General Shafter School District STYLE. General Obligation. Government Financial. for Strategies. Presented by Lori Raineri September 3, 2015
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1 General Shafter School District CLICKFacilities TO EDIT MASTER Funding Needs with STYLE General Obligation Bonds TITLE Government Financial Strategies Presented by Lori Raineri September 3, Government Financial General Shafter School District - Page 1 Presentation materials provided for Strategies distribution at the meeting. Please see meeting record for verbal commentary and discussion.
2 u Introductions Our Agenda for Today u Role of Financial Advisor u Overview of General Obligation Bonds u Pro-Forma General Obligation Bond Financial Plan: Without Grapevine Development With Grapevine Development u For Reference General Shafter School District - Page 2
3 Introductions u Lori Raineri President & founder, Government Financial Strategies Certified Independent Professional Municipal Advisor Certified Fraud Examiner Serves on the Board of State and National Organizations California League of Bond Oversight Committees National Association of Municipal Advisors Collaborative for High Performance Schools u Government Financial Strategies Public finance consulting firm dedicated to helping public agencies meet their capital needs Established in 1988 General Shafter School District - Page 3
4 Role of Financial Advisor u Fiduciary duty to the District u Provide independent financial analysis and advice u Activities regulated by the Securities and Exchange Commission and the Municipal Securities Rulemaking Board as a result of the Dodd-Frank Act of 2010 Government Financial Strategies is registered with both regulating agencies General Shafter School District - Page 4
5 General Obligation Bonds u Common in California since the early 20 th Century In 1978, Proposition 13 superseded authority In 1986, restored at 2/3 voter approval level In 2000, 55% voter approval measures allowed with additional accountability requirements Maximum projected tax levy and specified citizens oversight u Full Faith and Credit Bond - Unlimited taxing authority u Ad Valorem taxation u Bonding capacity limited to 1.25% of AV for union districts (2.50% of AV for unified districts) u County is responsible for ongoing administration u No political discretion General Shafter School District - Page 5
6 A Bond is a Loan Bond Proceeds Bond Investors Facilities Improvements Bond Repayment Community Benefit u A bond is a loan. Just like a home mortgage, a general obligation bond allows the taxpayers to buy and receive the benefit of the facilities now, and pay for them over time. General Shafter School District - Page 6
7 Timeline and Process Overview of Process for a General Obligation Bond Measure Evaluation of Facilities Needs: Resulting Document Reflects District s Philosophy (ranging from list created by staff and community with cost estimates to a Facilities Master Plan) Development of a Bond Financing Plan: Understanding of Taxing and Bonding Capacity and Assumptions Public Information and Input Process: - Sharing Data on Facilities Needs and Potential Growth of District from New Development -Learning What the Public Thinks GO Bond Facilities Project List GO Bond Measure Ballot Language Governing Board Decides if they will call for a GO Bond Election (March or August 2016) Election: June or November 2016 General Shafter School District - Page 7
8 Timeline and Process Overview of Process for a General Obligation Bond Measure Evaluation of Facilities Needs: Resulting Document Reflects District s Philosophy (ranging from list created by staff and community with cost estimates to a Facilities Master Plan) Development of a Bond Financing Plan: Understanding of Taxing and Bonding Capacity and Assumptions Public Information and Input Process: - Sharing Data on Facilities Needs and Potential Growth of District from New Development -Learning What the Public Thinks GO Bond Facilities Project List GO Bond Measure Ballot Language Governing Board Decides if they will call for a GO Bond Election (March or August 2016) Election: June or November 2016 General Shafter School District - Page 8
9 Evaluation of Facilities Needs u Facilities plan should guide facilities decisions u Some items to consider as a starting point: Adequacy Safety Staff and community input Data needed Potential need for external assistance Range of results from a simple needs analysis to facilities master plan Most appropriate process and result should reflect the General Shafter community culture. General Shafter School District - Page 9
10 Development of Bond Financing Plan u Elements of Plan Tax Base Analysis Historical and projected assessed value Bonding capacity (maximum bonds outstanding) Taxing capacity (maximum projected tax levy) Interest rate assumptions Facilities funding cash flow needs 3-year Expenditure Reasonable Expectations Test Are assumptions justified and reasonable? Sound pre-election bond financial planning maximizes chances of successful post-election bond issuance General Shafter School District - Page 10
11 Ballot Language, Project List, Tax Rate Statement, and Ballot Arguments u Drafted by bond counsel with input from District, public opinion survey firm and financial advisor u Board Resolution and Ballot Statement Education Code Elections Code Section dictates 75 word limit u Project List 55% accountability measure in both CA Constitution Article VIII A and Education Code u Tax Rate Statement Elections Code 9400 et seq. u Ballot Arguments Elections Code 9500 et seq. General Shafter School District - Page 11
12 Timeline and Process Overview of Process for a General Obligation Bond Measure Evaluation of Facilities Needs: Resulting Document Reflects District s Philosophy (ranging from list created by staff and community with cost estimates to a Facilities Master Plan) Development of a Bond Financing Plan: Understanding of Taxing and Bonding Capacity and Assumptions Public Information and Input Process: - Sharing Data on Facilities Needs and Potential Growth of District from New Development -Learning What the Public Thinks GO Bond Facilities Project List GO Bond Measure Ballot Language Governing Board Decides if they will call for a GO Bond Election (March or August 2016) Election: June or November 2016 General Shafter School District - Page 12
13 Public Information and Input u The District is allowed to engage in sharing information with the public, and should do so Public information, not campaigning Bond counsel will provide guidance u Some items to think about: Does the public know about the condition of the facilities? Does the public know about the District and how finances are managed? Does the public know how good schools improve property values? Does the public know about the potential for future development? What do we know about voters (as compared to our traditional constituency of parents, staff and students)? General Shafter School District - Page 13
14 A School Bond is a Community Endeavor General Shafter School District - Page 14
15 Takeaways From 2014 California School Revenue Measures November 2014* Total Pass % Passing School Bond 55% % School Bond 2/ % School Parcel Tax 2/ % California School Revenue Measures November Comparison Nov 2008 Nov 2010 Nov 2012 Total % Pass Total %Pass Total % Pass School Bond 55% 92 92% 63 75% % School Bond 2/3 3 67% % School Parcel Tax 2/ % 18 11% 25 64% * CaliforniaCityFinance.com Local Revenue Measure Results November 2014, November 2012, November 2010, and November 2008 General Shafter School District - Page 15
16 Pro Forma Bond Financial Plans for General Shafter SD - Key Legal Constraints u Bonding Capacity: limit on amount of outstanding bonds (this is for all bond measures combined) 1.25% of total assessed value for union districts Education Code % of total assessed value for unified districts Education Code 15270(a) u Taxing Capacity: limit on maximum projected tax levies (this is for 55% voter approval bond measures only) $30 per $100,000 of assessed value for union districts Education Code $60 per $100,000 of assessed value for unified districts Education Code 15270(a) General Shafter School District - Page 16
17 G.O. Bond Tax Rates u Bond tax rate debt service assessed value u Each property in the District pays its pro rata share, based on its individual assessed value (not market value) General Shafter School District - Page 17
18 Tax Base Is Volatile and Complex Assessed Value $1,000,000,000 $900,000,000 While Annual Growth has Varied, Long-Term Growth has been Strong 10.92% 3.71% 22.57% 8.50% 11.34% 2.69% 7.30% 13.44% 0.23% $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 Historical Compounded Annual AV Growth Since : Total AV: 10.92% Net Local Secured: 9.43% Net Unsecured: 30.46% Mineral: 12.35% Other: -0.77% 32.56% 22.78% 13.33% 12.10% 3.65% 5.20% 12.52% 4.86% 11.29% 6.76% 5.42% 6.27% 30.93% 6.64% -2.35% -3.84% -4.15% 6.61% $100,000, % 8.52% 5.24% 52.88% 5.84% -0.76% 14.07% 76.50% 18.60% 18.20% 15.19% % % 36.63% % 34.95% 76.35% $ Fiscal Year Beginning July 1 Historic assessed value (AV) provided by the Kern County Auditor-Controller's Office. The District s total AV is comprised of net local secured, net unsecured, mineral (oil) and other (utility & homeowners' exemption). Changes shown are annual changes AV is preliminary % 11.70% 14.03% 9.71% 1.27% 3.51% 25.83% 13.17% 38.84% 7.29% 9.88% 3.18% 50.99% % -5.40% 18.94% % General Shafter School District - Page 18
19 Understanding Components is Key Assessed Value Composition of Total AV has Fluctuated Since % 90% 80% 10.91% 1.50% 6.85% 8.26% 6.88% 8.25% 12.00% 11.49% 11.67% 15.86% 13.08% 14.48% 14.82% 15.42% 15.08% 14.02% 14.21% 16.31% 13.04% 17.18% 18.30% 24.35% 21.24% 20.05% 13.07% 14.52% 70% 60% Values that constitute less than 5% of total AV are not shown 18.96% 16.32% 15.28% 14.61% 50% 40% 30% 87.35% 75.69% 80.90% 80.03% 81.23% 71.70% 71.38% 70.85% 68.17% 69.68% Percentage of Total AV from Maximum Average Minimum 62.67% 59.27% 63.42% 65.28% 72.37% 20% 10% Other: Mineral: Net Unsecured: Net Local Secured: 0.25% 0.14% 0.05% 24.35% 13.93% 6.85% 18.96% 13.93% 1.50% 87.35% 72.00% 59.27% 0% Fiscal Year Beginning July 1 General Shafter School District - Page 19
20 Net Local Secured is Largest Component Net Local Secured AV $700,000,000 $650,000,000 Net Local Secured has Grown at a Compounded Annual Rate of 9.43% Since Annual AV Inflation Factor 13% 18.94% 12% $600,000,000 $550,000,000 $500,000,000 $450,000, % 3.51% 13.17% 7.29% 9.88% 3.18% Net local secured AV 11% 10% 9% 8% $400,000,000 $350,000,000 $300,000, % 5.20% 4.86% 5.42% 6.27% 11.70% 7% 6% 5% $250,000, % Annual CA AV Inflation Factor - 2% Annual CA AV Inflation Factor - CCPI 4% $200,000,000 3% $150,000,000 2% $100,000,000 1% $50,000,000 0% $ Fiscal Year Beginning July 1-1% Historic assessed value (AV) provided by the Kern County Auditor-Controller's Office. Annual California AV inflation factor provided by the California Sate Board of Equalization, and is the lesser of the annual change in the CA CPI or 2%. The District's total AV is comprised of net local secured, mineral (oil), utility, homeowners exemption, and unsecured. Changes shown are annual changes. Annual California AV inflation factor provided by California State Board of Equalization, and is the lesser of the annual change in the CA CPI or 2%. General Shafter School District - Page 20
21 Reasons Assessed Value Can Change (for most properties) u Pursuant to Proposition 13 (and embodied in Article 13A of the California Constitution), a school district s property tax base can change for four reasons: Properties are sold (and reassessed at the sale price). Properties are improved (and reassessed with the value of the improvement). A year passes (each property s assessed value increases by the lesser of 2% or the change in the California Consumer Price Index). Market value of one or more properties declines below assessed value - assessed value can be adjusted downward to the market value. If market value subsequently increases, assessed value can catch up to pre-decline AV plus allowable adjustments (e.g. 2% annual increase). General Shafter School District - Page 21
22 Grapevine Development Would Increase AV u Up to 12,000 new homes and 10.7 million square feet of commercial development u New homes = improvement to property = reassessment with value of improvement u Two pro forma bond financial plan scenarios: Baseline without Grapevine Development With Grapevine Development General Shafter School District - Page 22
23 AV Increase Assumption Depends on Grapevine Development Revenue $17,000,000,000 Projected Development in Grapevine Would Add Significantly to District's Total AV and Potential Tax Revenue $16,000,000,000 $15,000,000,000 $14,000,000,000 $13,000,000,000 $12,000,000,000 $11,000,000,000 $10,000,000,000 Total AV, including Grapevine Development- for existing development, net local secured is assumed to grow 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged for Grapevine Development, equal development is assumed over 30 years, with 3% annual construction inflation - after development, AV is assumed to increase 2% annually $9,000,000,000 $8,000,000,000 $7,000,000,000 $6,000,000,000 $5,000,000,000 $4,000,000,000 $3,000,000,000 $2,000,000,000 $1,000,000,000 Total AV from existing development - net local secured is assumed to grow 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged $ Fiscal Year Beg July 1 Notes: assumes net local secured growth of 4% for , & 5% annually thereafter, while all other types of AV are assumed to remain constant. Grapevine development is assumed to occur at constant rate over 30 years and assumes a 3% annual construction inflation rate; thereafter, Grapevine Development property is assumed to increase at 2% annually. A $30 annual tax levy per $100,000 of AV is assumed. General Shafter School District - Page 23
24 Baseline Pro Forma Analysis: Without Grapevine Development u Pro Forma Analysis Without Grapevine Development General Shafter School District - Page 24
25 Net Local Secured AV Assumed to Increase Assessed Value $3,000,000,000 Different AV Assumptions Based on the AV Types Lead to Moderate Long-Term AV Growth Assumptions $2,500,000,000 $2,000,000,000 Total AV - Actual Net Local Secured - Actual Mineral - Actual Unsecured - Actual Other - Actual Total AV - Assumed Net Local Secured - Assumed Mineral - Assumed Unsecured - Assumed Other - Assumed $1,500,000,000 $1,000,000,000 $500,000,000 Net local secured AV is assumed to grow 4% for , & 5% annually thereafter, while all other types of AV are assumed to remain unchanged $ Fiscal Year Beginning July 1 Historic assessed value (AV) provided by the Kern County Auditor-Controller's Office; AV is preliminary The District s total AV is comprised of net local secured, net unsecured, mineral (oil), and other (utility & homeowners exemption). As homeowners exemption & unsecured components are relatively small and tend to be subject to less predictable volatility, the AV focuses on net local secured. Mineral valuation is based on the lesser of two calculation methodologies, one taking proven reserves at market values less expenses, the other is based off base year values. With depletion rates varying by oil field and unknowable future oil prices making AV projections for mineral values nearly impossible to project over the term of a general obligation bond, mineral values are assumed to remain unchanged. General Shafter School District - Page 25
26 Taxing Rates $30 / $100,000 AV Tax Levies per $100,000 of AV $35.00 $6.2 Million in New Bonding Authority is Supported by Tax Levies That are Below the $30 Maximum Projection Allowed Projected Tax Levies $30 maximum projected tax levy for 55% voter-approval bonds $30.00 $25.00 $20.00 $15.00 $10.00 Projected Tax Levies per $100,000 of AV Maximum: $29.97 $5.00 Average: Minimum: $27.99 $27.12 $ Fiscal Year Beg July 1 Notes: tax levies based on assumed issuance with "AAA" MMD rates as of Aug 26, 2015, plus 125bp for assumed "A" rating of bonds, plus increases for potential rate changes before bond issuance (+125bp for 2016). Net local secured AV is assumed to increase 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged. Net collection assumes County reserve policy (first 10 months of following FY debt service) less assumed revenue. Assumed revenue based on historical data for other Kern Co. districts: unitary revenue = 3% of debt service + reserve collection, other revenue = 1.0% of debt service + reserve collection, & additional receipts = 5% of debt service + reserve - prior reserve. Reserve collected by County applied to last payment. General Shafter School District - Page 26
27 Stable Tax Rate à Bond Payments Grow w/proj. AV Revenue/ debt service $900,000 Tax Revenue Available for Debt Service Increases with Growth in AV Total AV $3,000,000,000 $750,000 $2,500,000,000 $600,000 Total AV $2,000,000,000 $450,000 $1,500,000,000 $300,000 $1,000,000,000 $150,000 Projected tax revenue / debt service $500,000,000 $ Fiscal Year Beg July 1 $0 Notes: tax revenue based on preliminary AV for , and assumed net local secured growth of 4% for , & 5% annually thereafter, while all other types of AV are assumed to remain constant, and assumes a $30 annual tax levy per $100,000 of AV. General Shafter School District - Page 27
28 Conservatively Projected Proceeds Issuance/ Debt Service $7,000,000 $6.2 Million Issuance Supported by Available Tax Revenue $6,000,000 $6,200,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 Series 2016 net debt service - projected $ Fiscal Year Beg July 1 Notes: debt service is assumed based on "AAA" MMD rates as of Aug 26, 2015, plus 125bp for assumed "A" rating of bonds, plus increases for potential rate changes before bond issuance (+125bp for 2016). Net local secured AV is assumed to increase 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged. Net collection assumes County reserve policy (first 10 months of following FY debt service) less assumed revenue. Assumed revenue based on historical data for other Kern Co. districts: unitary revenue = 3% of debt service + reserve collection, other revenue = 1.0% of debt service + reserve collection, & additional receipts = 5% of debt service + reserve - prior reserve. Reserve collected by County applied to last payment. General Shafter School District - Page 28
29 Bonding Capacity Sufficient Bonding Capacity $16,000,000 Bonding Capacity Increases with Growth in Assessed Value Actual Projected $14,000,000 $12,000,000 $10,000,000 $8,000,000 Bonding Capacity $5,900,000 = approximate projected bonding capacity available after issuance of new measure bonds $6,000,000 $4,000,000 $2,000,000 $11,750,000 = approximate current bonding capacity $6,200,000 issuance Outstanding Bonds $ Fiscal Year as of Aug 20 Note: The District's statutory legal bonding capacity limitation is 1.25% of the District's total assessed value. Projected bonding capacity is based on AV, and assumes net local secured AV growth of 4% for , & 5% annually thereafter, while all other AV types remain constant. Bonding capacity is as of August 20 when secured roll becomes "equalized." Values rounded. General Shafter School District - Page 29
30 Pro Forma Analysis: With Grapevine Development u Pro Forma Analysis With Grapevine Development General Shafter School District - Page 30
31 Assumed Buildout of New Homes Annual Development 800,000 sf Level Annual Grapevine Development Construction is Assumed, While Price/SF is Assumed to Increase 3% Annually Price/sf $320.00/sf 700,000 sf $280.00/sf 600,000 sf $240.00/sf 500,000 sf $200.00/sf 400,000 sf $160.00/sf 300,000 sf Annual Development (in SF) Price/SF (3% Annual Increase) $120.00/sf 200,000 sf $80.00/sf 100,000 sf $40.00/sf sf Fiscal Year Beg July $.00/sf Notes: Total Grapevine Development provided in units from The Grapevine Master Plan, Kern County, CA, by Myers Research - November Square footage and average price per square foot calculated. With 766,623 sf of development per year for 30 years assumed, total devleopment is 22,998,697 sf. General Shafter School District - Page 31
32 Taxing Rates $30 / $100,000 AV Tax Levies per $100,000 of AV $35.00 $30.00 Inclusion of Grapevine Development AV Brings Series 2016 Tax Levies Below Projected Levels, Permitting Additional Issuances Issuing 2nd series earlier takes advantage of available tax levy, but would only support a small issuance $30 maximum projected tax levy for 55% voter-approval bonds $25.00 $20.00 $15.00 Projected Tax Levies per $100,000 of AV Maximum: $30.00 $10.00 Average: Minimum: $29.41 $22.00 $5.00 Tax Levies - Other Series $ Tax Levies - Series Fiscal Year Beg July 1 Notes: tax levies based on assumed issuance with "AAA" MMD rates as of Aug 26, 2015, plus 125bp for assumed "A" rating of bonds, plus increases for potential rate changes before bond issuance (+125bp for 2016). Net local secured AV is assumed to increase 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged. Grapevine Development is assumed to occur at constant rate over 30 years and assumes a 3% annual construction inflation rate; thereafter, Grapevine Development property is assumed to increase at 2% annually. Net collection assumes County reserve policy (first 10 months of following FY debt service) less assumed revenue. Assumed revenue based on historical data for other Kern Co. districts: unitary revenue = 3% of debt service + reserve collection, other revenue = 1.0% of debt service + reserve collection, & additional receipts = 5% of debt service + reserve - prior reserve. Reserve collected by County applied to last payment General Shafter School District - Page 32
33 Stable Tax Rate à Bond Payments Grow w/proj. AV Revenue/ Debt Service $5,100,000 $4,800,000 $4,500,000 $4,200,000 $3,900,000 $3,600,000 $3,300,000 $3,000,000 $2,700,000 $2,400,000 $2,100,000 $1,800,000 $1,500,000 $1,200,000 Projected Grapevine Development Would Add Significantly to District's Total AV and Potential Tax Revenue/Debt Service Total AV - from existing development Total AV - with Grapevine Development Projected tax revenue/debt service from Grapevine Development Total AV $17,000,000,000 $16,000,000,000 $15,000,000,000 $14,000,000,000 $13,000,000,000 $12,000,000,000 $11,000,000,000 $10,000,000,000 $9,000,000,000 $8,000,000,000 $7,000,000,000 $6,000,000,000 $5,000,000,000 $4,000,000,000 $900,000 $600,000 Projected tax revenue/debt service from existing development - $300,000 Projected tax revenue/debt service from continuation past 1 series bond plan existing development (from 1 series bond plan) $ Fiscal Year Beg July 1 $3,000,000,000 $2,000,000,000 $1,000,000,000 Notes: tax revenue based on preliminary AV for , and assumed net local secured growth of 4% for , & 5% annually thereafter, while all other types of AV are assumed to remain constant. Grapevine Development is assumed to occur at constant rate over 30 years and assumes a 3% annual construction inflation rate; thereafter, Grapevine Development property is assumed to increase at 2% annually. A $30 annual tax levy per $100,000 of AV is assumed. $0 General Shafter School District - Page 33
34 Conservatively Projected Proceeds Issuance/ Collection $30,000,000 $39.1M Total Bond Issuances - Extending Existing Property Taxation, & Projected Grapevine Development Would Generate $32.9M in Bonds More Than 1 Series from Existing Tax Base $25,000,000 $20,000,000 $19,300,000 $15,000,000 Net Collection - Series 2040 Net Collection - Series 2034 $10,000,000 Net Collection - Series 2028 $6,200,000 $5,900,000 Net Collection - Series 2022 Net Collection - Series 2016 $5,000,000 $3,700,000 $4,000,000 $ Fiscal Year Beg July 1 Notes: debt service is assumed based on "AAA" MMD rates as of Aug 26, 2015, plus 125bp for assumed "A" rating of bonds, plus increases for potential rate changes before bond issuance (+125bp for 2016). Net local secured AV is assumed to increase 4% for , & 5% annually thereafter for existing property, while all other AV types are assumed to remain unchanged. Grapevine Development is assumed to occur at constant rate over 30 years and assumes a 3% annual construction inflation rate; thereafter, Grapevine Development property is assumed to increase at 2% annually. Net collection assumes County reserve policy (first 10 months of following FY debt service) less assumed revenue. Assumed revenue based on historical data for other Kern Co. districts: unitary revenue = 3% of debt service + reserve collection, other revenue = 1.0% of debt service + reserve collection, & additional receipts = 5% of debt service + reserve - prior reserve. Reserve collected by Co. applied to last payment General Shafter School District - Page 34
35 Bonding Capacity Sufficient Bonding Capacity $80,000,000 $70,000,000 Actual Projected Bonding Capacity is Not a Constraint for Projected $39.1M Measure $60,000,000 Outstanding Bonds - Other Series Outstanding Bonds - Series 2016 $50,000,000 $40,000,000 Bonding Capacity - with Grapevine Development Bonding Capacity - with existing development $30,000,000 $20,000,000 $11,750,000 = approximate current bonding capacity $22.63M = approximate projected available bonding capacity $19,300,000 issuance $10,000,000 $6,200,000 issuance $3,700,000 issuance $4,000,000 issuance $5,900,000 issuance $ Fiscal Year as of Aug 20 Note: The District's statutory legal bonding capacity limitation is 1.25% of the District's total assessed value. Projected bonding capacity is based on AV, and assumes net local secured AV growth of 4% for , & 5% annually thereafter, while all other AV types remain constant. Grapevine Developmentis assumed to occur at constant rate over 30 years and assumes a 3% annual construction inflation rate; thereafter, Grapevine Development property is assumed to increase at 2% annually. Bonding capacity is as of August 20 when secured roll becomes "equalized." Values rounded General Shafter School District - Page 35
36 Additional Considerations u Put bond measure on 2016 ballot, based on current conditions Current tax base not sufficient to take care of existing needs u Can put a larger authorization amount on ballot so that we can issue more bonds with future growth in AV u There is no guarantee that the amount of bonds we can issue, given AV and tax rate constraints, will be sufficient to support future needs General Shafter School District - Page 36
37 Sample June 2016 Bond Election Schedule u We need to understand the timing requirements to preserve options. DATE ITEM RESPONSIBILITY In Process Thursday, September 3, 2015 September 2015 Initial demographic/financial research and analysis to determine funding potential of existing tax base (completed) and tax base increase resulting from Tejon Ranch development. Board Meeting: Information presentation regarding potential bond measure and public engagement process. Bond counsel selection process - develop list of potential firms, obtain fee quotes, and select firm. Govt. Financial Strategies Govt. Financial Strategies Govt. Financial Strategies District To be Determined Public engagement process. Further Information: District Govt. Financial Strategies October November 2015 Tuesday, December 8, 2015 Development of bond measure facilities and financial plan. Board Meeting: Presentation of proposed bond measure facilities and financial plan. Informal approval of plan by Board. Govt. Financial Strategies District Govt. Financial Strategies December 2015 Development of bond resolution and ballot statement. Bond Counsel District Staff Govt. Financial Strategies Tuesday, December 29, 2015 Tuesday, January 5, 2016 Friday, March 11, 2016 Tuesday, June 7, 2016 Board Agenda Deadline: Bond resolution and related documents delivered for Board Agenda packet. Board Meeting: Board considers resolution calling for election. Statutory deadline for filing election resolution & tax rate statement with County (88 days prior to election). Election Day. Bond Counsel District School Board Bond Counsel District District Voters General Shafter School District - Page 37
38 Questions or Comments? General Shafter School District - Page 38
39 For Reference u Assessed Value Assumptions - Historical Tests u Additional Information Regarding General Obligation (G.O.) Bonds General Shafter School District - Page 39
40 Assessed Value u Assumptions - Historical Tests General Shafter School District - Page 40
41 Historical AV Analysis - 5 Year Periods Compounded Annual Growth Rate - Net Local Secured AV 12.00% 11.00% 4.75% Net Local Secured AV Growth Assumption for Next 5 Years 5-Yr Compounded Annual Growth Rate Assumed Growth Rate for Next 5 Years 10.00% 9.00% 8.00% 7.00% 6.00% 11.00% 5.00% 9.46% 9.67% 4.00% 3.00% 2.00% 6.85% 5.44% 7.03% 8.25% 7.75% 8.36% 8.40% 8.32% 4.75% 1.00% 0.00% Date Range Historical data from Kern County Auditor-Controller's office; AV is preliminary. Net local secured AV is assumed to increase 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged General Shafter School District - Page 41
42 Historical AV Analysis - 10 Year Periods Compounded Annual Growth Rate - Net Local Secured AV 10.00% 9.00% 4.89% Net Local Secured AV Growth Assumption for Next 10 Years 10-Yr Compounded Annual Growth Rate Assumed Growth Rate for Next 10 Years 8.00% 7.00% 6.00% 5.00% 8.92% 9.20% 4.00% 7.94% 7.41% 7.93% 7.74% 3.00% 4.89% 2.00% 1.00% 0.00% Date Range Historical data from Kern County Auditor-Controller's office; AV is preliminary Net local secured AV is assumed to increase 4% for , & 5% annually thereafter, while all other AV types are assumed to remain unchanged. General Shafter School District - Page 42
43 Additional Info. Regarding G.O. Bonds u Comparison of 2/3 vs. 55% Voter Approval Bonds General Shafter School District - Page 43
44 2/3 vs. 55% Voter Approval G.O. Bonds Subject 55% Voter Approval Two-Thirds Voter Approval Board Approval Required To Place Measure on Ballot Allowable Election Dates Maximum Projected Tax Rates/Levies Bonding Capacity (i.e. Maximum Bonds Outstanding) Audits Oversight Committee Two-thirds Primary or general election, regularly scheduled local election, or statewide special election For unified district, $60 per $100,000 of assessed value; for union district, $30 per $100,000 of assessed value 2.5% of assessed value for unified districts and 1.25% of assessed value for union districts Independent financial and performance audits must be conducted annually If election is successful, Board must establish independent citizens oversight committee within 60 days of Board adoption of resolution declaring election results Majority Any Tuesday that is not the day before or the day after a State holiday, or within 45 days of a regularly scheduled election No projected maximum tax rate 2.5% of assessed value for unified districts and 1.25% of assessed value for union districts None specifically required None specifically required Allowable Expenditures Construction, reconstruction, rehabilitation, or replacement of school facilities, including furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities Acquisition or improvement of real property Facilities List State Constitution requires a list of the specified school facilities project(s) to be funded No requirement for a specific facilities list General Shafter School District - Page 44
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