans and Advancements (Approved) Operating Transfers-In 57,578 10, , % 98,718 20,077 39,446 19, Advances-In 20,843 11, ,500 10,000 10,000 10,000 10, All Other Financing Sources 87,788 59,178 18, % 65,462 65,462 65,462 65,462 65, Total Other Financing Sources 145,366 90, , % 486,680 95, ,909 94,534 75, Total Revenues and Other Financing Sources 25,972,084 27,973,048 30,023, % 30,780,214 29,600,144 29,238,078 29,216,366 29,206,590 Expenditures Personal Services 12,876,042 13,149,621 13,887, % 14,518,971 14,904,512 15,088,610 15,245,032 15,375, Employees' Retirement/Insurance Benefits 5,843,229 5,885,686 6,064, % 6,173,045 6,280,525 6,470,794 6,481,771 6,475, Purchased Services 3,755,456 4,014,034 4,274, % 4,239,815 4,324,612 4,411,104 4,499,326 4,589, Supplies and Materials 1,137,072 1,161,221 1,261, % 1,305,375 1,331,483 1,358,113 1,385,275 1,412, Capital Outlay 347, , , % 555, , , , , Intergovernmental Debt Service: Principal-All (Historical Only) Principal-Notes Principal-State Loans Principal-State Advancements Principal-HB 264 Loans Principal-Other Interest and Fiscal Charges Other Objects 466, , , % 422, , , , , Total Expenditures 24,426,344 25,195,465 26,457, % 27,215,400 27,830,445 28,329,273 28,623,623 28,876,915 Other Financing Uses Operating Transfers-Out 103,476 1,326,832 2,456, % 338, , , , , Advances-Out 20, , All Other Financing Uses 1, , % Total Other Financing Uses 125,521 1,327,736 2,883, % 339, , , , , Total Expenditures and Other Financing Uses 24,551,865 26,523,201 29,340, % 27,554,615 28,015,522 28,533,719 28,807,695 29,041,982 Page 1 of 32

2 Actual Forecasted Fiscal Year Fiscal Year Fiscal Year Average Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Change Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses 1,420,219 1,449, , % 3,225,599 1,584, , , , Cash Balance July 1 - Excluding Proposed Renewal/Replacement and New Levies 9,429,037 10,849,256 12,299, % 12,982,456 16,208,055 17,792,677 18,497,036 18,905, Cash Balance June 30 10,849,256 12,299,103 12,982, % 16,208,055 17,792,677 18,497,036 18,905,708 19,070, Estimated Encumbrances June 30 1,050,341 1,143, , % 860, , , , ,834 Reservation of Fund Balance Textbooks and Instructional Materials Capital Improvements Budget Reserve DPIA Fiscal Stabilization 1,280,419 1,291,336 1,394, % 1,494,600 1,514,677 1,475,230 1,456,158 1,456, Debt Service Property Tax Advances Bus Purchases Subtotal 1,280,419 1,291,336 1,394, % 1,494,600 1,514,677 1,475,230 1,456,158 1,456, Fund Balance June 30 for Certification of Appropriations 8,518,496 9,864,477 10,727, % 13,852,621 15,417,167 16,160,972 16,588,715 16,753,390 Revenue from Replacement/Renewal Levies Income Tax - Renewal Property Tax - Renewal or Replacement Cumulative Balance of Replacement/Renewal Levies Fund Balance June 30 for Certification of Contracts, Salary Schedules and Other Obligations 8,518,496 9,864,477 10,727, % 13,852,621 15,417,167 16,160,972 16,588,715 16,753,390 Revenue from New Levies Income Tax - New Property Tax - New Cumulative Balance of New Levies Revenue from Future State Advancements Unreserved Fund Balance June 30 8,518,496 9,864,477 10,727, % 13,852,621 15,417,167 16,160,972 16,588,715 16,753,390 See accompanying summary of significant forecast assumptions and accounting policies Includes: General fund, Emergency Levy fund Page 2 of 32

3 ASSUMPTIONS & EXPLANATIONS TO 5-YEAR FORECAST Revenues General Property Tax (Real Estate) Estimated revenues include real estate and public utility personal property (PUPP). Estimates are based on information from county auditors, Ohio Department of Taxation, and historical growth patterns, including scheduled updates and reappraisals. The Miami Trace Local School District is a rural community primarily located in Fayette County but also includes five other counties: Pickaway, Clinton, Madison, Highland, and Ross. The district is comprised of 401 square miles. See Exhibits A-1 through A-5 for estimated tax calculations for each fiscal year. See Exhibit B for property values by class, millage rates, collection amounts and percentages. See Exhibit C for county property values, annual percentage changes and schedule of reappraisals and updates. See Exhibits D & D-1 for property class percentage changes and forecasted percentage changes. The estimated amounts also include estimated tax receipts from expired tax exemption agreements. See Exhibit E. Taxes are paid in arrears. For example, taxes based on calendar year 2016 property values are paid in calendar year A fiscal year begins July 1 and continues through June 30. Each fiscal-year s tax revenue is received from two different calendar (tax) years. In November of 2011, a $2,400,000 5-year renewal emergency operating levy passed. This levy was effective 2012 through 2016, with collections 2013 through Revenue collections affect FY13 (half-year) through FY18 (half-year). Taxpayers approved a renewal levy with a reduction of $500,000 on May 2, The renewal with reduction levy, totaling $1,900,000, is effective 2017 through 2021 (5 years), collections 2018 through The revenue collections affect FY18 (half-year) through FY23 (half-year). The Fayette County Auditor establishes the tax rates each year for district property. New rates are available at the end of the calendar year. The 2017 tax rates were not available at the time of this forecast. Therefore, 2016 rates and the new, estimated emergency levy rate were used for this forecast. Updated property valuations are typically not available until the end of the calendar year or after the first of the year. Each of the six county auditors was contacted for estimates for this forecast. Some had information available and others did not. Based on TY2016 property values, agricultural property represents 47% of total property valuation. This percentage is expected to reduce due to changes in the calculation of CAUV (current agricultural use valuation) property pursuant to legislative changes (O.R.C ). Reductions in CAUV property Page 3 of 32

4 valuations will occur during the reappraisal or triennial update year of each county during the 2017 through 2019 tax years as follows: 2017 Pickaway, Clinton and Madison Counties, 2018 Fayette and Highland Counties and 2019 Ross County. This forecast utilizes information provided by Pickaway, Clinton and Madison Counties for the 2017 property valuation changes and uses this information as the basis for forecasting changes in property valuations in Fayette, Highland and Ross Counties during their next reappraisal or triennial update. Pickaway County (specific information to district): agricultural decrease of 19.99%, residential increase of 11.19%, industrial property increase of 5.36% and commercial property increase of 9.32%. Information on public utility personal property (PUPP) was not available. The district has property in the classifications of agricultural, residential, industrial, commercial and PUPP. Clinton County (specific information to district): agricultural decrease of 2.44%. The district only has agricultural property in Clinton County. The auditor s office also provided the average changes for agricultural and residential property of 25% decrease and 12% increase, respectively. No other property valuation change information was provided. Madison County did not have available property valuation information specific to the district. However, county averages were provided as follows: agricultural decrease of 24%, residential increase of 15% and commercial remained stable. PUPP was not available Tangible Personal Property Tax None Income Tax None Unrestricted State Grants-in-Aid (State Funding) This category includes casino tax revenues, state funding and catastrophic revenues. Casino tax revenues began in FY13 with FY14 being the first full fiscal year of revenues. The district received $129,335 in FY14, $128,718 in FY15, $120,739 in FY16 and $130,499 in FY17. An estimated amount of $131,999 is forecasted for FY18 FY21. Ohio public schools are funded from two main sources local tax revenue and state funding. The general concept is that the more a district receives locally, the less help it needs from the state. As the property valuation and local tax revenues increase, it is expected that a reduction in state funding will occur. However, this has not always been the case due to a funding guarantee in the state s formula. In general, the guarantee provides a district at least the same amount of state revenue, or a percentage thereof, as it received in the prior fiscal year. Miami Trace has benefited from the guarantee. The district received $1,414,409 in guarantee funding during FY14 and FY15 (combined). Guarantee funds were not received in FY16 and FY17 due to the state funding components of the formula. Beginning with FY18, the district will be back on the state funding guarantee. See Exhibit F for the FY18 state funding calculation estimate. Based on the funding formula components, this forecast assumes that the district will continue to be funded on the guarantee for FY19. Therefore, state funding is the same for both FY18 and FY19. Page 4 of 32

5 See Exhibits G and H for historical ADM and enrollment information and Exhibits B, C or D for property valuations. These components are utilized in the state funding formula. A five-year forecast of state funding is difficult because Ohio operates on a 2-year (biennial) state budget that is approved by the state legislature and the governor. Because of political and economic influences, changes may occur every 2 years. Due to the uncertainty of the next biennial budget and any funding formula changes, this forecast assumes the guarantee funding level estimated for FY18 and FY19 for FY20 through FY Restricted State Grants-in-Aid (State Funding) This category includes state funding that is restricted for specific purposes, specifically career-tech and economic disadvantaged funding. The district utilizes Great Oaks JVS satellite programs for vocational agriculture, family and consumer science, career-based intervention and technical educational. The district receives partial funding (20%) for its students participating in the satellite programs. Economic disadvantaged funding may be utilized in any of the following categories: (1) extended school day and school year, (2) reading improvement and intervention, (3) instructional technology or blended learning, (4) professional development in reading instruction for teachers of students in K-3 grades, (5) dropout prevention, (6) school safety and security measures, (7) community learning centers that address barriers to learning, (8) academic interventions for students in grades Restricted Federal Grants-in-Aid None Property Tax Allocation This category includes payments for homestead exemption and real property rollback tax credits that are paid by the State of Ohio. The rollbacks and exemption are forms of property tax relief. Rollbacks include the 10% rollback applicable to non-business property and the 2.5% rollback for owneroccupied residential property and agricultural property on which there is an owner-occupied home site. The homestead exemption may be applicable for age-qualifying individuals who currently live in their home as their primary residence. These reimbursements are not affected by delinquencies. The amounts are paid by the state as charged in full. See Exhibits A-1 through A-5 for calculations of each fiscal year for homestead and rollback. See Exhibit B for property values by class, millage rates, collection amounts and percentages. See Exhibit C for county property values, annual percentage changes and schedule of reappraisals and updates. See Exhibits D and D-1 for property class percentage changes and forecasted percentage changes. Page 5 of 32

6 1.060 All Other Revenues This category includes the following: Manufactured Homes Taxes Wildlife Land Use Taxes Tuition (regular, special education, catastrophic, vocational, open enrollment, summer school) Interest Class Fees Student Activity Transportation Reimbursements Rentals of property Donations Commissions Compensation for Property Tax Exemptions (See Exhibit I.) Compensation for Loss of Assets & Insurance Proceeds Receipts from Intermediate Sources Miscellaneous Other The majority of revenues received in this category are from open enrollment, tuition from other districts for regular and special education and compensation for property tax exemptions. From FY15 to FY16 there was a decrease in revenue in this category of the forecast and then a substantial increase from FY16 to FY17. The changes were due to the timing of revenues for tuition. The special education excess cost tuition for a school year is typically received in the spring of the succeeding fiscal year. The amount for FY15 ($282,043) was not received in FY16. It was received in July of 2016 (FY17). Therefore, FY17 includes two years of special education excess cost tuition (FY15 and FY16) Proceeds from Sale of Notes None State Emergency Loans and Advancements None Operating Transfers-In In September of 2013, the board of education passed a motion to maintain a reservation of fund balance for fiscal stabilization pursuant to O.R.C. Section equal to 5% of prior fiscal year general fund revenues (excluding other financing sources). The reservation total includes the Budget Reserve Fund 001/9991 and the Budget Reserve Health Insurance Fund 001/9108. The transfer-out is included on Line Forecasted amounts reflect changes for future funding levels in the budget reserve. See explanations for Line Operating Transfers-Out and Line Reservation of Fund Balances. Page 6 of 32

7 2.050 Advances-In The FY15 advance ($20,843.10) to the FFA Farm Fund was repaid in FY16. In FY17 the board advanced $410,000 to the permanent improvement fund for high school improvements (See Line ). Returns of the advance are estimated for each year of the forecast All Other Financing Sources This category includes sale of property and refund of prior year s expenditures. Both categories of revenue are unpredictable and inconsistent. Prior year refunds of expenditure include payments from the Bureau of Workers Compensation for rebates and/or participation in the group retrospective plan for refunds of premium. EXPENDITURES Personal Services (See Exhibit J.) This category includes an estimate of salaries and wages per the current salary schedules for bargaining and non-bargaining employees, including changes due to retirements and personnel changes. Current bargaining unit agreements with the Miami Trace Education Association and the Miami Trace Non- Certified Employees Association expire June 30, The board of education approved two-year bargaining unit agreements for both the Miami Trace Education Association and the Miami Trace Non-Certified Employees Association on April 10, These agreements included 2.5% increases on the base salaries and wages for each of FY18 and FY19. This forecast incorporates those changes and assumes step increases only for employees in FY20 through FY22. When analyzing the changes in personal services, it is important to understand the effect retirements can have on total salaries and wages. Retirements typically increase total personal services in the year of retirement for contract payouts and decrease total personal services in the succeeding fiscal year. Retiring staff members typically have much higher salaries and wages than the new staff members filling the vacated positions. Per the business manager, effective FY19, two full-time custodial positions have been added based on forecasted needs for the new high school Employees Retirement/Insurance Benefits (See Exhibit K.) This category includes the following legally mandated, negotiated and board-approved benefits: Retirement STRS & SERS Surcharge SERS Medicare Workers Compensation Insurances Health, Dental, Life Unemployment Compensation Tuition Reimbursement Tool Allowance for Bus Mechanics Other Staff Relations Page 7 of 32

8 Health insurance benefits represent the majority of the expenditures for employees benefits. The following information was considered to forecast the expenditure: a) Assumed percentage increases for insurance benefits are based on current trends, historical analysis and the Affordable Care Act regulations regarding cost of coverage to avoid an excise tax. b) According to the Affordable Health Care Act, a 40 percent excise tax will be imposed on the cost of coverage for health plans that exceed a certain annual limit beginning in Currently, the estimated thresholds are $10,200 for individual coverage and $27,500 for family coverage. The thresholds may be increased depending on actual medical inflation prior to 2020 and other factors. The district would be responsible for paying the tax on any dollar amount beyond the caps that is considered excess health spending. c) Based on historical health insurance premium experience, it is expected that the district would be subject to the tax in In order not to exceed the ACA limits, the district s premiums cannot increase by greater than 11%. This forecast assumes that the district will experience a 6% increase for FY19, 5% increase in FY20 and thereafter will make the necessary adjustments to health insurance benefits and/or premiums in order to avoid the excise tax. Pursuant to the business manager s planned increases in staff as described above under personal services, increases to benefits are also forecasted Purchased Services Supplies and Materials Capital Outlay The forecasted amounts for FY18 are based on appropriations and historical spending patterns of actual expenditures compared to appropriations. FY19- FY22 forecast a 2% annual inflation rate Intergovernmental (7600 and 7700) None through Debt Service None Other Objects This category includes memberships, dues, awards and prizes, county auditor and treasurer fees, state auditor charges, bank fees, and other miscellaneous amounts. The forecasted amount for FY18 is based on appropriations and historical spending patterns of actual expenditures compared to appropriations. The FY18 amount is forecasted for FY19-FY22. Page 8 of 32

9 5.010 Operating Transfers-Out FY18 transfers to date are as follows: 1. $98,718 to the Budget Reserve Fund to maintain the board-required balance for fiscal stabilization as approved on September 30, $169,253 to the Termination and Retirement Benefits Fund 3. $55,500 to student activity funds--h.s. Athletics ($41,000), M.S. Athletics ($6,500), Dramatic Arts ($500), Quick Recall ($500), H.S. Musical ($4,000), M.S. Musical ($2,000) and National Honor Society ($1,000) An additional transfer for the food service fund is forecasted. Per board policy, the food service fund cannot carryover bad debt from unpaid meal charges from one fiscal year to the next. Therefore, it is expected that a transfer will be necessary prior to the end of the fiscal year. For FY19-FY22, transfers are forecasted for fiscal stabilization, retirement savings, student activities, food service and preschool. See explanations also for Line 2.04 Operating Transfers-In and Line Reservation of Fund Balances Advances-Out No advances are forecasted All Other Financing Uses This category includes refunds of prior years receipts. This category is unpredictable and inconsistent. Nothing is forecasted beyond FY Encumbrances The FY17 year-end encumbrance amount is utilized for FY18-FY22. Reservation of Fund Balances Fiscal Stabilization In September of 2013, the board of education passed a fiscal policy to reserve 5% of the prior fiscal year general fund revenues (excluding other financing sources) for the purpose of fiscal stabilization pursuant to O.R.C. Section The 5% includes two budget reservation funds. One is specifically for health insurance, and the other is for general budget stabilization. See Exhibit L. Revenue from Replacement/Renewal Levies Income Tax Renewal None Property Tax Renewal or Replacement None. Page 9 of 32

10 Revenue from New Levies Income Tax New None Property Tax New None Revenue from Future State Advancements. None. NOTE 1: In September 2013, the board of education established a fiscal policy in the interest of prudent fiscal management. The board passed a motion to maintain as a minimum carryover balance for the succeeding fiscal year an unencumbered and unreserved general fund balance equal to two months of prior fiscal year average monthly general fund expenditures (excluding other financing uses). Amendment of this policy requires board action. Based on the assumptions presented, the district will meet the minimum carryover balance through FY21. See Exhibit L. NOTE 2: Per the superintendent, potential changes for the alternative school program are being discussed. These changes could impact the expenditures of the district. However, nothing is forecasted at this time. NOTE 3: Please contact Debbie L. Black, CPA, Treasurer/CFO, at regarding any questions. Page 10 of 32

11 FY18 TAX ESTIMATES EXHIBIT A % 3-year average collection rate, including delinquencies 2016 GEN. FUND REVENUE - ADJUSTED FALL '17 HOMESTEAD & NET FALL '17 AG/RES $ 431,987, $ 8,579,908 $ 3,455,792 $ 589,917 $ 2,865,876 OTHER $ 80,665, $ 1,722,589 $ 693,820 $ 693,820 P.U.P.P. $ 88,560, $ 1,943,636 $ 782,852 $ 782,852 TOTAL $ 601,213,640 $ 12,246,133 $ 4,932,465 $ 589,917 $ 4,342, GEN. FUND REVENUE - ADJUSTED SPRING '18 HOMESTEAD & NET SPRING '18 AG/RES $ 431,393, $ 8,568,112 $ 5,117,071 $ 582,375 $ 4,534,696 OTHER $ 80,752, $ 1,724,460 $ 1,029,887 $ 1,029,887 P.U.P.P. $ 88,560, $ 1,943,636 $ 1,160,783 $ 1,160,783 TOTAL $ 600,707,363 $ 12,236,208 $ 7,307,741 $ 582,375 $ 6,725,366 FY18 GEN. FUND TOTALS $ 12,240,206 $ 1,172,292 $ 11,067,914 $1,900,000 EMG EMERGENCY REVENUE - ADJUSTED FALL '17 HOMESTEAD & NET FALL '17 AG/RES $ 431,987, $ 1,767,461 $ 711,893 $ 121,523 $ 590,370 OTHER $ 80,665, $ 330,038 $ 132,932 $ 132,932 P.U.P.P. $ 88,560, $ 362,343 $ 145,944 $ 145,944 TOTAL $ 601,213,640 $2,400,000 $ 2,459,842 $ 990,769 $ 121,523 $ 869,246 FY18 GEN. & 1/2 EMG. $ 13,230,974 $ 1,293,815 $ 11,937, EMERGENCY REVENUE - ADJUSTED SPRING '18 HOMESTEAD & NET SPRING '18 AG/RES $ 431,393, $ 1,380,461 $ 824,442 $ 93,180 $ 731,262 OTHER $ 80,752, $ 258,409 $ 154,327 $ 154,327 P.U.P.P. $ 88,560, $ 283,394 $ 169,250 $ 169,250 TOTAL $ 600,707,363 $1,900,000 $ 1,922,264 $ 1,148,019 $ 93,180 $ 1,054,839 EMERGENCY TOTAL $ 2,138,788 $ 214,703 $ 1,924,085 FY18 GEN. & EMG. TOTALS $ 14,378,993 $ 1,386,995 $ 12,991,999 Real Property Tax Estimate $ 12,991,999 Property Tax Allocation - not affected by delinquency - per M. Smith Fayette County Auditor $ 1,386,995 General Homestead $ 209,995 General Rollback $ 962,297 Emergency Homestead $ 38,460 Emergency Rollback $ 176,243 Page 11 of 32

12 FY19 TAX ESTIMATES EXHIBIT A % 3-year average collection rate, including delinquencies 2017 GEN. FUND REVENUE - ADJUSTED FALL '18 HOMESTEAD & NET FALL '18 AG/RES $ 431,393, $ 8,568,112 $ 3,451,042 $ 589,106 $ 2,861,936 OTHER $ 80,752, $ 1,724,460 $ 694,573 $ 694,573 P.U.P.P. $ 88,560, $ 1,943,636 $ 782,852 $ 782,852 TOTAL $ 600,707,363 $ 12,236,208 $ 4,928,467 $ 589,106 $ 4,339, GEN. FUND REVENUE - ADJUSTED SPRING '19 HOMESTEAD & NET SPRING '19 AG/RES $ 379,362, $ 7,534,684 $ 4,499,884 $ 512,133 $ 3,987,751 OTHER $ 84,746, $ 1,809,747 $ 1,080,822 $ 1,080,822 P.U.P.P. $ 88,560, $ 1,943,636 $ 1,160,783 $ 1,160,783 TOTAL $ 552,669,290 $ 11,288,066 $ 6,741,489 $ 512,133 $ 6,229,356 FY19 GEN. FUND TOTALS $ 11,669,956 $ 1,101,239 $ 10,568,718 $1,900,000 EMG EMERGENCY REVENUE - ADJUSTED FALL '18 HOMESTEAD & NET FALL '18 AG/RES $ 431,393, $ 1,370,898 $ 552,167 $ 94,257 $ 457,910 OTHER $ 80,752, $ 256,618 $ 103,360 $ 103,360 P.U.P.P. $ 88,560, $ 281,431 $ 113,354 $ 113,354 TOTAL $ 600,707,363 $1,900,000 $ 1,908,948 $ 768,881 $ 94,257 $ 674,624 FY19 GEN. & 1/2 EMG. $ 12,438,837 $ 1,195,496 $ 11,243, EMERGENCY REVENUE - ADJUSTED SPRING '19 HOMESTEAD & NET SPRING '19 AG/RES $ 379,362, $ 1,323,162 $ 790,222 $ 89,312 $ 700,910 OTHER $ 84,746, $ 295,584 $ 176,529 $ 176,529 P.U.P.P. $ 88,560, $ 308,888 $ 184,475 $ 184,475 TOTAL $ 552,669,290 $1,900,000 $ 1,927,633 $ 1,151,226 $ 89,312 $ 1,061,914 $1,900,000 EMG. TOTALS $ 1,920,107 $ 183,569 $ 1,736,538 FY19 GEN. & EMG. TOTALS $ 13,590,064 $ 1,284,808 $ 12,305,255 Real Property Tax Estimate $ 12,305,255 Property Tax Allocation - not affected by delinquency - per M. Smith Fayette County Auditor $ 1,284,808 General Homestead $ 197,267 General Rollback $ 903,972 Emergency Homestead $ 32,883 Emergency Rollback $ 150,686 Page 12 of 32

13 FY20 TAX ESTIMATES EXHIBIT A % 3-year average collection rate, including delinquencies 2018 GEN. FUND REVENUE - ADJUSTED FALL '19 HOMESTEAD & NET FALL '19 AG/RES $ 379,362, $ 7,534,684 $ 3,034,800 $ 518,052 $ 2,516,748 OTHER $ 84,746, $ 1,809,747 $ 728,925 $ 728,925 P.U.P.P. $ 88,560, $ 1,943,636 $ 782,852 $ 782,852 TOTAL $ 552,669,290 $ 11,288,066 $ 4,546,577 $ 518,052 $ 4,028, GEN. FUND REVENUE - ADJUSTED SPRING '20 HOMESTEAD & NET SPRING '20 AG/RES $ 379,219, $ 7,531,857 $ 4,498,196 $ 511,941 $ 3,986,255 OTHER $ 84,746, $ 1,809,747 $ 1,080,822 $ 1,080,822 P.U.P.P. $ 88,560, $ 1,943,636 $ 1,160,783 $ 1,160,783 TOTAL $ 552,526,940 $ 11,285,239 $ 6,739,800 $ 511,941 $ 6,227,860 FY20 GEN. FUND TOTALS $ 11,286,378 $ 1,029,993 $ 10,256,385 $1,900,000 EMG EMERGENCY REVENUE - ADJUSTED FALL '19 HOMESTEAD & NET FALL '19 AG/RES $ 379,362, $ 1,313,996 $ 529,248 $ 90,345 $ 438,903 OTHER $ 84,746, $ 293,536 $ 118,230 $ 118,230 P.U.P.P. $ 88,560, $ 306,748 $ 123,551 $ 123,551 TOTAL $ 552,669,290 $1,900,000 $ 1,914,281 $ 771,029 $ 90,345 $ 680,684 FY20 GEN. & 1/2 EMG. $ 12,057,407 $ 1,120,337 $ 10,937, EMERGENCY REVENUE - ADJUSTED SPRING '20 HOMESTEAD & NET SPRING '20 AG/RES $ 379,219, $ 1,323,001 $ 790,126 $ 89,302 $ 700,825 OTHER $ 84,746, $ 295,659 $ 176,574 $ 176,574 P.U.P.P. $ 88,560, $ 308,966 $ 184,522 $ 184,522 TOTAL $ 552,526,940 $1,900,000 $ 1,927,626 $ 1,151,222 $ 89,302 $ 1,061,921 $1,900,000 EMG. TOTALS $ 1,922,251 $ 179,646 $ 1,742,605 FY20 GEN. & EMG. TOTALS $ 13,208,629 $ 1,209,639 $ 11,998,990 Real Property Tax Estimate $ 11,998,990 Property Tax Allocation - not affected by delinquency - per M. Smith Fayette County Auditor $ 1,209,639 General Homestead $ 184,504 General Rollback $ 845,488 Emergency Homestead $ 32,180 Emergency Rollback $ 147,466 Page 13 of 32

14 FY21 TAX ESTIMATES EXHIBIT A % 3-year average collection rate, including delinquencies 2019 GEN. FUND REVENUE - ADJUSTED FALL '20 HOMESTEAD & NET FALL '20 AG/RES $ 379,219, $ 7,531,857 $ 3,033,661 $ 517,857 $ 2,515,804 OTHER $ 84,746, $ 1,809,747 $ 728,925 $ 728,925 P.U.P.P. $ 88,560, $ 1,943,636 $ 782,852 $ 782,852 TOTAL $ 552,526,940 $ 11,285,239 $ 4,545,439 $ 517,857 $ 4,027, GEN. FUND REVENUE - ADJUSTED SPRING '21 HOMESTEAD & NET SPRING '21 AG/RES $ 379,219, $ 7,531,857 $ 4,498,196 $ 511,941 $ 3,986,255 OTHER $ 84,746, $ 1,809,747 $ 1,080,822 $ 1,080,822 P.U.P.P. $ 88,560, $ 1,943,636 $ 1,160,783 $ 1,160,783 TOTAL $ 552,526,940 $ 11,285,239 $ 6,739,800 $ 511,941 $ 6,227,860 FY21 GEN. FUND TOTALS $ 11,285,239 $ 1,029,798 $ 10,255,441 $1,900,000 EMG EMERGENCY REVENUE - ADJUSTED FALL '20 HOMESTEAD & NET FALL '20 AG/RES $ 379,219, $ 1,313,503 $ 529,049 $ 90,311 $ 438,739 OTHER $ 84,746, $ 293,536 $ 118,230 $ 118,230 P.U.P.P. $ 88,560, $ 306,748 $ 123,551 $ 123,551 TOTAL $ 552,526,940 $1,900,000 $ 1,913,788 $ 770,830 $ 90,311 $ 680,520 FY21 GEN. & 1/2 EMG. $ 12,056,069 $ 1,120,109 $ 10,935, EMERGENCY REVENUE - ADJUSTED SPRING '21 HOMESTEAD & NET SPRING '21 AG/RES $ 379,219, $ 1,323,001 $ 790,126 $ 89,302 $ 700,825 OTHER $ 84,746, $ 295,659 $ 176,574 $ 176,574 P.U.P.P. $ 88,560, $ 308,966 $ 184,522 $ 184,522 TOTAL $ 552,526,940 $1,900,000 $ 1,927,626 $ 1,151,222 $ 89,302 $ 1,061,921 $1,900,000 EMG. TOTALS $ 1,922,052 $ 179,612 $ 1,742,440 FY21 GEN. & EMG. TOTALS $ 13,207,291 $ 1,209,411 $ 11,997,881 Real Property Tax Estimate $ 11,997,881 Property Tax Allocation - not affected by delinquency - per M. Smith Fayette County Auditor $ 1,209,411 General Homestead $ 184,470 General Rollback $ 845,329 Emergency Homestead $ 32,174 Emergency Rollback $ 147,438 Page 14 of 32

15 FY22 TAX ESTIMATES EXHIBIT A % 3-year average collection rate, including delinquencies 2020 GEN. FUND REVENUE - ADJUSTED FALL '20 HOMESTEAD & NET FALL '20 AG/RES $ 379,219, $ 7,531,857 $ 3,033,661 $ 517,857 $ 2,515,804 OTHER $ 84,746, $ 1,809,747 $ 728,925 $ 728,925 P.U.P.P. $ 88,560, $ 1,943,636 $ 782,852 $ 782,852 TOTAL $ 552,526,940 $ 11,285,239 $ 4,545,439 $ 517,857 $ 4,027, GEN. FUND REVENUE - ADJUSTED SPRING '21 HOMESTEAD & NET SPRING '21 AG/RES $ 379,219, $ 7,531,857 $ 4,498,196 $ 511,941 $ 3,986,255 OTHER $ 85,468, $ 1,825,163 $ 1,090,029 $ 1,090,029 P.U.P.P. $ 88,560, $ 1,943,636 $ 1,160,783 $ 1,160,783 TOTAL $ 553,248,850 $ 11,300,655 $ 6,749,007 $ 511,941 $ 6,237,066 FY22 GEN. FUND TOTALS $ 11,294,446 $ 1,029,798 $ 10,264,648 $1,900,000 EMG EMERGENCY REVENUE - ADJUSTED FALL '20 HOMESTEAD & NET FALL '20 AG/RES $ 379,219, $ 1,313,503 $ 529,049 $ 90,311 $ 438,739 OTHER $ 84,746, $ 293,536 $ 118,230 $ 118,230 P.U.P.P. $ 88,560, $ 306,748 $ 123,551 $ 123,551 TOTAL $ 552,526,940 $1,900,000 $ 1,913,788 $ 770,830 $ 90,311 $ 680,520 FY22 GEN. & 1/2 EMG. $ 12,065,276 $ 1,120,109 $ 10,945, EMERGENCY REVENUE - ADJUSTED SPRING '21 HOMESTEAD & NET SPRING '21 AG/RES $ 379,219, $ 1,321,300 $ 789,110 $ 89,187 $ 699,923 OTHER $ 85,468, $ 297,794 $ 177,849 $ 177,849 P.U.P.P. $ 88,560, $ 308,569 $ 184,284 $ 184,284 TOTAL $ 553,248,850 $1,900,000 $ 1,927,662 $ 1,151,244 $ 89,187 $ 1,062,057 $1,900,000 EMG. TOTALS $ 1,922,074 $ 179,497 $ 1,742,576 FY22 GEN. & EMG. TOTALS $ 13,216,520 $ 1,209,296 $ 12,007,224 Real Property Tax Estimate $ 12,007,224 Property Tax Allocation - not affected by delinquency - per M. Smith Fayette County Auditor $ 1,209,296 General Homestead $ 184,470 General Rollback $ 845,329 Emergency Homestead $ 32,154 Emergency Rollback $ 147,344 Page 15 of 32

16 COUNTIES/PROPERTY VALUES (per Ohio Department Taxation DTE 13 & Fayette County Auditor) EXHIBIT B Calendar Year Ag/Res (Class I) Other R.E. (Class II) P.U.P.P. Tangible P.P. Total (Inds./Com/Min/RR) (current/not arrears) 2012 $ 314,412,120 $ 87,329,660 $ 86,477,560 $ 488,219, $ 315,116,180 $ 86,707,000 $ 82,868,920 $ 484,692, $ 319,567,850 $ 85,616,690 $ 82,157,060 $ 487,341, $ 430,438,650 $ 80,615,800 $ 82,799,730 $ 593,854, $ 431,987,800 $ 80,665,060 $ 88,560,780 $ 601,213, estimated $ 431,393,923 $ 80,752,660 $ 88,560,780 $ 600,707,363 Note: Per Fayette County Auditor, manufactured home values still considered mobile homes (no permanent foundation) not included in these values. The taxes and H & R credits for manufactured (mobile) homes are received separately. Mfrd. Homes with permanent foundations included in Class I values. MILLAGE (less bond & mtn. issue & PI) (using DTE515) Calendar Year Full Millage (G&E) Class I Effective Class II Effective (current--not arrears) TAXES RECEIVABLE Ag/Res Other R. E. P.U.P.P. Subtotal Tangible Total Collectible Calendar Year (effective Class I) (effective Class II) (full millage) (full millage) (Gen. & Emg.) 2012 (rec. 2013) $ 8,111,833 $ 2,253,105 $ 2,412,724 $ 12,777,663 $ - $ 12,777, (rec. 2014) $ 8,129,998 $ 2,237,041 $ 2,312,043 $ 12,679,082 $ 428 $ 12,679, (rec. 2015) $ 8,131,405 $ 2,193,378 $ 2,292,182 $ 12,616,964 $ - $ 12,616, (rec. 2016) $ 10,403,703 $ 2,051,176 $ 2,175,149 $ 14,630,028 $ - $ 14,630, (rec. 2017) $ 10,419,547 $ 2,066,945 $ 2,322,064 $ 14,808,556 $ - $ 14,808, (rec. 2018) COLLECTIONS Total R.E. & P.U.P.P. Collected Homestead 10% & 2.5% Rollback Calendar Year Rec'd First Half Second Half Subtotal First Half Second Half Subtotal First Half Second Half Subtotal Total % COLLECTED delinquencies included 2013 (2012 taxes) $ 6,621,353 $ 4,855,932 $ 11,477,285 $ 132,274 $ 133,584 $ 265,858 $ 448,149 $ 451,225 $ 899,375 $ 12,642, % 2014 (2013 taxes) $ 6,736,653 $ 4,825,720 $ 11,562,373 $ 132,072 $ 134,670 $ 266,742 $ 448,008 $ 447,989 $ 895,997 $ 12,725, % 2015 (2014 taxes) $ 6,702,327 $ 4,630,684 $ 11,333,011 $ 130,272 $ 131,280 $ 261,552 $ 447,187 $ 449,944 $ 897,131 $ 12,491, % 2016 (2015 taxes) $ 7,907,825 $ 5,285,309 $ 13,193,134 $ 122,023 $ 125,327 $ 247,351 $ 557,554 $ 556,062 $ 1,113,616 $ 14,554, % 2017 (2016 taxes) $ 8,015,118 $ 5,342,882 $ 13,358,000 $ 120,290 $ 124,529 $ 244,819 $ 561,344 $ 560,535 $ 1,121,879 $ 14,724, % 2018 (2017 taxes) 18% 82% Collection Rate (avg. last 3 years) 59.72% 40.28% 100% 49.43% 50.57% 100% 49.99% 50.01% 100% 99.31% Homestead collection % of Total (3 yr. avg.) 1.95% Rollback collection % of Total (3 yr. avg.) 7.31% 9.26% Homestead & Rollback collections exclude manufactured (mobile) homes. Homestead & rollback only a factor for Class I property. Percentage of H/R to Class I TY % TY % TY % 3 year average 13.58% Page 16 of 32

17 COUNTIES/PROPERTY VALUES (using DTE13, ODT) Tax Year Fayette $ 472,795,230 $ 469,125,290 $ 468,527,970 $ 575,035,800 $ 582,330,910 Pickaway $ 13,557,700 $ 13,524,080 $ 16,261,790 $ 16,204,510 $ 16,214,000 Clinton $ 40,260 $ 40,260 $ 55,550 $ 55,550 $ 55,550 Highland $ 133,340 $ 131,470 $ 130,310 $ 213,890 $ 213,890 Ross $ 425,400 $ 604,180 $ 604,540 $ 586,240 $ 639,450 Madison $ 1,267,410 $ 1,266,820 $ 1,761,440 $ 1,758,190 $ 1,759,840 TOTAL $ 488,219,340 $ 484,692,100 $ 487,341,600 $ 593,854,180 $ 601,213, % 0.55% 21.86% 1.24% Note: Bold items = reappraisal or update EXHIBIT C Percentage of change from one year to next. Fayette -0.78% -0.13% 22.73% 1.27% Pickaway -0.25% 20.24% -0.35% 0.06% Clinton 0.00% 37.98% 0.00% 0.00% Highland -1.40% -0.88% 64.14% 0.00% Ross 42.03% 0.06% -3.03% 9.08% Madison -0.05% 39.04% -0.18% 0.09% TOTAL -0.72% 0.55% 21.86% 1.24% REAPPRAISAL & UPDATE SCHEDULE Fayette Pickaway Clinton Madison Highland Ross Calendar Year 2011 Reappraisal Reappraisal Update 2012 Reappraisal Reappraisal 2013 Reappraisal 2014 Update Update Reappraisal 2015 Update Update 2016 Update 2017 Reappraisal Reappraisal Update 2018 Reappraisal Reappraisal 2019 Reappraisal 2020 Update Update Reappraisal 2021 Update Update Page 17 of 32

18 Calendar Year Ag/Res (Class I) Other R.E. (Class II) P.U.P.P. Total EXHIBIT D (inds/com/min/rr) 2012 $ 314,412,120 $ 87,329,660 $ 86,477,560 $ 488,219,340 ** 2013 $ 315,116,180 $ 86,707,000 $ 82,868,920 $ 484,692,100 ** 2014 $ 319,567,850 $ 85,616,690 $ 82,157,060 $ 487,341,600 ** 2015 $ 430,438,650 $ 80,615,800 $ 82,799,730 $ 593,854,180 ** 2016 $ 431,987,800 $ 80,665,060 $ 88,560,780 $ 601,213,640 ** 2017 estimate $ 431,393,923 $ 80,752,660 $ 88,560,780 $ 600,707, estimate $ 379,362,075 $ 84,746,435 $ 88,560,780 $ 552,669, estimate $ 379,219,725 $ 84,746,435 $ 88,560,780 $ 552,526, estimate $ 379,219,725 $ 84,746,435 $ 88,560,780 $ 552,526, estimate $ 379,219,725 $ 85,468,345 $ 88,560,780 $ 553,248,850 Actual valuations per ODT DTE13. Percentage of change from one year to next. Calendar Year Ag/Res (Class I) Other R.E. (Class II) P.U.P.P. Total (inds/com/min/rr) % 71.35% 2.75% 14.6% % -0.71% -4.17% -0.72% % -1.26% -0.86% 0.55% % -5.84% 0.78% 21.86% % 0.06% 6.96% 1.24% 2017 estimated -0.14% 0.11% 0.00% -0.08% 2018 estimated % 4.95% 0.00% -8.00% 2019 estimated -0.04% 0.00% 0.00% -0.03% 2020 estimated 0.00% 0.00% 0.00% 0.00% 2021 estimated 0.00% 0.00% 0.00% 0.13% Notes: Per Fayette County Auditor, manufactured home values still considered mobile homes (no permanent foundation) not included in these values. Estimated percentage increases/decreases based on input from Fayette County Auditor, as well as abstract data from reappraisals for Pickaway and Clinton Counties for TY2017. **Full Classification Breakdown TY2012 TY2013 TY2014 TY2015 TY2016 TY16% of Total Agriculture $ 167,685,340 $ 167,694,480 $ 171,542,250 $ 280,165,600 $ 280,398,330 47% Residential $ 146,726,780 $ 147,421,700 $ 148,025,600 $ 150,273,050 $ 151,589,470 25% Commercial $ 74,066,950 $ 73,603,440 $ 72,519,610 $ 68,171,110 $ 67,570,620 11% Industrial $ 13,134,740 $ 12,976,470 $ 12,976,470 $ 12,329,300 $ 12,976,630 2% Mineral & RR $ 127,970 $ 127,090 $ 120,610 $ 115,390 $ 117,810 0% PUPP $ 86,477,560 $ 82,868,920 $ 82,157,060 $ 82,799,730 $ 88,560,780 15% Total $ 488,219,340 $ 484,692,100 $ 487,341,600 $ 593,854,180 $ 601,213,640 Page 18 of 32

19 Valuation per Property Type per County - per DTE13s EXHIBIT D Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 40,260 $ 40,260 Fayette $ 162,807,810 $ 138,538,200 $ 2,440 $ 12,948,650 $ 72,452,690 $ 82,250,850 $ 124,650 $ 469,125,290 Highland $ 82,780 $ 48,690 $ 131,470 Madison $ 726,880 $ 539,940 $ 1,266,820 Pickaway $ 3,450,310 $ 8,291,370 $ 27,820 $ 1,150,750 $ 603,830 $ 13,524,080 Ross $ 586,440 $ 3,500 $ 14,240 $ 604,180 $ 167,694,480 $ 147,421,700 $ 2,440 $ 12,976,470 $ 73,603,440 $ 82,868,920 $ 124,650 $ 484,692, Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 55,550 $ 55,550 Fayette $ 163,106,860 $ 139,236,100 $ 2,440 $ 12,948,650 $ 71,595,390 $ 81,520,360 $ 118,170 $ 468,527,970 Highland $ 81,620 $ 48,690 $ 130,310 Madison $ 1,234,850 $ 526,590 $ 1,761,440 Pickaway $ 6,476,930 $ 8,210,720 $ 27,820 $ 924,220 $ 622,100 $ 16,261,790 Ross $ 586,440 $ 3,500 $ 14,600 $ 604,540 $ 171,542,250 $ 148,025,600 $ 2,440 $ 12,976,470 $ 72,519,610 $ 82,157,060 $ 118,170 $ 487,341, % 2015 Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 55,550 $ 55,550 Fayette $ 271,735,910 $ 141,481,830 $ 2,440 $ 12,301,480 $ 67,246,890 $ 82,154, $ 112,950 $ 575,035,800 Highland $ 165,200 $ 48,690 $ - $ - $ - $ - $ - $ 213,890 Madison $ 1,231,600 $ 526,590 $ - $ - $ - $ - $ - $ 1,758,190 Pickaway $ 6,442,300 $ 8,179,390 $ - $ 27,820 $ 924,220 $ 630,780 $ - $ 16,204,510 Ross $ 535,040 $ 36,550 $ - $ - $ - $ 14,650 $ - $ 586,240 $ 280,165,600 $ 150,273,050 $ 2,440 $ 12,329,300 $ 68,171,110 $ 82,799,730 $ 112,950 $ 593,854, % 2016 Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 55,550 $ 55,550 Fayette $ 271,915,740 $ 142,826,810 $ 2,440 $ 12,948,810 $ 66,646,300 $ 87,875, $ 115,370 $ 582,330,910 Highland $ 165,200 $ 48,690 $ - $ - $ - $ - $ - $ 213,890 Madison $ 1,233,250 $ 526,590 $ - $ - $ - $ - $ - $ 1,759,840 Pickaway $ 6,442,300 $ 8,149,640 $ - $ 27,820 $ 924,320 $ 669,920 $ - $ 16,214,000 Ross $ 586,290 $ 37,740 $ - $ - $ - $ 15,420 $ - $ 639,450 $ 280,398,330 $ 151,589,470 $ 2,440 $ 12,976,630 $ 67,570,620 $ 88,560,780 $ 115,370 $ 601,213, % Page 19 of 32

20 2017 ESTIMATE Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 54,194 $ - $ - $ - $ - $ - $ - $ 54,194 Fayette $ 271,915,740 $ 142,826,810 $ 2,440 $ 12,948,810 $ 66,646,300 $ 87,875,440 $ 115,370 $ 582,330,910 Highland $ 165,200 $ 48,690 $ - $ - $ - $ - $ - $ 213,890 Madison $ 937,270 $ 605,579 $ - $ - $ - $ - $ - $ 1,542,849 Pickaway $ 5,154,790 $ 9,061,620 $ - $ 29,310 $ 1,010,430 $ 669,920 $ - $ 15,926,070 Ross $ 586,290 $ 37,740 $ - $ - $ - $ 15,420 $ - $ 639,450 $ 278,813,484 $ 152,580,439 $ 2,440 $ 12,978,120 $ 67,656,730 $ 88,560,780 $ 115,370 $ 600,707, % Pickaway County Actual % 11.19% 5.36% 9.32% Clinton Actual -2.44% Average for Clinton County % 12.00% Average for Madison County % 15.00% 0.00% 2018 ESTIMATE Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 54,194 $ - $ - $ - $ - $ - $ - $ 54,194 Fayette $ 203,936,805 $ 158,809,748 $ 2,440 $ 13,642,330 $ 69,946,555 $ 87,875,440 $ 115,370 $ 534,328,688 Highland $ 123,900 $ 54,139 $ - $ - $ - $ - $ - $ 178,039 Madison $ 937,270 $ 605,579 $ - $ - $ - $ - $ - $ 1,542,849 Pickaway $ 5,154,790 $ 9,061,620 $ - $ 29,310 $ 1,010,430 $ 669,920 $ - $ 15,926,070 Ross $ 586,290 $ 37,740 $ - $ - $ - $ 15,420 $ - $ 639,450 $ 210,793,249 $ 168,568,826 $ 2,440 $ 13,671,640 $ 70,956,985 $ 88,560,780 $ 115,370 $ 552,669, % 2019 ESTIMATE Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 54,194 $ - $ - $ - $ - $ - $ - $ 54,194 Fayette $ 203,936,805 $ 158,809,748 $ 2,440 $ 13,642,330 $ 69,946,555 $ 87,875,440 $ 115,370 $ 534,328,688 Highland $ 123,900 $ 54,139 $ - $ - $ - $ - $ - $ 178,039 Madison $ 937,270 $ 605,579 $ - $ - $ - $ - $ - $ 1,542,849 Pickaway $ 5,154,790 $ 9,061,620 $ - $ 29,310 $ 1,010,430 $ 669,920 $ - $ 15,926,070 Ross $ 439,718 $ 41,963 $ - $ - $ - $ 15,420 $ - $ 497,101 $ 210,646,677 $ 168,573,049 $ 2,440 $ 13,671,640 $ 70,956,985 $ 88,560,780 $ 115,370 $ 552,526, % 2020 ESTIMATE Agricultural Residential Mineral Industrial Commercial PUPP Railroad TOTAL Clinton $ 54,194 $ - $ - $ - $ - $ - $ - $ 54,194 Fayette $ 203,936,805 $ 158,809,748 $ 2,440 $ 13,642,330 $ 69,946,555 $ 87,875,440 $ 115,370 $ 534,328,688 Highland $ 123,900 $ 54,139 $ - $ - $ - $ - $ - $ 178,039 Madison $ 937,270 $ 605,579 $ - $ - $ - $ - $ - $ 1,542,849 Pickaway $ 5,154,790 $ 9,061,620 $ - $ 29,310 $ 1,010,430 $ 669,920 $ - $ 15,926,070 Ross $ 439,718 $ 41,963 $ - $ - $ - $ 15,420 $ - $ 497,101 $ 210,646,677 $ 168,573,049 $ 2,440 $ 13,671,640 $ 70,956,985 $ 88,560,780 $ 115,370 $ 552,526, % Page 20 of 32

21 Actual Percentage Changes FY16 to FY17 FY15 to FY % 0.88% 0.00% 5.25% -0.88% 6.96% 2.14% 1.24% FY14 to FY % 1.52% 0.00% -4.99% -6.00% 0.78% -4.42% 21.86% FY13 to FY % 0.41% 0.00% 0.00% -1.47% -0.86% -5.20% 0.55% Note: Estimated property valuation changes include forecasted additions from terminated property agreements. See Exhibit E. Page 21 of 32

22 Real Property Agreements Information updated and confirmed with Fayette County Auditor - October 13, 2017 EXHIBIT E Property at 62/35 Agreement: May, year, 100% TIF agreement on real property improvements Agreement with City of Washington C. H. Semi-annual payments from City of Washington C. H. in an amount equal to 35% of the service payments in lieu of taxes. MT receives 100% of bond tax dollars. TIF payments started in FY08 (TY2007) Wal-Mart Distribution Center Agreement: MT resolution December 2001 Years 1-10: 80% tax abatement on % of real property improvements 30 year, 100% TIF agreement on real property improvements Agreement with City of Washington C. H. Semi-annual payments from City of Washington C. H. in an amount equal to 75% of the service payments in lieu of taxes. MT receives 100% of bond tax dollars. TIF payments started in FY03 (TY2002), ends 2031 Wal-Mart Store Property (includes Wal-Mart Store, McDonalds, Fayette Investor LLC, Tiffin Avenue, RLG Fayette LTD (strip mall & auto bath), C. H. Plaza, tire store) 30 year, 100% TIF agreement on real property improvements Agreement: July 2000 Agreement with City of Washington C. H. Semi-annual payments from City of Washington C. H. in an amount equal to 35% of the service payments in lieu of taxes. MT receives 100% of bond tax dollars. TIF payments started in FY03 (TY2002), end 2031 YUSA (per Fayette County Auditor's Office) Community reinvestment area tax exemption programs Parcel No. Market Value Abated Thru TY Taxable Values $2,062, $721,910 ASA Bloomingburg, LLC - Ethanol Plant - Parcel No (per TIF information from Fayette County Auditor) 75% TIF agreement for 10 years on real estate improvements TY2017 last year of exemption Taxable Value $2,603,650 Market Value $7,439,000 Meerland Dairy - Parcel No (per TIF information from Fayette County Auditor) 75% TIF agreement for 10 years on real estate improvements TY2017 last year of exemption Taxable Value $696,605 Market Value $1,990,300 TY18 TY21 Real Property Taxable Value Additions (added to Per Class per County worksheet) $3,300,255 $721,910 Enterprise Zone Provides tax incentives for businesses that expand or locate in Ohio. School district may or may not be involved in tax incentives, depending on the term and exemption percentage of the property. Community Reinvestment Area Program Provides local tax incentives for residents and businesses that invest in designated areas of Ohio. Page 22 of 32

23 School Finance Payment Report (SFPR) FY18 ESTIMATE Based on October #2 EXHIBIT F Statewide Factors & Parameters: s1 Statewide Formula ADM FY18 1,661, s2 Economic Disadvantaged % s3 3 Year Average Total Valuation TY16, TY15, TY14 $ 248,482,200, s4 3 Year Average Federal Adjusted Gross Income TY15, TY14, TY13 $ 309,177,184, District Factors & Parameters: a Base ADM Data a1 Formula ADM (a2-(0.8*a5)+(0.2*a6)) 2, a2 Adjusted Total ADM (a3-(0.5*a4)) 2, a3 Total ADM 2, a4 Tuition Kindergarten FTE 0 a5 Jointure JVS ADM a6 Contract Vocational ADM 0 b Special Education ADM Data b1 Category 1 SE ADM b2 Category 2 SE ADM 231 b3 Category 3 SE ADM b4 Category 4 SE ADM 1 b5 Category 5 SE ADM b6 Category 6 SE ADM c Career Tech FTE 7.49 c1 Category 1 CT FTE 3.85 c2 Category 2 CT FTE 0.87 c3 Category 3 CT FTE 0 c4 Category 4 CT FTE 1.19 c5 Category 5 CT FTE 1.58 d Limited English proficient ADM d1 Category 1 LEP ADM 5.15 d2 Category 2 LEP ADM d3 Category 3 LEP ADM 0 e Additional ADM Data e1 K-3 Formula ADM e2 K-3 E-School Formula ADM 6.4 e3 Net Formula ADM [a1-(e4*0.75)-e5-(e6-e7)-e8-e9] e4 Brick & Mortar Community & STEM School Formula ADM 1 e5 E-School Formula ADM e6 Autism Scholarship ADM 3 e7 Preschool Autism Scholarship ADM 0 e8 Jon Peterson Scholarhsip 0 e9 Ed Choice Scholarship ADM 0 e10 Economic Disadvantaged ADM e11 Economic Disadvantaged Percentage e12 E-School Economically Disadvantaged ADM f 3 Year Average Federal Adjusted Gross Income ((TY15+TY14+TY13)/3) $ 340,864, g 3 Year Average Total Real Valuation ((TY16+TY15+TY14)/3) $ 476,297, h 3 Year Average Agricultural Real Valuation ((TY16+TY15+TY14)/3) $ 244,035, i State Share Index j Economic Disadvantaged Index [(e11/s3)^2] k 3 Year Average Total Valuation((TY15+TY14+TY13)/3)) $ 560,803,140 l Graduation Bonus Factors (based on FY17 Report Card Data) n1 4 year adjusted graduation rate 93.90% n2 # graduates 155 m Third Grade Reading proficiency Bonus Factors (Based on FY15 Report Card Data) o1 Third Grade Reading Proficiency Rate 69.10% o2 # students scoring proficient or higher on Third Grade Reading Test 152 Page 23 of 32