Brunswick City School District Five Year Financial Forecast Fiscal Year 2017 to Fiscal Year 2021 (Including Historical Data)

Transcription

1 Brunswick City School District Five Year Financial Forecast Fiscal Year 2017 to Fiscal Year 2021 (Including Historical Data) Prepared by the Office of the Treasurer/CFO Brunswick City School District 3643 Center Road Brunswick, Ohio Version 1 (October 2016)

2 Assumptions for the Five-Year Financial Forecast Years 2017 through 2021 Brunswick City School District October 2016 (Version 1) Revenue General Property Tax (Line 1.010) has been calculated with a slight rise in total assessed valuation for our district (.98%). The Auditor s last reappraisal occurred in 2014 and we realized a net decline as real estate values decreased about 5.0% in Medina County; this is due to the down turn in the market. Consequently tax values may decrease in future years and will depend largely on the strength of the Medina County real estate market and the County Auditor s subsequent assessments. The County will conduct a triennial update in 2016 (numbers still have yet to be determined). Emergency Levy I was originally passed in November 1992 for a five year period for 5.91 mills and it generates $2.02 million per year. It has been renewed four times and in March of 2012 was renewed for an eight year period and it will expire in December It is currently collected at 2.2 mills. Emergency Levy II was originally passed in November 1994 for a five year period for 7.82 mills and it generates $3.4 million per year. It has been renewed three times and in May of 2009 and 2016 was renewed for an eight year period. It will expire in December It is currently collected at 3.4 mills. Emergency Levy III was originally passed in May 2004 for a five year period for 6.7 mills and it generates $5.78 million per year. It has been renewed twice and in May of 2014 was renewed for an eight year period and it will expire in December It is currently collected at 6.1 mills. Emergency Levy IV was originally passed in May 2006 for a five year period for 4.9 mills and it generates approximately $4.67 million per year. It has been renewed once in November of 2010 for a seven year period and it will expire in December It is currently collected at 4.9 mills. Non-municipal owned electric utilities and rural co-ops are now deregulated in the State of Ohio. All other electric company personal property will be reduced from 100% assessed valuation to 25%. Effective May 1, 2001, a kilowatt-hour (kwh) tax has been collected, 37.8% of these new dollars are being deposited into the Property Tax Replacement Fund (PTRF). The monies in the PTRF are being paid to school districts that lost revenue. In 2005 the Public Utility Tangible Valuation was $15.1 million. In 2014 the assessed value was re-adjusted to $16.2 million. Tangible Personal Property Tax (Line 1.020) (Class IV), affirm that the assessed valuation for Personal Property has been eliminated. The State planned to reimburse the district for losses incurred above and beyond the change in the assessment rates due to AMSubHB 95. The cumulative loss of this action is $6.7 million from FY 2012 through FY However, the district receives a small reimbursement on the fixed sum levies. Assessment Percentages on Tangible Property Tax Year This chart is included for historical perspective. Tax Year Inventory 23.00% 18.75% 12.50% 6.25% 0.00% 0.00% 0.00% Machinery & Equipment 25.00% 18.75% 12.50% 6.25% 0.00% 0.00% 0.00% Telephone Company (post 1995) Telephone Company Legacy 25.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 67.00% 46.00% 20.00% 15.00% 10.00% 5.00% 0.00% Forecast FY 2017 V1 Page 1

3 Assumptions for the Five-Year Financial Forecast Years 2017 through 2021 Brunswick City School District October 2016 (Version 1) Revenue (continued) Unrestricted Grants in Aid (Line 1.035) are projected for FY 2017 based upon current State Foundation Funding (SFPR) data and no additional legislative changes due to the DeRolph decision. In fiscal year 2015, the School District received just over $25 million of school foundation support (Basic Aid) in the general fund. This aid comprised approximately 37% of our operating revenue. The estimate also reflects the Governor s most recent changes to Basic Education funding. These changes have adjusted the basic aid amount, added Targeted Assistance, K-3 Literacy, and other pupil-teacher based reimbursements. The State anticipates additional revenue to school districts with the Casino Tax; the 33% tax netted us about $21 per pupil in FY 2013 and approximately $52 per pupil in FY This equates to $159K in FY 2013 and $384K in FY 2016 and beyond. (Assumptions made are that all Casinos will continue to generate a steady stream of revenue for the State and local governmental entities.) Restricted Grants in Aid (Line 1.040) is for Career Tech funding and bus purchase reimbursements (funding currently eliminated). Any future increases in State Aid are estimated due to increased enrollment. Funding is negligible and projected at $20k per annum FY 2017 through FY Note: The formula calculations and projections for State funding have been finalized for FY 2016 and FY State Funding for schools is based on several factors all of which are subject to future legislative action. School Funding beyond fiscal year 2017 will be set as part of the State s biennial budget for fiscal years 2018 and As mentioned previously, due to recent economic conditions within the State and the anticipated change in tax revenues in the next bi-annual budget, the level at which the State will fund schools is uncertain. Therefore funding is estimated to increase at 2% annum FY2018-FY2021. Federal Restricted Grants in Aid (Line 1.045) is for Federal Revenue. Historically, this short lived (FY 2010 & FY 2011) revenue stream was a result of the American Recovery and Reinvestment Act (ARRA) and flowed through the State as the School Foundation Stabilization Fund (SFSF). The federal government had subsidized basic aid so the revenue was recorded in Fund 532 but remained a component of the General Fund for the SM-1 & the Five-Year Forecast. The Federal Government has also provided an Education Jobs Fund 504 for FY Currently we only record and receive Federal Medicaid reimbursements in this line item (FY FY2021). Property Tax Allocation (Line 1.050) contains three revenue components for FY 2016 through FY The first, Rollback, is a mathematical calculation and function of Class I and Class II Real Estate tax collections. The second component was revenue from the Property Tax Replacement Fund (PTRF) that has since expired for Fixed Rate Levies. Note: Property Tax Rollback is set to be discontinued as is the Homestead Exemption for all NEW levies effective November, The elimination of Rollback & Homestead does NOT impact our revenue stream, it only means that the taxpayer (homeowner) now will pay 100% of any new levy (i.e. will not receive 12.5% credit). The final component is generated from the Personal Property Tax (PPT) reimbursement mechanism as required under the provisions of ORC The revenue from PPT reimbursement is generated from the Commercial Activity Tax (CAT) a product of HB 66. Due to the economic downturn the CAT is producing less revenue than anticipated by the State and shall result in a reduction of the PPT reimbursement and eventually a total elimination in FY 2020 and beyond for Fixed Sum Levies. All Other Revenues (Line 1.060) consist of several components including revenue from tuition, student fees, interest income, rental income, and transportation fees. All components remain constant in this projection. Forecast FY 2017 V1 Page 2

4 Assumptions for the Five-Year Financial Forecast Years 2017 through 2021 Brunswick City School District October 2016 (Version 1) We cannot forget to mention the impact of HB 920 on our revenue stream and the need to continually go back to the voters for additional funds. Exhibits 21 & 23 illustrate the difference in our revenue with and without the reductions due to HB 920. Finally, the district s tax revenue will experience minimal growth over the prior year even due to the infusion of additional basic aid. We anticipate a marginal (<1.0%) increase in assessed valuation for calendar year 2016 (collection year 2017). This is due somewhat to the economy, very few new home starts, and also because of the lackluster market. Calculations anticipate the renewal of all expiring emergency levies. The infusion of additional new revenue could be delayed due to the economic climate in the State and the Presidential Election. Until Ohio sees additional income tax and sales tax revenue there will be no noticeable rebound. *Note: The County Auditor only certifies 98% of Tax Collections. Expenditures Personal Services (Line 3.010) are estimated to increase to account for the respective experience credit provided to our certified and classified staff. As of this date, our current negotiated agreements with the classified and teaching staff have expired and a successor contract has not been ratified. The step increases for certificated staff are approximately 2.3% and the steps for classified staff are about 2.1% per year. Incremental steps are included for FY , and an increase (COLA) on the base is estimated for FY Special Note: The State had also reversed its previously mandated all-day kindergarten (ADK) for FY 2011; we provided a waiver for FY 2011 but had to increase the number of classrooms available for instruction and added teaching staff for FY 2012 ( school year) to accommodate ADK. Fringe Benefits (Line 3.020) costs are a function of Personal Services (salaries) and are approximately 19% of the total annual expense for personnel. Employee benefits were then factored in to accelerate at the same rate, except for medical benefits. We anticipate an increase of 10% in FY 2017 and 8-9% in subsequent years due to rising medical and prescription drug costs. This compounding increase in cost will continue unless there is a change in the medical plan design or additional cost sharing from district employees. Note: Due to a change in the negotiated agreements severance pay is no longer a salary item and the expenditure is moved to the fringe benefit category and becomes a Tax Deferred Benefit. Purchased Services (Line 3.030) increased over 7% in FY 2016 primarily due to an anticipated increase in Special Education Service Contracts, Tuition to other Districts and the State deduction (payment) for Community Schools. The estimate for FY 2017 is $6m with a 1% annual growth factor in subsequent years. Reduction to the anticipated utility (gas & electric) charges could be a direct result of recently initiated cost saving measures and utility usage monitoring. Supplies and Materials (Line 3.040) are set to increase approximately 4.8% for this year. In FY 2018 through FY 2021, the district plans to expend $500K-$750K per year for classroom textbooks and software/technology related materials. We anticipate approximately spending $1.8m in FY 2017 with a 2% annual growth factor in subsequent years. The cost of bus and vehicle fuel will continue to impact this line item. The Capital Outlay (Line 3.050) and the Equipment budgets have been relatively frozen and management has decided to expend almost 100% from the Permanent Improvement Funds (003) in the remaining years of the forecast. The district derives such funds from an allocation of inside millage of 1.25 mills. The budget for General Fund capital outlay is stabilized at approximately $280K per year from FY 2017 through FY Forecast FY 2017 V1 Page 3

5 Assumptions for the Five-Year Financial Forecast Years 2017 through 2021 Brunswick City School District October 2016 (Version 1) Expenditures (continued) Some of the district s Capital Expenditures, including textbooks, technology, and buses will be augmented through the Medina County Sales Tax Issue. This unique funding opportunity provides approximately $3-3.5 million per year for capital needs; however, almost $1.6 million is committed for debt service for the recent $24 million construction & renovation project. The Board of Education promised the Brunswick citizens to rescind the previously passed Permanent Improvement Levy (November 2006) thus reducing its revenues by approximately $700K per annum. This reduction will equate to an approximate reduction of 7/10ths of one mill on the tax duplicate. (mentioned for historic purposes only) General Obligation Debt Service (Lines ) The district had an unvoted debt issue as permitted by the Ohio Revised Code (ORC) that has approximately $143,717 in outstanding principal that will be fully paid by The District does not anticipate issuing any short term notes for General Fund debt obligations during the next few years. Other Expenditures (Line 4.300) are projected to increase at 2% per year FY 2017 through FY 2021; however, this line item may be adjusted to reflect changes in County Treasurer and Auditor Fees. Operating Transfers (Line 5.010) N/a. Advances (Line 5.020) were $10,059 last year and estimated at $150,000 per year from FY 2017 until FY The district has reinstituted the practice of advancing money to the food service, federal and state grants if their funds are not in the process of collection. Summary This financial forecast presents, to the best of the treasurer s knowledge and belief, the Brunswick City School District s expected financial position as of October 17, The assumptions disclosed herein are those that the CFO believes are relevant and significant to the forecast. There will be differences between the forecasted and actual results as events and circumstances frequently do not occur as expected and those differences may be material. Actions by the legislature, Ohio Board of Taxation, the Ohio Supreme Court, and other governmental bodies will impact projections and the results of such actions could seriously threaten the accuracy of this document. Respectfully submitted, Mark c Pepera CFO/Treasurer Forecast FY 2017 V1 Page 4

6 Five Year Forecast - FY 2017 (Version 1) Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Fiscal Years Ended June 30, Line # Local, State, & Federal Revenues General Property Tax (Real Estate) 32,757,150 32,768,504 33,406,320 33,301,466 33,497,073 31,359,135 29,223,173 28,414, Tangible Personal Property Tax 941,812 1,032,656 1,097,092 1,126,738 1,126,738 1,126,738 1,126,738 1,126, Income Tax Unrestricted Grants-in-Aid 22,793,493 25,755,469 27,417,848 27,871,308 28,428,734 28,997,309 29,577,255 30,168, Restricted Grants-in-Aid 26,072 16, , , , , , , Federal Restricted Grants-in-Aid (SFSF) 109,877 85, , , , , , , Property Tax Allocation 5,511,346 5,192,461 5,185,608 5,249,143 5,204,902 5,197,911 5,191,192 5,160, All Other Revenues 1,270,737 1,172,265 1,303,067 1,400,000 1,400,000 1,400,000 1,400,000 1,400, Total Local, State, & Federal Revenues 63,412,501 66,022,997 68,693,737 69,228,312 69,937,104 68,360,750 66,798,015 66,549,977 Line # Other Financing Sources Proceeds from Sale of Notes State Emergency Loans and Advancements (Approved) Operating Transfers-In Advances-In 879, , , , , , , , All Other Financing Sources ,372 17,461 25,000 25,000 25,000 25,000 25, Total Other Financing Sources 879,750 1,292, , , , , , , Total Revenues and Other Financing Sources 64,292,251 67,315,169 68,817,244 69,353,312 70,112,104 68,535,750 66,973,015 66,724,977 Line # Expenditures Personal Services 40,684,138 40,330,955 39,926,159 41,510,821 43,126,289 44,773,162 45,643,743 46,531, Employees' Retirement/Insurance Benefits 15,786,286 15,995,268 16,185,654 17,059,514 18,028,044 19,182,589 20,320,071 21,539, Purchased Services 5,265,986 5,614,853 6,084,102 6,060,000 6,120,600 6,181,806 6,243,624 6,306, Supplies and Materials 2,263,616 1,859,192 1,717,737 1,800,000 1,836,000 1,872,720 1,910,174 1,948, Capital Outlay 154,735 59, , , , , , , Intergovernmental Line # Debt Service: Principal-All (Historical Only) Principal-Notes Principal-State Loans Principal-State Advancements Principal-HB 264 Loans Principal-Other 60,865 63,817 66,912 70,157 73, Interest and Fiscal Charges 16,263 13,311 10,216 6,971 3, Other Objects 1,133, , , , , , , , Total Expenditures 65,365,155 64,721,263 65,661,755 67,687,463 70,386,061 73,226,277 75,351,612 77,578,296 Line # Other Financing Uses Operating Transfers-Out 385, Advances-Out 420, ,787 10, , , , , , All Other Financing Uses Total Other Financing Uses 805, ,787 10, , , , , , Total Expenditures and Other Financing Uses 66,170,955 64,829,050 65,671,814 67,837,463 70,536,061 73,376,277 75,501,612 77,728,296 Forecast FY 2017 V1 Page 5 Alternate Format

7 Five Year Forecast - FY 2017 (Version 1) Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Fiscal Years Ended June 30, Excess of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses -1,878,704 2,486,119 3,145,430 1,515, ,957-4,840,527-8,528,597-11,003, Cash Balance July 1 - Excluding Proposed Renewal/Replacement and New Levies 4,080,693 2,201,989 4,688,108 7,833,538 9,349,387 8,925,430 4,084,903-4,443, Cash Balance June 30 - Excluding Proposed Renewal/Replacement and New Levies 2,201,989 4,688,108 7,833,538 9,349,387 8,925,430 4,084,903-4,443,694-15,447, Encumbrances June ,192 1,588, , , , , , ,000 Line # Reservation of Fund Balance Textbooks and Instructional Materials Capital Improvements Budget Reserve DPIA Debt Service Property Tax Advances Bus Purchases Subtotal Fund Balance June 30 for Certification of Appropriations 1,313,797 3,099,518 6,973,306 8,399,387 7,975,430 3,134,903-5,393,694-16,397,013 Line # Revenue from Replacement/Renewal Levies Income Tax - Renewal Property Tax - Renewal or Replacement ,335,500 4,671,000 5,681, Cumulative Balance of Replacement/Renewal Levies ,335,500 7,006,500 12,688, Fund Balance June 30 for Certification of Contracts 1,313,797 3,099,518 6,973,306 8,399,387 7,975,430 5,470,403 1,612,806-3,709,013 Line # 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 1,313,797 3,099,518 6,973,306 8,399,387 7,975,430 5,470,403 1,612,806-3,709,013 The assumptions and exhibits are an integral part of this forecast and to analyze this forecast without the complete document could result in faulty conclusions by the reader. Note: Totals may vary slightly due to rounding Please note that Line Excludes Renewal Levies and Line Includes the Renewal Levies Forecast FY 2017 V1 Page 6 Alternate Format

8 Five Year Financial Forecast Fiscal Year Fiscal Year 2021 (Including Historical Data) Supplemental Information Version 1

9 Calculation of Assessed Valuation & Estimated Tax Revenue for Financial Forecast a. Assessed Valuation 12/31/2016 Type of Property Class Growth* CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I -5.7% 840,194, ,494, ,446, ,889, ,492, ,498, ,733, ,051, ,451, ,936, ,505,441 Other Real Property II -4.6% 165,264, ,145, ,578, ,981, ,856, ,470, ,175, ,897, ,636, ,392, ,166,566 PUCO Tangible* III 8.0% 12,280,770 12,950,080 14,144,500 15,271,940 16,236,460 16,848,890 16,848,890 16,848,890 16,848,890 16,848,890 16,848,890 Tangible IV 0.0% Total 1,017,739,830 1,029,590,500 1,032,169, ,143, ,585,800 1,010,818,460 1,020,758,156 1,030,797,248 1,040,936,732 1,051,177,610 1,061,520,898 Schedule B (Medina County Auditor) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Estimated) (Estimated) (Estimated) (Estimated) (Estimated) Average Growth Rate -5.68% 1.16% 0.25% -5.33% 1.58% 1.84% 0.98% 0.98% 0.98% 0.98% 0.98% *Note: Growth stats based on last County assessment. PUCO Tangible based on estimates as provided by the Ohio Department of Taxation for Tax Years (Exhibit 12) b. Revenue Production - Inside (General Fund) Effective Type of Property Class Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I ,066,711 3,093,356 3,107,781 2,930,548 2,965,597 3,005,770 3,035,828 3,066,186 3,096,848 3,127,817 3,159,095 Other Real Property II , , , , , , , , , , ,958 PUCO Tangible III ,825 47,268 51,627 55,743 59,263 61,498 61,498 61,498 61,498 61,498 61,498 Tangible IV Total Inside General 3,714,750 3,758,005 3,767,419 3,566,572 3,622,938 3,689,487 3,725,767 3,762,410 3,799,419 3,836,798 3,874,551 Note: All calculations are at 100% collection rate. c. Revenue Production - Inside (Permanent Improvement) Effective Type of Property Class Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I ,050,243 1,059,368 1,064,309 1,003,612 1,015,616 1,029,373 1,039,667 1,050,064 1,060,564 1,071,170 1,081,882 Other Real Property II , , , , , , , , , , ,958 PUCO Tangible III ,351 16,188 17,681 19,090 20,296 21,061 21,061 21,061 21,061 21,061 21,061 Tangible IV Total Inside P.I. 1,272,175 1,286,988 1,290,212 1,221,429 1,240,732 1,263,523 1,275,948 1,288,497 1,301,171 1,313,972 1,326,901 Note: All calculations are at 100% collection rate. Forecast FY 2017 V1 Page 7 Exhibit 1

10 Calculation of Assessed Valuation & Estimated Tax Revenue for Financial Forecast (continued) d. Revenue Production - Voted (General Fund) Effective Type of Property Class Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I ,921,669 15,051,315 15,121,503 15,225,828 15,407,931 15,541,271 15,696,683 15,853,650 16,012,187 16,172,309 16,334,032 Other Real Property II ,761,191 2,826,039 2,783,146 2,807,489 2,893,588 2,971,858 3,001,576 3,031,592 3,061,908 3,092,527 3,123,452 PUCO Tangible III , , , , , , , , , , ,386 Tangible IV Total Voted General 18,248,021 18,473,317 18,555,579 18,736,132 19,048,721 19,288,514 19,473,645 19,660,628 19,849,480 20,040,221 20,232,870 e. Revenue Production - Voted (Permanent Improvement) (BOE voted to rescind collections) Effective Type of Property Class Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I Other Real Property II PUCO Tangible III Tangible IV Total Voted P.I. Collections Suspended by Board of Education Effective 1/1/08 - Replaced with County Sales Tax Actual Actual Actual Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Sales Tax Revenue (Replacement for PI) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Sales Tax Revenue (Fund 071) Listed- informational only 2,268,975 2,462,327 2,555,193 2,732,343 2,980,053 3,220,948 3,481,316 3,512,731 3,653,240 3,799,369 3,951,344. f. Revenue Production - Emergency (General Fund) Denotes Expiring Emergency Levies By Levy Request Ends Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Emergency I ,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 2,021,000 Emergency II ,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 3,451,900 Emergency III ,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 5,781,900 Emergency IV ,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 4,671,000 Total Emergency Levies ,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 g. Revenue Production - Combined Emergency Levies I, II, III & IV (General Fund) 100% Renewals Effective Type of Property Class Rate CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I - 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 13,261,247 Other Real Property II - 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 2,374,699 PUCO Tangible III - 289, , , , , , , , , , ,854 Tangible IV Total Voted Emergency Levies 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 Forecast FY 2017 V1 Page 8 Exhibit 1

11 Calculation of Assessed Valuation & Estimated Tax Revenue for Financial Forecast (continued) h. Tax Rate Tables 2012 Effective Emergency Non- General PI Debt Total Total Emergency Effective Emergency Non- General PI Debt Total Total Emergency Effective Emergency Non- General PI Debt Total Total Emergency Effective Emergency Non- General PI Debt Total Total Emergency Effective Emergency Non- General PI Debt Total Total Emergency TBD MCA i. Summary of Revenue by Tax Issue General Fund CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Inside - General Fund 3,714,750 3,758,005 3,767,419 3,566,572 3,622,938 3,689,487 3,725,767 3,762,410 3,799,419 3,836,798 3,874,551 Non-Emergency 18,248,021 18,473,317 18,555,579 18,736,132 19,048,721 19,288,514 19,473,645 19,660,628 19,849,480 20,040,221 20,232,870 Emergency Levies 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 15,925,800 Total General Fund 37,888,571 38,157,122 38,248,798 38,228,504 38,597,459 38,903,801 39,125,213 39,348,838 39,574,699 39,802,820 40,033,221 Permanent Improvement CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Inside P.I. 1,272,175 1,286,988 1,290,212 1,221,429 1,240,732 1,263,523 1,275,948 1,288,497 1,301,171 1,313,972 1,326,901 Voted (Renewed 11/06) Collections Suspended by Board of Education Effective 1/1/08 - Replaced with County Sales Tax Total P.I. 1,272,175 1,286,988 1,290,212 1,221,429 1,240,732 1,263,523 1,275,948 1,288,497 1,301,171 1,313,972 1,326,901 j. Summary of Revenue by Classification General Fund Class CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 Residential/Agricultural I 31,249,627 31,405,918 31,490,531 31,417,623 31,634,775 31,808,288 31,993,758 32,181,084 32,370,282 32,561,372 32,754,373 Other Real Property II 5,739,105 5,818,120 5,765,856 5,762,470 5,866,365 5,968,775 6,004,716 6,041,016 6,077,679 6,114,709 6,152,109 PUCO Tangible III 899, , ,411 1,048,411 1,096,319 1,126,738 1,126,738 1,126,738 1,126,738 1,126,738 1,126,738 Tangible IV Total General Fund 37,888,571 38,157,122 38,248,798 38,228,504 38,597,459 38,903,801 39,125,213 39,348,838 39,574,699 39,802,820 40,033,221 Forecast FY 2017 V1 Page 9 Exhibit 1

12 Calculation of Assessed Valuation & Estimated Tax Revenue for Financial Forecast (continued) k. Summary of Revenue Converted to Fiscal Year Classification Type General Fund Class FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Residential/Agricultural I 31,301,987 31,327,772 31,448,224 31,454,077 31,526,199 31,721,532 31,901,023 32,087,421 32,275,683 32,465,827 32,657,873 Other Real Property II 5,674,400 5,778,612 5,791,988 5,764,163 5,814,417 5,917,570 5,986,745 6,022,866 6,059,348 6,096,194 6,133,409 PUCO Tangible III 887, , ,748 1,020,411 1,072,365 1,111,529 1,126,738 1,126,738 1,126,738 1,126,738 1,126,738 Tangible IV 20, Total General Fund 37,884,105 38,022,847 38,202,960 38,238,651 38,412,981 38,750,630 39,014,507 39,237,025 39,461,769 39,688,760 39,918,020 Check Figure (50/50 Split) 37,884,105 38,022,847 38,202,960 38,238,651 38,412,981 38,750,630 39,014,507 39,237,025 39,461,769 39,688,760 39,918,020 l. Summary of Revenue Estimates Converted to Fiscal Year Account Code General Fund Code FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Real Estate ,496,199 32,612,552 32,729,985 32,710,064 32,818,400 33,082,153 33,301,466 33,497,073 33,694,635 33,894,173 34,095,707 Personal Property (PUT) , , ,748 1,020,411 1,072,365 1,111,529 1,126,738 1,126,738 1,126,738 1,126,738 1,126,738 Rollback/Homestead ,480,188 4,493,833 4,510,227 4,508,176 4,522,217 4,556,948 4,586,302 4,613,214 4,640,395 4,667,848 4,695,575 Total General Fund 37,884,105 38,022,847 38,202,960 38,238,651 38,412,981 38,750,630 39,014,507 39,237,025 39,461,769 39,688,760 39,918, % % % % % % % % % % % m. Direct Reimbursements FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 PPT Reimbursement 3135 See Ex , , , , , , , ,687 87,516 58,344 - Total Reimbursement 933, , , , , , , ,687 87,516 58,344 - n. Summary of Revenue Converted to Fiscal Year With Impact of HB % Collections General Fund Account Actual Actual Actual Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Description Code FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Real Estate ,472,754 32,227,416 32,270,238 32,757,150 32,768,504 33,406,320 33,301,466 33,497,073 33,694,635 33,894,173 34,095,707 Personal Property ,179 4, Public Utility Tangible , , , ,812 1,032,656 1,097,092 1,126,738 1,126,738 1,126,738 1,126,738 1,126,738 Fixed Rate Adjustment 3130 Expanded Rollback/Homestead 3131, 3132 & ,758,363 4,780,693 4,858,882 4,977,739 5,046,601 5,066,730 5,076,302 5,088,214 5,110,395 5,132,848 5,160,575 PPT Tax Loss Reimb ,222, , , , , , , ,687 87,516 58,344 - Total 40,278,563 38,767,225 38,165,867 38,822,560 38,993,620 39,689,019 39,677,348 39,828,713 40,019,284 40,212,103 40,383,020 Estimated (May 2015) 39,439,052 38,956,576 38,265,063 38,773,941 38,510,221 39,661,728 39,072,390 39,770,161 39,877,686 40,104,039 N/A Percent of Estimates to Actual % 99.51% 99.74% % % % % % % % N/A Notes: Variances may occur between Financial Forecast and the Annual Appropriation Resolution due to estimated Delinquent Tax Collections and Accrued and Uncollected Tax Delinquencies. Forecast FY 2017 V1 Page 10 Exhibit 1

13 Assessed Valuations Tax Year Medina County Auditor - Schedule B Valuation Residential/ Commercial Public Utility Personal & Total Valuation Tax Collection Update Agricultural Real Estate Personal Tangible Assessed Growth Year Year by Auditor Class I Class II Class III Class IV Valuation % Increase ,273,590 33,764,870 18,797,540 12,144, ,980,224 Not Available ,838,710 33,893,600 20,093,680 12,953, ,779, % Reappraisal 236,266,350 38,625,640 21,185,310 14,797, ,875, % ,036,620 43,739,280 22,424,840 16,550, ,751, % ,955,880 43,950,910 25,104,340 18,893, ,904, % Triennial 303,323,860 45,185,120 26,015,490 20,131, ,655, % ,519,970 47,299,280 26,455,160 19,953, ,227, % ,225,710 50,953,560 27,171,390 22,050, ,400, % Reappraisal 430,347,470 69,460,810 25,842,970 23,432, ,083, % ,671,890 70,715,250 25,532,810 26,742, ,662, % ,102,410 71,642,280 23,684,360 28,307, ,736, % Triennial 501,558,600 73,238,140 24,314,330 30,552, ,663, % ,678,620 80,190,170 21,740,470 33,139, ,748, % ,567,120 81,159,870 21,846,560 40,343, ,916, % Reappraisal 632,328, ,817,020 15,472,420 46,158, ,776, % ,935, ,180,090 16,023,080 49,680, ,818, % ,390, ,725,520 16,400,000 46,443, ,959, % Triennial 749,965, ,873,680 15,909,690 46,187, ,936, % ,971, ,876,300 15,151,890 33,576, ,575, % ,500, ,923,070 14,635,040 22,384, ,442, % Reappraisal 884,811, ,613,410 10,407,500 15,539,368 1,064,372, % ,966, ,189,270 10,734,740 1,450,273 1,065,340, % ,655, ,749,820 11,776, ,496 1,079,002, % Triennial 840,194, ,264,330 12,280, ,017,739, % ,494, ,145,660 12,950, ,029,590, % ,446, ,578,390 14,144, ,032,169, % Reappraisal 802,889, ,981,330 15,271, ,143, % ,492, ,856,940 16,236, ,585, % ,498, ,470,840 16,848, ,010,818, % Dollar Change 2016 TY % Change in 2016 TY. 11,006,330 6,613, , ,232, % 4.04% 3.77% 0.00% 1.84% County Auditor' Assessed Valuation Update for Residential/Agricultural (Class I) and Commercial Real Estate (Class II) Property Triennial Update = midpoint between reappraisals Reappraisal = every six years Forecast FY 2017 V1 Exhibit 2 Page 11

14 Total Assessed Valuations $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $ Tax Year (Note: Collection Year is the Subsequent Year) Forecast FY 2017 V1 Page 12 Exhibit 3

15 Millions Brunswick City School District Annual Change in Assessed Valuations $140 $120 $100 $80 $60 $40 $20 $0 -$20 -$40 -$60 -$ Tax Year Forecast FY 2017 V1 Page 13 Exhibit 4

16 Residential/Agricultural Property Valuations $1,000,000,000 $900,000,000 $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $ Tax Year Forecast FY 2017 V1 Page 14 Exhibit 5

17 Commercial Property Valuations $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $ Tax Year Forecast FY 2017 V1 Page 15 Exhibit 6

18 Public Utility Tangible Valuations $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Tax Year Forecast FY 2017 V1 Page 16 Exhibit 7

19 Personal Tangible Valuations $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Tax Year Forecast FY 2017 V1 Page 17 Exhibit 8

20 Assessed Valuations Tax Year 2016 $1,010,818,460 Commercial Real Estate 16.5% Public Utility Tangible Property 1.6% Residential & Agricultural Property 81.9% Forecast FY 2017 V1 Page 18 Exhibit 9

21 Levy History DATE RATE LEVY TYPE NEW OR RENEWAL AMOUNT TERM EXPIRES ELECTION RESULTS FOR AGAINST % Yes 06/ mills Emergency New $2,200,000 3 Years 1986 Passed , % 02/ mills Operating Additional New $2,200,000 Continuing Continuing Passed , % 02/ mills Permanent Improvement New $341,000 5 Years 1991 Passed , % 05/ mills Emergency Additional New $2,470,000 5 Years N/A Failed , % 11/ mills Emergency Additional New $1,500,000 5 Years 1992 Passed , % 05/88 5 mills Operating Additional New $1,300,000 Continuing N/A Failed , % 08/88 5 mills Operating Additional New $1,300,000 Continuing N/A Failed 720 2, % 11/ mills Operating Additional New $815,000 Continuing N/A Failed , % 11/ mills Permanent Improve Add'l New $500,000 5 Years N/A Failed , % 05/ mills Stay-At-Home (Bond) New $6,250, Years 2011 Passed , % 05/ mills Permanent Improvement Renewal $569,300 5 Years 1996 Passed , % 06/ mills Operating Additional New $1,500,000 Continuing N/A Failed , % 06/ mills Emergency New $3,375,000 5 Years N/A Failed , % 08/ mills Operating Additional New $1,500,000 Continuing N/A Failed , % 08/ mills Emergency New $3,375,000 5 Years N/A Failed , % 11/ mills Emergency + $521,000 Renewal $2,021,000 5 Years 1997 Passed , % 05/ % Income Tax New $4,450,000 Continuing N/A Failed , % 11/ % Income Tax New $4,569,550 Continuing N/A Failed , % 05/ mills Emergency New $3,000,000 5 Years N/A Failed , % 11/ mills Emergency New $3,200,000 5 Years 1999 Passed , % 03/ mills Permanent Improvement Renewal $569,300 5 Years 2001 Passed , % 05/ mills Emergency Renewal $2,021,000 5 Years 2002 Passed % 11/ mills Bond Issue New $9,950, Years 2026 Passed , % 05/ mills Emergency Renewal $3,200,000 5 Years 2004 Passed % 05/ mills Permanent Improvement Renewal $569,300 5 Years 2006 Passed , % 05/ mills Emergency Renewal $2,021,000 5 Years 2007 Passed , % 05/ mills Emergency Renewal $3,200,000 5 Years 2009 Passed , % 03/ mills Emergency Additional New $5,780,000 5 Years 2009 Passed , % 05/ mills Emergency Additional New $3,700,000 5 Years N/A Failed , % 08/ mills Emergency Additional New $3,700,000 5 Years N/A Failed , % 05/ mills Emergency Additional New $4,671,000 5 Years 2011 Passed , % 11/ mills Permanent Improvement Renewal $682,569 5 Years 2011 Suspended Passed , % 05/ % County Sales Tax (effective 10/1/07) $2,304, Years Sept 2037 Passed 16,946 13, % 05/ mills Emergency Renewal $2,021,000 5 Years 2012 Passed , % 11/ mills Emergency Renewal $5,780,000 5 Years 2014 Passed 12,374 9, % 05/ mills Emergency Renewal $3,200,000 7 Years 2016 Passed , % 11/ mills Emergency Renewal $4,671,000 7 years 2018 Passed , % 03/ mills Emergency Renewal $2,021,000 8 years 2020 Passed , % 11/ mills Emergency New $4,956,000 2 Years n/a Failed , % 05/ mills Emergency Renewal $5,780,000 8 Years 2022 Passed , % 03/ mills Emergency Renewal $3,200,000 8 years 2024 Passed , % Passed Legend BOLD Active Levy Collections Failed Forecast FY2017 V1 Page 19

22 Brunswick City Schools - Five Year Levy Renewal Cycle School Year Fiscal Year Levy Type Emergency Emergency Emergency Emergency Emergency Original Millage 5.91 TBD Voted Millage 2.20 TBD Effective Rate* 2.20 TBD Originally Passed Nov 1992 N/A May 2004 Nov 1994 May 2006 Renewal 1 May 1997 Nov 2008 May 1999 Nov 2010 Renewal 2 May 2002 May 2014 May 2003 Renewal 3 May 2007 May 2009 Renewal 4 Mar 2012 May 2016 Term 8 years years 8 years 8 years 7 years Annual Revenue $2,021,000 TBD $5,780,000 $3,200,000 $4,671,000 Expiration Date Dec 2020 TBD Dec 2022 Dec 2024 Dec 2018 Optional Dates for Nov 2019 TBD May 2021 Nov 2023 Nov 2017 Renewal Optional Mar 2020 TBD May 2022 May 2024 May 2018 Optional Aug 2020 TBD Aug 2022 Aug 2024 Aug 2018 Optional Nov 2020 TBD Nov 2022 Nov 2024 Nov 2018 *Rates authorized December 2015 Forecast FY 2017 V1 Page 20 Exhibit 11

23 SCHOOL DISTRICT PUBLIC UTILITY TANGIBLE PROPERTY VALUES Medina County School Districts 2010 AND AFTER 2005 RR & 2006 TOTAL 2007 TOTAL 2008 TOTAL 2009 TOTAL TOTAL 2005 TOTAL TELEPHONE ESTIMATED ESTIMATED ESTIMATED ESTIMATED ESTIMATED SCHOOL DISTRICT PU VALUE VALUE PU VALUE PU VALUE PU VALUE PU VALUE PU VALUE BLACK RIVER LOCAL 12,813,490 2,190,030 12,519,478 11,734,441 11,301,954 10,868,956 10,623,460 BRUNSWICK CITY 15,151,890 5,532,390 14,533,173 12,196,434 11,338,904 10,478,412 9,619,500 BUCKEYE 13,985,380 3,056,570 13,640,558 12,447,813 11,900,804 11,352,736 10,928,810 CLOVERLEAF LOCAL 12,875,610 6,253,450 12,231,205 9,824,469 8,664,742 7,503,267 6,622,160 HIGHLAND LOCAL 11,691,310 3,829,180 11,388,235 9,803,389 9,153,882 8,502,969 7,862,130 MEDINA CITY 22,065,210 6,302,510 21,420,685 18,776,108 17,770,893 16,762,625 15,762,700 WADSWORTH CITY 19,347,440 3,049,770 19,009,678 17,733,782 17,251,008 16,766,686 16,297,670 Source: Ohio Department of Taxation Notes: PU = Public Utility Tangible 2005 Actual Total Values and Actual Telephone & Railroad Values Estimated Total Values, Including Estimated Telephone & Railroad Values Values for Are for Rate Setting Purposes, Reflecting Telephone Values for the Following Year Because of the Switch to the General Business Payment Calendar Estimates Assume no Baseline Growth or Decline This document is presented to provide a historical perspective of the decreased in Assessed Valuation due to the change in tax laws Forecast FY 2017 V1 Page 21 Exhibit 12

24 Five Year Forecast Fixed Sum Levy Reimbursements FY 2016 Tangible Personal Property Tax Offset IRN District County Year Passed Fixed Sum Tax Levy (Amount) Mills Annual Distribution First (Nov) Distribution Second Distribution Fund Number BRUNSWICK CSD MEDINA 1998 BOND ($17,679,100) , , , BRUNSWICK CSD MEDINA 2002 EMERGENCY ($2,021,000) , , , BRUNSWICK CSD MEDINA 2004 EMERGENCY ($3,200,000) , , , BRUNSWICK CSD MEDINA 2004 EMERGENCY ($5,780,000) , , , Total 161, , , Fund Bond Retirement 15, , , Fund Emergency Levies (Operational) 145, , , Total 161, , , Source: Ohio Department of Taxation, August 2015 Estimated Fixed Sum Levy Reimbursements FY FY 2020 Factors are determined by ORC see Exhibit 32 Fund 016 Fund 002 Total Fiscal Year Factor Reimbursement Reimbursement Reimbursement FY % 145,859 20, ,055 FY % 145,859 15, ,567 FY % 145,859 15, ,567 FY % 145,859 15, ,567 FY % 145,859 15, ,567 FY % 145,859 15, ,567 FY % 116,687 12, ,254 FY % 87,516 9,425 96,940 FY % 58,344 6,283 64,627 Forecast FY 2017 V1 Page 22 Exhibit 13TPPoffset

25 Five Year Forecast Fixed Rate Levy Reimbursements FY FY 2018 Tangible Personal Property (TPP) Tax Offset These numbers represent the amount of reimbursements the district would be entitled to each year by levy. Levy Year Levy Name Tax Rate FY 2010 Fixed Rate Levy Losses FY 2011 Fixed Rate Levy Losses FY 2012 Fixed Rate Levy Losses FY 2013 Fixed Rate Levy Losses FY 2014 Fixed Rate Levy Losses FY 2015 Fixed Rate Levy Losses FY 2016 Fixed Rate Levy Losses FY 2017 Fixed Rate Levy Losses FY 2018 Fixed Rate Levy Losses GENERAL FUND , , , ,912 80,424 62,552 44,680 26,808 8,936 PERMANENT IMPROVEMENT ,820 51,007 52,025 52,025 27,542 21,422 15,301 9,181 3, CURRENT EXPENSE (Gen Fund) ,291,342 1,322,107 1,348,477 1,348, , , , ,966 79, CURRENT EXPENSE (Gen Fund) , , , , ,170 85,688 61,205 36,723 12, CURRENT EXPENSE (Gen Fund) , , , , , , ,518 63,311 21, PERMANENT IMPROVEMENT ,792 59,168 60,348 60,348 31,949 24,849 17,750 10,650 3,550 Total Calculated Reimbursements 2,087,272 2,136,998 2,179,621 2,179,621 1,153, , , , ,213 Revised State TPP Reimbursements n/a n/a 787, General Fund 95.37% 1,979,660 2,026, , Permanent Improvement 4.63% 107, ,176 38, Total % 2,087,272 2,136, , Calculated Reduction in TPP Reimbursements 1,353,496 2,179,621 1,153, , , , ,213 Change from FY % % % % % % % Source: Ohio Department of Taxation, August 2010 & September 2011 Revised: Ohio Department of Education Office of Budget Management, March 2011 Revised: Ohio Department of Education September 2015 Forecast FY 2017 V1 Page 23 Exhibit 14

26 Property Tax Replacement Fund Reimbursements (PTRF) for SB 3 & SB 287 Fixed Sum & Fixed Rate Loss Reimbursement (Account Code: 3135) SCHOOL DISTRICT FIXED SUM LOSSES BY LEVY AND TAX YEAR Fiscal Allocation Allocation Fixed Sum Levy Reimbursements by Year Net Payment Year Payment #1 Payment #2 Payment # 3 Total Emergency Debt Service 160, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Total 1,384, , , , ,384, ,326, , FY 2017 Fixed Sum Levy Reimbursements Levy Purpose Annual August November May Emergency Debt Service 17,679, Bond Issue 15, , , , ,021, Current Expense (Emergency Levy) 28, , , , Annual Levy Proceeds 3,200, Current Expense (Emergency Levy) 42, , , , ,780, Current Expense (Emergency Levy) 75, , , , Total FSLR Payment #1 Payment #2 Total Fund 016 Total Fund 002 FSLR Total Fixed Sum Levy Reimbursements 161, , , , , Note: Totals vary due to rounding Source: Ohio Department of Taxation (2005) & Updated 2013, Ohio Department of Education 2015 SCHOOL DISTRICT FIXED RATE LOSSES BY LEVY AND TAX YEAR TY 2006 Fixed Rate Levy Losses TY 2007 Fixed Rate Levy Losses TY 2008 Fixed Rate Levy Losses TY 2009 Fixed Rate Levy Losses TY 2010 Fixed Rate Levy Losses TY 2011 Fixed Rate Levy Losses County School District Levy Year Levy Name Tax Rate Medina Brunswick General Fund - Inside , , , , , , Medina Brunswick Permanent Improvement - Inside , , , , , , Medina Brunswick 1976 General Fund - Current Expense , , , ,286, ,291, , Medina Brunswick 1977 General Fund - Current Expense , , , , , , Medina Brunswick 1986 General Fund - Current Expense , , , , , , Medina Brunswick 1986 Permanent Improvement , , , , , , Total 592, ,056, ,501, ,080, ,087, , Consolidated Payments per Fund General Fund (001) 561, ,002, ,424, ,972, ,979, , Permanent Improvement (003) 30, , , , , , Total 592, ,056, ,501, ,080, ,087, , FY 2017 Fixed Rate Levy Reimbursements Levy Purpose Annual August November May Emergency P I (FRLR) Permanent Improvement (*Discontinued Per ORC) Total FRLR Payment #1 Payment #2 Total Fund 003 FRLR Total Fixed Rate Levy Reimbursements Forecast FY 2017 V1 Page 24 Exhibit 15

27 Ohio Department of Education OFFICE of BUDGET and SCHOOL FUNDING Traditional District Foundation - Summary of Funding FY 2017 IRN: District: Brunswick City SD County: Medina Line Fiscal Year 2016 Calculation Factors: A Opportunity Grant 20,221, B Targeted Assistance 1,806, C K-3 Literacy Funding 436, D Economic Disadvantaged Funding 99, E Limited English Proficiency 28, F Gifted Education 356, G Transportation Funding 1,800, H Special Education Additional Funding 2,202, I Career Tech Educational Funding 19, Graduation Bonus (exempt from Cap) 107, Third grade reading Bonus (Exempt from Cap) 87, J Funding Guarantee Base 0.00 K Total State Funding (SFSF) 27,167, Line Fiscal Year 2016 Preliminary Calculation Factors: a1 Adjusted Total ADM 7, a2 Total FY 2015 ADM a3 Tuition Kindergarten 0 a4 FY 2015 Jointure JVSD a5 Contract Vocational ADM 1.04 a6 Formula ADM 7, Line Additional Aid Items: L Preschool Special Education Units 494, M Special Education Transportation 209, Total Additional Aid Items 703, Transfers and Adjustments: N Educational Service Center Deduction (46,221.50) O Open Enrollment Adjustments - (Estimate) Positive 131, P Open Enrollment Adjustments - (Estimate) Negative (176,452.78) Q Transfer for students educated by Community Schools (985,261.33) R Stem School Transfers 0.00 S Transfer for Scholarships (197,817.22) T Other Adjustments (84,024.96) U Other Adjustments - PSEO,CCP,Tuition,SF6, SF14 (395,000.00) Total Transfers & Adjustments (1,753,016.58) V Total Net State Support 26,118, Funding Allocation FY 2017 Annual Allocation Opportunity Grant FY ,221,900 Targeted Assistance 1,806,979 Special Education Additional Funding 2,202,919 LEP Additional Funding 28,264 Economically Disadvantaged Aid 99,620 K-3 Literacy Funding 436,550 Gifted Identification & Units 356,178 Career Tech Additional Funding 19,210 Transportation FY ,800,680 Temporary Transitional 0 Graduation Bonus-3rd Grade Guarantee 195,601 TCA Total Estimated Final Core Aid FY ,167,900 Source - Ohio Department of Education - October 2015 Forecast FY 2017 V1 Page 25 Exhibit 16

28 Average Daily Membership (ADM) FY FY 2016 Source: Ohio Department of Education - Cupp Report & EMIS 7,800 Enrollment 7,700 7,600 7,500 7,400 7,300 7,200 7,100 7,000 6,900 6,800 6, ,600 6,500 6,400 6,300 6,200 6,100 6,000 Fiscal Year Forecast FY2017 V1 Page 26

29 Enrollment by Building FY ,500 2,000 1,500 1, Page 27

30 Enrollment by Building K-8 FY Forecast FY 2017 V1 Page 28

31 Enrollment by Grade Level FY KG Forecast FY2017 V1 Page 29