Cleveland Municipal School District

Transcription

1 Cleveland Municipal School District Five Year Financial Forecast October

2 Five Year Forecast -Contents Major Assumptions General Fund Revenues General Fund Expenditures Five Year Forecast Summary 2

3 Major Assumptions 3

4 Major Assumptions Revenue: Property Tax Collection Rate - The forecast assumes the total collection rate will remain at same level as 2015 or 86.3%. A 1% change in the collection rate represents $2.6 million. Cuyahoga County will complete it s triennial update in All property values will be updated for the 2016 collection year. The residential valuation is forecasted to decline 1.5%. The commercial rate is forecasted to remain the same. On 11/6/12 residents passed a 4 year 15 mill levy with collection beginning January The forecast assumes the levy will expire December 31, State Funding House Bill 64, Ohio s Biennial Budget, was signed into law by Governor Kasich on June 30, The forecast is using the most recent state budget formula for FY Enrollment The forecast assumes no change in overall enrollment. 4

5 Major Assumptions continued Expenditures: Staffing assumptions: FY16 FY17 FY18 FY19 FY20 G F 5,190 5,190 5,190 5,190 5,190 Forecast assumes movement from differentiated compensation based on projections. Forecast assumes all union agreements as currently defined -1% increase in FY16, 0% in FY17-FY20 Forecast assumes 230 separations in FY17-20 Healthcare rates are forecasted to increase an average of 9.5% in FY16 FY20. Forecast assumes $3.6 million of strategic investments per year. Forecast assumes a loss of $2.5 million of Title IIA which shifts 27 teachers to the General Fund in FY Forecast assumes additional dollars for new schools/school improvements. $8.5 million FY Forecast assumes $16 million of continued aggressive fiscal management to gain efficiencies per year in FY Forecast assumes charter enrollment will decrease 400 in FY16 and then no change for FY17-FY20. 5

6 General Fund Revenues 6

7 FY Where the Money Comes From State, 60.9% State of Ohio Reimbursements, 3.4% Advance In, 0.4% Other, 7.0% Local Taxes, 28.2% 7

8 Local Taxes Property Tax Revenue Property Taxes Revenue (In Millions) Fiscal Year Property Taxes 8

9 Cleveland Municipal School District Property Taxes Current Collection Rate Calendar Year 9 Current Collection Rate

10 Cleveland Municipal School District Property Taxes Total Collection Rate % Current Collection Rate Delinquencies Calendar Year 10 Current Collection Rate

11 State Aid $ Revenue (In Millions) $450 $440 $430 $420 $ $ Fiscal Year State Aid Casino 11

12 Property Tax Allocation State Hold Harmless Reimbursements $35 Revenue (In Millions) $30 $25 $20 $15 $ Fiscal Year Property Tax Reimbursements TPP Reimbursements 12

13 Other Revenue Revenue (In Millions) $40 $35 $30 $25 $20 $15 $10 $ $ Fiscal Year Other Other Taxes/Rebate Interest Medicaid Advance In 13

14 General Fund Revenue * 2017* 2018* 2019* 2020* Total Revenue Total Revenue - Levy Extended *Projected 14

15 General Fund Expenditures 15

16 Where the Money Goes All Other, $147,012, % FY Salaries $308,466,742, 42.8% Charter School Pass-Through, $137,930,295, 19.1% Benefits, $127,563,120, 17.7% 16

17 Salaries $310 Expenditures (In Millions) $300 $290 $280 $270 $ $ Fiscal Year Salaries 17

18 Fringe Benefits Expenditures (In Millions) $160 $140 $120 $100 $80 $60 $40 $20 $ Fiscal Year STRS/SERS Employee Insurance Benefits Medicare Workers Compensation Other 18

19 Purchased Services Expenditures (In Millions) $300 $250 $200 $150 $100 $50 $ Fiscal Year Utilities Student Transportation (Contract) Other Purchased Services Charter School Pass-Through 19

20 Supplies, Textbooks, Equipment, and Other Expenditures Expenditures (In Millions) Fiscal Year Supplies and Textbooks Equipment Other Expense Transfers/Advances 20

21 General Fund Expenditures * 2017* 2018* 2019* 2020* Total Expenditures *Projected 21

22 Five-Year Forecast Summary 22

23 October 2015 Five-Year Forecast (in millions of dollars) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Beginning Cash Balance $46.6 $69.3 $98.5 $88.5 $82.0 $20.0 ($61.0) ($149.7) Total Revenues Total Expenses Revenue over Expenses (10.0) (6.5) (62.0) (81.0) (88.7) (89.1) Ending Cash Balance (61.0) (149.7) (238.8) Encumbrances/ Reserves Unencumbered Balance $56.4 $80.8 $73.1 $66.0 $4.0 ($77.0) ($165.7) ($254.8) 23

24 October 2015 Five-Year Forecast (in millions of dollars) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Beginning Cash Balance $46.6 $69.3 $98.5 $88.5 $82.0 $20.0 ($61.0) ($149.7) Total Revenues Total Expenses Revenue over Expenses (10.0) (6.5) (62.0) (81.0) (88.7) (89.1) Ending Cash Balance (61.0) (149.7) (238.8) Encumbrances/ Reserves Unencumbered Balance $56.4 $80.8 $73.1 $66.0 $4.0 ($77.0) ($165.7) ($254.8) Levy Renewal Unencumbered Balance $56.4 $80.8 $73.1 $66.0 $35.4 $17.4 ($7.9) ($33.1) 24

25 Cleveland Municipal School District Questions 25