Shaker Heights City Schools

Transcription

1 Exhibit T-3 As Approved by Board of Education 5/10/2016 Insert Logo Shaker Heights City Schools Financial Report Five Year Forecast May, 2016 Public Finance Resources,

2 Shaker Heights City Schools Table of Contents Table of Contents 2 Executive Summary 3 PAGE # Revenue Overview General Property Tax (Real Estate) Public Utility Personal Property Income Tax Unrestricted Grants-in-Aid & Restricted Grants-in-Aid Property Tax Allocation All Other Operating Revenues Total Other Financing Sources 12 Expenditures Overview Personnel Services Employee Benefits Purchased Services Supplies and Materials Capital Outlay Intergovernmental & Debt Other Objects Total Other Financing Uses 21 Forecast Compare 22 Five Year Forecast 23 Forecast Purpose/Objectives Ohio Department of Education's purposes/objectives for the five-year forecast are: To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district. To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C , commonly known as the "412 certificate. To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems. Public Finance Resources,

3 Shaker Heights City Schools Executive Summary Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Beginning Balance 31,941,176 39,063,470 42,668,980 43,726,490 42,270,100 + Revenue 98,577,592 99,237,285 99,301,285 99,524,285 99,401,285 + Proposed Renew/Replacement Levies Proposed New Levies Expenditures (91,455,298) (95,631,775) (98,243,775) (100,980,675) (105,016,125) = Revenue Surplus or Deficit 7,122,294 3,605,510 1,057,510 (1,456,390) (5,614,840) Ending Balance 39,063,470 42,668,980 43,726,490 42,270,100 36,655,260 Revenue Surplus or Deficit w/o Levies 7,122,294 3,605,510 1,057,510 (1,456,390) (5,614,840) Ending Balance w/o Levies 39,063,470 42,668,980 43,726,490 42,270,100 36,655,260 Executive Summary: With this forecast, the District continues to generate an operating excess of revenues over expenditures through Fiscal 2018, after which expenditures begin to exceed revenues. Fund balance is reduced to 29.6% of total expenditures by the end of Fiscal 2020 from a projected peak of 38.8% in Fiscal 2017 & At this time there is no projected operating levy presumed during the forecast period. $120,000,000 $100,000,000 Revenue vs. Expenditures $91,455,298 $95,631,775 $98,243,775 $100,980,675 $105,016,125 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $98,577,592 $99,237,285 $99,301,285 $99,524,285 $99,401, Revenue Renew/Replacement Levies New Levies Expenditures Public Finance Resources,

4 Operating Revenue and Expenditures & Year End Fund Balance Shaker Heights City Schools $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000, Total Revenue Total Expenditures Cash Balance June 30 ACTUAL FORECASTED Total Revenue 88,389,457 90,413,224 95,303,674 98,577,592 99,237,285 99,301,285 99,524,285 99,401, Total Expenditures 88,204,869 87,379,950 87,215,681 90,810,298 95,361,775 97,948, ,660, ,671, Cash Balance June 30 23,486,173 24,073,183 31,941,176 39,063,470 42,668,980 43,726,490 42,270,100 36,655,260

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8 Shaker Heights City Schools Revenue Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Revenue: Real Estate 2.01% 4.25% 0.00% 0.00% 0.00% 0.00% 0.85% Public Utility % % 0.00% 0.00% 0.00% 0.00% -2.04% Income Tax n/a n/a n/a n/a n/a n/a n/a State Funding 3.25% 6.85% 6.22% 0.00% 0.00% 0.00% 2.61% Restr Aid % % 0.86% 0.85% 0.84% 0.84% -8.15% Restr Federal SFSF % n/a n/a n/a n/a n/a n/a Property Tax Alloc 2.22% -0.25% 0.00% 0.00% 0.00% 0.00% -0.05% All Other Operating R -0.12% 37.83% % 1.97% 7.71% -4.52% 6.05% Total Revenue 2.21% 3.44% 0.67% 0.06% 0.22% -0.12% 0.85% Total Other Financing n/a n/a n/a n/a n/a n/a n/a Total Revenues and Oth 2.21% 3.44% 0.67% 0.06% 0.22% -0.12% 0.85% Fiscal 2016 and subsequent fiscal years reflect the collection of the second half or about $2.6 million of the new operating levy amount which began in January Increase in State Foundation funding due to new State budget bill. Reduction in State Restricted Aid due to expected return to annual payments of catastrophic aid Real Estate 66.3% 66.3% Public Utility 3.0% 2.6% Real Estate Income Tax 66.3% State Funding 18.9% 19.2% Prop Tax Alloc 9.4% 9.0% All Othr Op Re 2.4% 2.8% Public Othr Sources Utility 3.0% Prop Tax State Alloc Funding 9.4% 18.9% Real Estate 66.3% 2020 Prop Tax Alloc 9.0% State Funding 19.2% Public Utility 2.6% Othr Sources All Othr Op Rev 2.4% Income Tax Othr Sources All Othr Op Rev 2.8% Income Tax Public Finance Resources,

9 General Property Tax (Real Estate) Shaker Heights City Schools Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural) and class II (business). FY Real Estate as a % of Total Revenue FY Rea % $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 General Property Tax (Real Estate) Actual and Projected $58,306,411 $61,348,484 $61,138,496 $60,663,636 $63,215,714 $65,900,000 $65,900,000 $65,900,000 $65,900,000 $65,900,000 Collection of the other half or about $2.6 million of the new operating levy which began January No Decline in Property Tax Assessed Valuation. No projected operating levy included in this forecast. 6.0% Year-over-Year Revenue Trend 5.0% 4.0% 3.0% 2.0% 1.0% 2.01% 0.85% -1.0% -2.0% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

10 Public Utility Personal Property Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate. Shaker Heights City Schools FY Public Utility as a FY 2015 % of - Pub Total Revenue [PERC ENTAG E] $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 Tangible Personal Property Tax Actual and Projected $2,043,378 $2,033,595 $2,143,982 $3,524,862 $2,895,898 $2,600,000 $2,600,000 $2,600,000 $2,600,000 $2,600,000 This line reflects the breakout of the Public Utility Tangible payments previously included with the real estate tax revenues. Note Fiscal 2014 & 2015 included the $1.2 million and $181,460, respectively of non-recurring delinquent tangible personal property settlement payments. Year-over-Year Revenue Trend % -2.04% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

11 Income Tax Shaker Heights City Schools Revenue collected from income tax earmarked specifically to support schools with a voter approved tax by residents of the school district; separate from federal, state and municipal income taxes. FY Income Tax as a % FY 2015 of - Inco Total Revenue 0 $1 $1 $1 $1 $1 $1 Income Tax Actual and Projected N/A for the District % Year-over-Year Revenue Trend 0.00% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

12 Shaker Heights City Schools Unrestricted Grants-in-Aid Funds received through the State Foundation Program with no restriction. FY Unres State Aid as a % of Total Revenue FY Unr % $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Unrestricted Grants-in-Aid Actual and Projected $12,940,373 $12,760,883 $13,127,080 $14,140,592 $15,683,307 $16,758,307 $17,800,000 $17,800,000 $17,800,000 $17,800,000 Increase in State Foundation funding due to new State biennial budget bill, House Bill No. 64, of $1.1 million in Fiscal 2016 and another $1.0 million in Fiscal Assumption of continuation of Fiscal 2017 amount after end of current biennium. 12.0% 1 8.0% 6.0% 4.0% 2.0% -2.0% -4.0% -6.0% Year-over-Year Revenue Trend 2.61% 3.25% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

13 1.040 & Restricted Grants-in-Aid Funds received through the State Foundation Program or other allocations that are restricted for specific purposes. Shaker Heights City Schools FY Rest State Aid as a % of Total Revenue FY Res 0 2.4% $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 Restricted Grants-in-Aid Actual and Projected $4,278,827 $1,497,591 $551,136 $276,534 $2,299,171 $1,284,000 $1,295,000 $1,306,000 $1,317,000 $1,328,000 Reduction in State Restricted Aid due to expected return to single annual payments of catastrophic aid in Fiscal Year-over-Year Revenue Trend -8.15% % Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

14 Property Tax Allocation Shaker Heights City Schools Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback. FY Prop Tax Allocation as a % of Total Revenue FY Pro 0 9.4% $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 Property Tax Allocation Actual and Projected $8,624,596 $9,057,675 $9,043,942 $8,975,200 $8,967,738 $8,945,285 $8,945,285 $8,945,285 $8,945,285 $8,945,285 Due to State change in the previous State budget bill, there is no increase in Homestead Exemption RollBack (HERB) payments from the State for levies after 2013, thus no change projected in this item from current levels. 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% -1.0% -2.0% Year-over-Year Revenue Trend 2.22% -0.05% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

15 All Other Operating Revenues Shaker Heights City Schools Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations. FY Other Operating Revenue as a % of Total FY Oth 0 Revenue 2.4% $3,500,000 $3,000,000 $2,500,000 $2,000,000 All Other Operating Revenue Actual and Projected $1,500,000 $1,000,000 $500,000 $1,977,010 $1,984,232 $2,384,821 $2,832,400 $2,241,846 $3,090,000 $2,697,000 $2,750,000 $2,962,000 $2,828,000 Fiscal 2014 included.7 million of Medicaid reimbursement settlement payments for Fiscal 2010 & 2011, not recurring in Fiscal The projected Fiscal 2016 receipts include the estimated Fiscal 2012 settlement payment. 5 Year-over-Year Revenue Trend % % -2-3 Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

16 Total Other Financing Sources Shaker Heights City Schools Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers-in, and all other financing sources like sale and loss of assets, and refund of prior year expenditures. FY Other Financing Sources as a % of Total FY Oth Revenue $1 $1 $1 $1 $1 $1 Other Operating Financing Sources Actual and Projected N/A for the District at this time % Year-over-Year Revenue Trend 0.00% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

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18 Shaker Heights City Schools Expenditures Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Revenue: Salaries -0.43% 4.45% 3.67% 3.19% 3.09% 3.11% 3.50% Benefits -2.31% 4.81% 7.38% 6.37% 6.47% 6.71% 6.35% Purchased Services -0.66% 3.45% 5.11% 4.29% 2.97% 3.65% 3.89% Supplies & Materials 2.11% -0.95% 8.24% -4.59% 1.58% 1.56% 1.17% Capital Outlay 25.24% 10.55% 5.00% 5.01% 5.02% 5.01% 6.12% Intergov n/a n/a n/a n/a % 2.00% 52.00% Debt n/a % 11.29% % % 2.30% -9.68% Other Objects 8.32% % 16.37% 4.46% 4.43% 4.46% 3.46% Total Expenditures -0.50% 4.12% 5.01% 2.71% 2.77% 3.98% 3.72% Total Other Financing % % % 9.26% 8.47% 7.81% 32.12% Total Expenditures and -0.55% 4.60% 4.57% 2.73% 2.79% 4.00% 3.74% Expenditures reflect the salary & wage growth in accordance with the collective bargaining agreement settlements, replacement savings from retirees and other terminations, added positions, expected increases in related fringe benefits and other District operating expenditures. Also reflected are new continuing budget savings of $1.0 million in each of Fiscal Years 2018 and 2019 (note-fiscal 2016 & 2017 savings have been identified and reflected in respective expense line items) Salaries 58.2% 57.6% Benefits 19.4% 21.9% Purch Salaries Serv 15.1% 15.2% Supp & 58.2% Mat 3.5% 3.0% Capital Outlay 1.6% 1.7% Intergov & Deb 0.1% -1.7% Othr Objects 1.9% Benefits 1.9% 19.4% Othr Uses 0.3% 0.3% Salaries 55.7% 2020 Benefits 21.2% Othr Uses 0.3% Othr Objects Intergov 1.9% & Debt 0.1% Capital Outlay 1.6% Purch Serv 15.1% Supp & Mat 3.5% Othr Uses 0.3% Othr Objects 1.8% Intergov & Debt Capital -1.6% Outlay 1.7% Purch Serv 14.7% Supp & Mat 2.9% Public Finance Resources,

19 Shaker Heights City Schools Personnel Services Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc. FY Salaries as a % of Total Expenditures FY Sala % $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 Personnel Services Actual and Projected $51,139,605 $50,210,780 $50,745,269 $50,647,786 $50,924,709 $53,192,000 $55,144,000 $56,901,000 $58,661,000 $60,483,000 Reflects economic provisions of current collective bargaining agreements, including SHTA, OAPSE-Clerical, OAPSE-Security & Local 200 three-year contracts. Major Growth Rates Used-Payroll SHTA 3, 2.5, & 2.5% base salary increases effective 1/1/15, 16 & 17, respectively per new contract; All Others 2, 2 & 2% base salary increases effective 7/1/15, 16 & 17, respectively; Beyond last year of contracts, assumed 2%/year base salary growth plus steps; Reflects replacement savings from retirements and other terminations, as well as added positions. 5.0% 4.0% 3.0% 2.0% 1.0% Year-over-Year Expenditure Trend 3.50% -1.0% -2.0% -3.0% -0.43% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

20 Employees' Benefits Shaker Heights City Schools Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health-related insurances. FY Benefits as a % of Total Expenditures FY Ben 0 $25,000,000 $20,000,000 Employees' Benefits/Insurance Benefits Actual and Projected 19.4% $15,000,000 $10,000,000 $5,000,000 $19,851,154 $19,029,788 $17,578,940 $16,991,881 $16,919,876 $17,733,800 $19,042,300 $20,254,800 $21,565,300 $23,011,900 Major Growth Rates Used Health Care 10% (primarily due to current healthcare trend rates) in F16 and beyond based upon current recommendation from District insurance consultants. In accordance with new collective bargaining agreements, pojected years include estimated savings for the prescription drug changes implemented beginning July 2015 for the teachers and October 2015 for substantially all other employee groups % 6.0% 4.0% 2.0% -2.0% -4.0% -6.0% -8.0% -1 Year-over-Year Expenditure Trend 6.35% -2.31% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

21 Purchased Services Shaker Heights City Schools Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, and other services which the school district may purchase. FY Purchased Services as a % of Total Expenditures FY Pur % $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Purchased Services Actual and Projected $12,910,557 $12,148,209 $13,205,518 $13,517,019 $13,196,942 $13,652,600 $14,350,600 $14,965,600 $15,409,600 $15,971,600 Major Growth Rates Used Out-of-District Tuition 5%; Out-of-District Transportation 5%; Repairs & Maintenance 4%; Gas 4% & Electricity 3%. Utilities: Natural 1 8.0% 6.0% 4.0% 2.0% -2.0% -4.0% -6.0% -8.0% Year-over-Year Expenditure Trend 3.89% -0.66% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

22 Supplies & Materials Shaker Heights City Schools Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance supplies. FY Supplies & Materials as a % of Total FY Sup Expenditures 0 3.5% $3,500,000 $3,000,000 $2,500,000 $2,000,000 Supplies & Materials Actual and Projected $1,500,000 $1,000,000 $500,000 $2,491,226 $2,726,307 $3,331,501 $2,867,264 $3,027,687 $2,999,000 $3,246,000 $3,097,000 $3,146,000 $3,195,000 Major Growth Rates Used Bus Fuel 5% (including an additional allotment to cover any major price fluctuations); Also reflects cyclical textbook replacements. 25.0% % 1 5.0% -5.0% % -2 Year-over-Year Expenditure Trend 1.17% 2.11% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

23 Capital Outlay Shaker Heights City Schools This line includes expenditures for items having at least a five-year life expectancy, such as land, buildings, improvements of grounds, equipment, computers/technology, furnishings, and buses. FY Capital Outlay as a % of Total Expenditures FY Cap 0 1.6% $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 Capital Outlay Actual and Projected $582,184 $1,029,542 $1,755,200 $1,572,532 $1,357,753 $1,501,000 $1,576,000 $1,655,000 $1,738,000 $1,825,000 Assumes a 5% growth in capital outlay expenditures Year-over-Year Expenditure Trend 25.24% 6.12% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

24 Intergovernmental & Debt Shaker Heights City Schools These lines account for pass through payments, as well as monies received by a district on behalf of another governmental entity, plus principal and interest payments for general fund borrowing. FY Intergov & Debt as a % of Total Expenditures FY Inte 0 0.1% $300,000 $250,000 $200,000 $150,000 Intergovernmental & Debt Service Actual and Projected $100,000 $50,000 $41,266 $245,563 $94,300 $247,898 $275,875 -$728,625 -$1,743,225 -$1,783,375 New continuing budget savings of $1.0 million in each of Fiscal Years 2018 and 2019 (note-f16 & F17 savings have been identified and reflected in respective expense line items). Other expenses in this category reflect unvoted debt service repayments Year-over-Year Expenditure Trend -9.68% 86.69% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

25 Other Objects Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit expenses, and election expenses. Shaker Heights City Schools FY Other Objects as a % of Total Expenditures FY Oth 0 1.9% $2,500,000 $2,000,000 $1,500,000 Other Objects Actual and Projected $1,000,000 $500,000 $1,391,664 $1,447,904 $1,547,175 $1,537,905 $1,694,414 $1,484,000 $1,727,000 $1,804,000 $1,884,000 $1,968,000 Assumes a 5% growth in these expenditures. 25.0% Year-over-Year Expenditure Trend % 1 5.0% -5.0% % 3.46% -15.0% Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

26 Shaker Heights City Schools Total Other Financing Uses Operating transfers-out, advances out to other funds, and all other general fund financing uses. FY Other Financing Uses as a % of Total FY Oth Expenditures 0 0.3% $3,000,000 $2,500,000 $2,000,000 $1,500,000 Other Financing Uses Actual and Projected $1,000,000 $500,000 $405,000 $385,000 $205,000 $2,446,264 $220,000 $645,000 $270,000 $295,000 $320,000 $345,000 Fiscal 2014 reflected the transfer of $2.2 million to the District's capital fund. 120 Year-over-Year Expenditure Trend % 32.12% -20 Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average Public Finance Resources,

27 Shaker Heights City Schools Forecast Compare Comparison of Previous Forecast Amounts to Current Forecasted Numbers F.Y Column A Column B Column C Column D Previous Current Dollar Percent Forecast Forecast Difference Difference Amounts For Amounts For Between Between F.Y F.Y Previous Previous Prepared on: Prepared on: and and Revenue: Oct Apr-16 Current Current 1 Real Estate & Property Allocation $74,867,738 $74,845,285 -$22,453 2 Public Utility Personal Property $2,600,000 $2,600,000 3 Income Tax n/a 4 State Foundation Restricted & Unrestricted $17,842,307 $18,042,307 $200, % 5 Other Revenue $2,505,000 $3,090,000 $585, % 6 Other Non Operating Revenue n/a 7 Total Revenue $97,815,045 $98,577,592 $762, % Expenditures: 8 Salaries $53,942,000 $53,192,000 -$750, % 9 Fringe Benefits $17,408,800 $17,733,800 $325, % 10 Purchased Services $14,022,600 $13,652,600 -$370, % 11 Supplies, Debt, Capital Outlay & Other $6,706,898 $6,231,898 -$475, % 12 Other Non Operating Expenditures $645,000 $645, Total Expenditures $92,725,298 $91,455,298 -$1,270, % 14 Revenue Over/(Under) Expenditures $5,089,747 $7,122,294 $2,032, %* 15 Ending Cash Balance $37,030,923 $39,063,470 $2,032, %* Notes: Fiscal 2016 State Foundation revenues increased from the May 2015 forecast due to the passage of the State biennial budget in June. Public Finance Resources,

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30 Shaker Heights City Schools Actual FORECASTED Fiscal Year: Revenue: General Property Tax (Real Estate) 63,215,714 65,900,000 65,900,000 65,900,000 65,900,000 65,900, Public Utility Personal Property 2,895,898 2,600,000 2,600,000 2,600,000 2,600,000 2,600, Income Tax Unrestricted Grants-in-Aid 15,683,307 16,758,307 17,800,000 17,800,000 17,800,000 17,800, Restricted Grants-in-Aid 2,299,171 1,284,000 1,295,000 1,306,000 1,317,000 1,328, Restricted Federal Grants - SFSF Property Tax Allocation 8,967,738 8,945,285 8,945,285 8,945,285 8,945,285 8,945, All Other Operating Revenues 2,241,846 3,090,000 2,697,000 2,750,000 2,962,000 2,828, Total Revenue 95,303,674 98,577,592 99,237,285 99,301,285 99,524,285 99,401,285 Other Financing Sources: Proceeds from Sale of Notes State Emergency Loans and Adv Operating Transfers-In Advances-In All Other Financing Sources Total Other Financing Sources Total Rev & Other Sources 95,303,674 98,577,592 99,237,285 99,301,285 99,524,285 99,401,285 Expenditures: Personnel Services 50,924,709 53,192,000 55,144,000 56,901,000 58,661,000 60,483, Employee Benefits 16,919,876 17,733,800 19,042,300 20,254,800 21,565,300 23,011, Purchased Services 13,196,942 13,652,600 14,350,600 14,965,600 15,409,600 15,971, Supplies and Materials 3,027,687 2,999,000 3,246,000 3,097,000 3,146,000 3,195, Capital Outlay 1,357,753 1,501,000 1,576,000 1,655,000 1,738,000 1,825, Intergovernmental (1,000,000) (2,020,000) (2,060,400) Debt Service: Principal-All Years 80, Principal - Notes Principal - State Loans Principal - State Advances Principal - HB264 Loan - 140, , , , , Principal - Other - 80,000 80,000 80,000 85,000 85, Interest and Fiscal Charges 14,300 27,898 50,875 46,375 41,775 37, Other Objects 1,694,414 1,484,000 1,727,000 1,804,000 1,884,000 1,968, Total Expenditures 87,215,681 90,810,298 95,361,775 97,948, ,660, ,671,125 Other Financing Uses Operating Transfers-Out 220, , , , , , Advances-Out All Other Financing Uses Total Other Financing Uses 220, , , , , , Total Exp and Other Financing Uses 87,435,681 91,455,298 95,631,775 98,243, ,980, ,016, Excess of Rev Over/(Under) Exp 7,867,993 7,122,294 3,605,510 1,057,510 (1,456,390) (5,614,840) Cash Balance July 1 (No Levies) 24,073,183 31,941,176 39,063,470 42,668,980 43,726,490 42,270, Cash Balance June 30 (No Levies) 31,941,176 39,063,470 42,668,980 43,726,490 42,270,100 36,655, Estimated Encumbrances June 30 5,252,532 5,252,532 5,252,532 5,252,532 5,252,532 5,252, Reservations Subtotal 353, , , , , , Fund Bal June 30 for Cert of App 26,335,574 33,457,868 37,063,378 38,120,888 36,664,498 31,049,658 Rev from Replacement/Renewal Levies & Income & Property Tax-Renewal Cumulative Balance of Levies Fund Bal June 30 for Cert of Obligations 26,335,574 33,457,868 37,063,378 38,120,888 36,664,498 31,049,658 Revenue from New Levies & Income & Property Tax-New Cumulative Balance of New Levies Unreserved Fund Balance June 30 26,335,574 33,457,868 37,063,378 38,120,888 36,664,498 31,049,658 Ending Fund Balance as a % of Total Expenditures 36.6% 38.8% 38.8% 36.3% 29.6% Public Finance Resources,

31 10/09/15 Historic vs Projected Enrollment

32 Enrollment-Mobility Last Year's Grade Enrollment (Blue Bar) Relative to Mobility Factor Average by Time Period Mobility Indicator Section 2016 Grade 2012 Class Size 10 Yr Avg 5 Yr Avg 3 Yr Avg 1 > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > Current Year's Grade Level Reflecting Last Year's Class Enrollment Mobility Factor Averages by Time Period: Year 5-Year 10-Year The bars to the left reflect your district's enrollment from last year's grade level. For example, last year's 1st grade class enrollment is now reflected in this year's grade 2 class enrollment. 10/09/15

33 10/09/15 Enrollment-Mobility

34 Enrollment Projection Head Count Summary/Analysis Shaker Heights City Schools Prior Year Actual/Estimated Enrollment (October Count) 5,268 5,184 5,069 4,986 4,904 Projected Changes to Prior Year Enrollment Net All-Grade Level Mobility Factor (Change) to Prior Year Net Aggregate Manual Adjustments to Mobility Factor New Kindergartners In Loss of Seniors from Prior Year Net Change in Outgoing and Incoming Pupils Current Year Estimated Enrollment (Simulated October Count) 5,184 5,069 4,986 4,904 4,833 District Head Count Grade K Total Can Differ by Rounding 5,184 5,069 4,986 4,904 4,833 Year-Over-Year Percentage Change -1.59% -2.22% -1.64% -1.64% -1.45% 10/09/15

35 Enrollment-Kindergarten Kindergarten Enrollment Compared to Census Population and Resulting % of Census Population Enrolled % 97.6% 80.8% 102.2% 90.4% K Enrollment Census Enrollment to Census Ratio 10/09/15