Aromas San Juan Unified School District (CA)
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1 Aromas San Juan Unified School District (CA) 1 Aromas San Juan Unified School District (San Benito, Monterey and Santa Cruz Counties, California), Election of 2010 General Obligation Bonds, Series B (Bank Qualified), $3,499,497.95, Dated: January 10, Aromas San Juan Unified School District (San Benito, Monterey and Santa Cruz Counties, California), General Obligation Refunding Bonds 2011, $8,100,000, Dated: August 31, Aromas San Juan Unified School District (San Benito, Monterey and Santa Cruz Counties, California), Election of 2010 General Obligation Bonds, Series A, $1,999,077.50, Dated: March 2, 2011 Series 2011A, 2011 Ref District's Approved Annual Budget for the Then Current Fiscal Year Fiscal Year Ended June 30, 2016 Item 8.2 on the June 24, 2015 Board Agenda. Approved by the Board. eetingid=2694&agencytypeid=1&isarchived=true Series 2013B State Funding Received by the District for the Last Completed Fiscal Year Fiscal Year Ended June 30, 2015 Audit Report, page 22. Series 2013B Average Daily Attendance of the District for the Last Completed Fiscal Year Fiscal Year Ended June 30, Average Daily Revenue Limit Per Deficited Revenue Fiscal Year Attendance A.D.A. Limit per A.D.A , N/A (School agencies are no longer funded under Revenue Limit funding. The Local Control Funding Model is currently being implemented over multiple years.) N/A (School agencies are no longer funded under Revenue Limit funding. The Local Control Funding Model is currently being implemented over multiple years.) Series 2013B Outstanding District Indebtedness Fiscal Year Ended June 30, Year Ending Series Series Series Total Annual August 1 Bonds Bonds Bonds The Bonds Debt Service See Audit Report, pages Series 2013B Summary Financial Information on Revenues, Expenditures and Fund Balances for the District s General Fund Reflecting Adopted Budget for the Current Fiscal Year Fiscal Year Ended June 30, 2016 Adopted Budget Audited Actuals Revenues: Revenue Limit Sources Federal Revenue Other State Revenue Other Local Revenue Total Revenues Expenditures: Certificated Salaries Classified Salaries Employee Benefits Books and Supplies Services and Operating Expenditures Other Outgo Transfers of Indirect Costs Capital Outlay Total Expenditures See Adopted Budget, Form 01, page 1 and 2 Not complete until December 2016 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Net Net Change in Fund Balances Fund Balance, July 1 Fund Balance, June 30
2 Series 2013B, 2011A, 2011 Ref Assessed Value of Taxable Property in the District as Shown on the Most Recent Equalized Assessment Roll Fiscal Year Ended June 30, Fiscal Year Secured Unsecured Total Annual Percent Change See 1st Interim, Unrestricted, Form 01I, page 3 See 1st Interim, Unrestricted, Form 01I, page 3 See 1st Interim, Unrestricted, Form 01I, page 3 See 1st Interim, Unrestricted, Form 01I, page 3 Series 2013B, 2011A, 2011 Ref If Either San Benito County or Santa Cruz County No Longer Includes the Tax Levy for Payment of the Bonds in their Respective Teeter Plan, the Property Tax Levies, Collections and Delinquencies for the District for the Most Recently Completed Fiscal Year From the Applicable County Fiscal Year Ended June 30, 2015 No change from prior year. Series 2013B, 2011A, 2011 Ref The Property Tax Levies, Collections, and Delinquencies for the District for the Most Recently Completed Fiscal Year for Property Subject to Taxation by the District Located in Monterey County Fiscal Year Ended June 30, Amount Percentage Fiscal Year Secured Tax Charge Delinquent June 30 Delinquent June This information is available through Monterey Tax Assessor's Office. This is not information that is readily available to the District. Series 2013B, 2011A, 2011 Ref Top Ten Property Owners in the District for the Then Current Fiscal Year, as Measured by Secured Assessed Valuation, the Amount of their Respective Taxable Value and their Percentage of Total Secured Assessed Value, if Material Fiscal Year Ended June 30, Percent of Property Owner Primary Land Use Assessed Valuation Total Presentation to Rating Agency Slide of 25 of 1 37 (See attached) Totals
3 Aromas-San Juan Unified School District 2016 General Obligation Refunding Bonds Credit Rating Presentation January 22, 2015
4 Financing Participants School District Aromas-San Juan Unified School District Ruben Zepeda II, Ed.D., Superintendent Michele Huntoon, Interim Business Manager Bond Counsel Stradling Yocca Carlson & Rauth David Casnocha Carlos Villafuerte Underwriter Stifel, Nicolaus & Company, Incorporated Bruce Kerns Erica Gonzalez 2
5 Presentation Agenda Page Number Section I: Overview of the District 4 Section II: School District Finances 11 Section III: Tax Base for General Obligation Bonds 19 Section IV: Outstanding Bonded Debt 29 Section V: Refunding Summary 32 The information contained in this communication is being provided in conjunction with information contained in the offering documents with respect to the referenced municipal securities and does not purport to be comprehensive or definitive. All statements contained herein are qualified in their entirety by reference to the information, including any disclaimers set forth therein, contained in the offering documents including the draft preliminary official statement provided to the recipient of this information, and the deemed final official statement and the final official statement to be delivered to potential investors and the recipient of this information in connection with the offering of the municipal securities described herein. 3
6 Section I. Overview of the District 4
7 District Location Territory of the District 100-square-mile area in western San Benito County, northern Monterey County and eastern Santa Cruz County Includes the City of San Juan Bautista, the unincorporated community of Aromas, and other unincorporated areas in the three-county territory District population of approximately 4,700 persons in 2014 Source: The District, U.S. Bureau of the Census 5
8 District Configuration Schools and Enrollment Unified in 1991 from former San Juan Union School District and Pajaro Valley Unified School District 3 schools in operation Two K-8 schools One high school Child development program Budgeted enrollment of 1,147 students in Source: The District, Ed-Data 6
9 District Governance and Administration Board of Trustees Jeff Hancock Board President Angelica Medina Clerk Jennifer Colby, Ph.D. Trustee Monica Martinez-Guaracha Trustee Fernando Tapiz Trustee District Administration Ruben Zepeda II, Ed.D. Superintendent of Schools Michele Huntoon Interim Business Manager Anita Hendrickson Human Resources Manager Source: The District 7
10 District Leadership Team Superintendent Ruben Zepeda II, Ed.D. Began serving as Superintendent in July Spent nearly 30 years educating students for college, careers and service to their families and communities. Previously served in Monterey Peninsula, Alameda, Acton-Agua Dulce, Chino Valley and Los Angeles Unified School Districts. Earned a Doctorate of Education from the University of Southern California and a Bachelor of Arts degree from the University of California, Los Angeles. Attended and completed a year-long CBO certification program at the University of Southern California. He completed the program in June Interim Business Manager Michele Huntoon B.A. degree in Business Administration, concentration in Accounting. Began school finance career as an independent Certified Public Accountant (CPA) auditing school agencies (school districts, county offices of education, and charters). Experience includes positions as Associate Superintendent, Business Services, Chief Business Official, and other administrative positions with the responsibility for all of the financial and non-instructional disciplines and operations of public schools. These responsibilities included county oversight responsibilities for K-14 districts. Associate Vice President from 2000 to 2013 with School Services of California, Inc. (SSC) participating on the company s leadership team. Also provided consulting services to K-12 school districts related to the finance and operations of schools. Source: The District 8
11 Community Support Aromas-San Juan Bautista Community Schools Foundation Fundraiser The Foundation supports arts in the schools, provides assistance to educational programs through mini-grants, and provides annual scholarships and awards to District graduates. United Way s Stuff the Bus Project Collects backpacks, school supplies and donations to help low-income and homeless children be prepared for school Community Support San Benito County Charitable Community Funds San Juan Bautista Rotary Aromas Grange Granite Rock 9
12 Average Daily Attendance and Enrollment 1,400 ADA and Annual Enrollment # of Students 1,200 1, ,206 1,255 1,186 1,258 1,174 1,260 1,145 1,202 1,103 1,170 1,094 1,149 1,095 1,133 1,104 1,147 1,083 1,146 1,083 1, * * * ADA Enrollment ADA as % of Enrollment 96.10% 94.28% 93.17% 95.26% 94.27% 95.21% 96.65% 96.25% 94.50% 94.50% *Preliminary, Subject to Change Sources: Aromas-San Juan Unified School District Audited Financial Statements, Annual Budgets 10
13 Section II. School District Finances 11
14 Audited Financials to REVENUES Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Revenue Limit/LCFF Sources $7,669,081 $7,175,210 $6,847,432 $6,874,234 $9,085,820 Federal Revenues 982,214 2,880,997 2,559,308 2,109, ,194 Other State Revenues 1,775,152 2,053,594 1,941,223 2,194,199 1,019,957 Other Local Revenues 1,007,687 1,516,233 1,045, ,111 1,017,229 Total Revenues 11,434,134 13,626,034 12,393,712 11,991,988 11,579,200 EXPENDITURES Instruction 5,790,625 7,673,282 7,454,790 7,150,650 6,695,799 Instruction-related Services: Supervision of Instruction 397, , , , ,254 Instructional Library, Media and 101,584 93, , , ,178 Technology School Site Administration 887,189 1,041,929 1,107,728 1,053, ,606 Pupil Services: Home-to-School Transportation 578, , , , ,847 All Other Pupil Services 144, , , , ,762 General Administration: Data Processing , , ,649 All Other General Administration 844, , , , ,691 Plant services 1,213,778 1,247,411 1,265,524 1,248,288 1,362,574 Facility Acquisition and Construction 97, , , ,010 11,570 Ancillary Services 44,011 44,389 59,883 68,467 67,356 Other Outgo 476, , , , ,500 Total Expenditures 10,557,205 13,137,396 12,490,666 12,254,824 11,240,786 Excess (Deficiency) of Revenues Over 856, ,638 (96,954) (262,836) 338,414 Expenditures OTHER FINANCING SOURCES (USES) Net 75, ,134 (25,000) (20,192) -- Net Change in Fund Balances 781, ,772 (121,954) (283,028) 338,414 Fund Balance Beginning of Fiscal Year 617,017 1,398,946 2,163,718 2,145,920 1,862,892 Fund Balance End of Fiscal Year $1,398,946 $2,163,718 $2,041,764 $1,862,892 $2,201,306 (1) The District's audit for the fiscal year ended June 30, 2012, included an audit adjustment related to an accounts payable amount. This adjustment was reflected in the District's beginning fund balance. Source: Aromas-San Juan Unified School District Audited Financial Statements (1) 12
15 Comparison of General Fund Budgets and Actuals Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Budgeted Audited Budgeted Audited Budgeted Audited Budgeted Unaudited Budgeted 1 st Interim REVENUES: Revenue Limit/LCFF Sources $6,977,409 $6,847,432 $6,582,949 $6,874,234 $6,894,021 $9,085,820 $9,026,280 $9,008,514 $10,049,089 $9,727,817 Federal Revenue 2,258,051 2,559,308 2,189,795 2,109, , , , , , ,475 Other State Revenue 1,725,729 1,748,020 1,697,473 1,997,059 1,718,591 1,019, , ,418 1,048,089 1,117,554 Other Local Revenue 691,164 1,045, , , ,297 1,017, , , , ,115 Total Revenues 11,652,353 12,200,509 11,174,601 11,794,848 9,942,100 11,579,200 11,384,267 10,713,549 12,383,305 12,164,961 EXPENDITURES: Certificated Salaries 5,025,578 5,113,417 5,304,989 5,082,952 4,495,238 4,956,040 4,758,850 4,827,082 5,128,047 4,888,205 Classified Salaries 2,026,690 2,045,874 1,890,301 2,087,163 2,229,871 1,968,262 2,038,087 2,007,900 2,126,640 2,046,302 Employee Benefits 2,227,201 2,325,761 2,274,007 2,411,503 1,897,606 2,390,021 2,462,217 2,296,018 2,542,743 2,712,638 Books and Supplies 648, , , , , , , , , ,634 Services and Operating 1,168,409 1,374,574 1,125,081 1,181, , ,188 1,029,575 1,078,100 1,092,214 1,263,789 Expenditures Other Outgo Net 414, , , , , , , , , ,405 Transfers of Indirect Costs (46,870) (21,758) Capital Outlay , , ,320 25, , , ,249 Total Expenditures 11,510,754 12,297,463 11,302,375 12,057,684 10,012,041 11,240,786 11,656,790 11,507,569 $12,726,675 $12,785,222 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) NET NET CHANGE IN FUND BALANCES 141,599 (96,954) (127,774) (262,836) (69,941) 338,414 (292,523) (794,019) (343,370) (620,260) -- (25,000) -- (20,192) (60,000) ,559 (121,954) (127,774) (283,028) (69,941) 338,414 (292,523) (854,019) (343,370) (620,260) (1) (1) FUND BALANCE, JULY 1 2,163,718 2,163,718 2,145,920 2,145,920 1,862,892 1,862,892 2,200,704 2,201,306 1,603,946 1,758,692 FUND BALANCE, JUNE 30 $2,305,317 $2,041,764 $2,018,146 $1,862,892 $1,792,951 $2,201,306 $1,908,181 $1,758,692 $1,260,576 $1,138,432 (1) The District's audit for the fiscal year ended June 30, 2012, included an audit adjustment related to an accounts payable amount. This adjustment was reflected in the District's beginning fund balance. Source: Aromas-San Juan Unified School District Audited Financial Statements 13
16 Budgeted vs. Actual Ending Balances General Fund Ending Balance Original Budget $2,305,317 $2,018,146 $1,792,951 $1,908,181 $1,260,576 Actuals $2,041,764 $1,862,892 $2,201,306 $1,758,692 $1,138,432 Available Reserves 3 $1,908,444 $1,668,040 $1,627,343 $1,276,557 $864,119 Total Outgo $12,322,463 $12,077,876 $11,240,786 $11,567,569 $12,785,222 Percentage 15.49% 13.81% 14.48% 11.04% 6.76% Millions $2.5 $2.0 $1.5 $1.0 $0.5 $ (1) (2) (1) Unaudited Actuals Original Budget Actuals 3% Reserve Requirement (2) First Interim (3) Available reserves consist of all undesignated fund balances and all funds designated for economic uncertainty contained within the General Fund. Source: Aromas-San Juan Unified School District Audited Financial Statements, Annual Budget Reports 14
17 District Reserve Policies Aromas-San Juan Unified School District Reserve Policies Statutory reserve for economic uncertainty is 3% Governing Board Policy 3100 To protect the District against unforeseen circumstances such as revenue shortfalls and unanticipated expenditures, the Board intends to maintain a 9% reserve, inclusive of the statutory reserve, based on general fund expenditures and other financing uses. An additional reserve of $200,000 shall also be maintained for special education purposes st Interim Qualified Budget status is being addressed through several options 15
18 Options for Addressing Qualified Interim Report Multi-Year Expenditure Reductions Scenario Description No changes to current budget, plus proposed audit adjustment of $219K Effect on Reserves Achieves 3% Economic Uncertainty reserve in all three years 1 Scenario 0, plus reclassification of bond expenditures into the correct fund and reassign expenditures related to restricted funds 2 Scenario 0, plus partial Bond Fund reclassification and reassignment of expenditures related to restricted funds 3 Scenario 1, plus 1 teacher reduction in and Scenario 1, plus 2 teacher reductions in and Scenario 1, plus 1% salary reduction - must be negotiated - in and $330k + $80k =$410k 0 0 Achieves 3% Economic Uncertainty reserve in all three years $239k + $80k =$319k 0 0 Achieves 3% Economic Uncertainty reserve in all three years $410k $85k $85k Achieves 3% Economic Uncertainty reserve in all three years $410k $170k $170k Achieves 3% Economic Uncertainty reserve and Board policy reserve for all three years $410k $85.76k $85.76k Achieves 3% Economic Uncertainty reserve in all three years and Board policy reserve in the 15/16 fiscal year 6 Scenario 1, Scenario 5, and 1 furlough day - must be negotiated - in and $410k $85.76k+ $40.4K =$126.16k $85.76k + $40.4K =$126.16k Achieves 3% Economic Uncertainty reserve in all three years and Board policy reserve in the 15/16 fiscal year 7 Scenario 1, Scenario 5, and 1 furlough day - must be negotiated - in and $410k $85k + $40.4K =$125.4k $85k + $40.4K =$125.4k Achieves 3% Economic Uncertainty reserve in all three years and Board policy reserve in the 15/16 fiscal year 8 Scenario 1, plus freeze step and column - must be negotiated - in and $410k $131.9k $131.9k + $128.7k Achieves 3% Economic Uncertainty reserve in all three years and Board policy reserve in the 15/16 fiscal year 16
19 Labor Relations Labor Bargaining Units Labor Organization Number of Employees In Organization Contract Expiration Date Aromas-San Juan Teacher s Association-CTA/NEA 55 June 30, 2015 Aromas-San Juan Federation of Classified Employees, AFT Local June 30, 2016 Source: The District. As of January Salary Increase History Certificated Classified Fiscal Year One-Time Ongoing One-Time Ongoing % 0.00% 0.00% 0.00% % 3.50% 0.00% 3.50% % 3.00% 1.00% 3.00% * 0.00% 1.65% 0.00% 0.00% * 0.00% 0.00% 0.00% 0.00% * 0.00% 0.55% 0.00% 1.80% * 0.00% 1.25% 0.00% 0.00% *In , the District negotiated a salary rollback. In the years, through , the increases in salary were a reinstatement of the rollback. District Employment As of January 2016 Employee Type FTE Non-management certificated Classified non-management Certificated management 5.00 Classified management 6.00 Total full-time equivalent
20 OPEB Liability The District provides post-employment benefits to retirees District contributes 100% of insurance premiums, subject to cap of $14,000 per year, until age or or yearsof of accumulated post-retirement Eligibility requires retirement on or after age 55 with at least 10 years of eligible service The District has implemented GASB No. 45 As of July 1, 2013 actuarial accrued liability ( AAL ) was $1,372,859 with annual required contribution ( ARC ) of $177,204 As of June 30, 2014 Net OPEB Obligation of $490,141 18
21 Section III. Tax Base for General Obligation Bonds 19
22 Tax Base Summary Tax Base Characteristics Land area and population 100 square miles Estimated population of 4,700 persons in 2014 Tax base is in four governmental jurisdictions 62.2% of AV in unincorporated San Benito County 26.0% of AV in unincorporated Monterey County 10.3% of AV in City of San Juan Bautista 1.4% of AV in unincorporated Santa Cruz County Annual growth since has averaged 6.37% Growth in was 6.04% Diversified Property Ownership Largest property owner represents 5.01% of secured assessed valuation Top 20 property owners account for 24.48% of secured assessed valuation Industrial and agricultural land use account for most of the largest taxpayers Overlapping Tax and Assessment Debt Direct debt 0.83% of assessed valuation; $2,850 per capita Net combined total debt 1.57% of assessed valuation; $5,390 per capita 20
23 Assessed Valuation to $1,800,000,000 Assessed Valuation and Annual Percentage Change $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000, % 9.4% 0.8% 8.5% 16.0% 8.6% 6.9%8.6% 15.0% -2.6% 15.5% 3.4%6.0% 7.0% 4.4% 7.2% 6.2% 4.6% 5.9% 6.2% 10.8% 9.8% 5.1% 6.3% 11.1% -0.2% 9.6% 5.8% -4.3% 10.0% -5.1% 6.3% -1.2% 11.2% -1.4% 6.0% $0 Annual Compound Growth, to % Source: California Municipal Statistics, Inc. 21
24 Assessed Valuation to Fiscal Year Secured Unsecured Total AV Annual % Change $167,903,676 $6,623,292 $174,526, ,786,664 6,579, ,365, % ,712,580 6,967, ,680, % ,235,030 6,568, ,803, % ,005,593 7,081, ,087, % ,444,181 8,362, ,807, % ,661,071 9,192, ,853, % ,398, % ,032,603 10,134, ,167, % ,826,917 3,033, ,860, % ,429,205 3,541, ,970, % ,346,545 14,267, ,613, % ,737,202 10,701, ,438, % ,981,976 11,991, ,973, % ,703, % ,225,905 19,924, ,149, % ,216,749 15,330, ,547, % ,545,996 19,013, ,559, % ,770,148 21,336, ,106, % ,342,848 23,435, ,778, % ,385,873 29,064, ,450, % ,774,424 29,753, ,527, % ,430,520 33,003, ,434, % ,433,980 35,791, ,225, % ,710,098 37,755,414 1,026,465, % ,090,558,650 50,325,562 1,140,884, % ,211,072,240 57,673,092 1,268,745, % ,330,067,258 65,939,589 1,396,006, % ,407,201,631 69,486,100 1,476,687, % ,401,664,969 72,793,924 1,474,458, % ,328,059,683 82,890,633 1,410,950, % ,263,722,807 75,507,353 1,339,230, % ,248,408,421 74,369,787 1,322,778, % ,213,927,742 91,013,433 1,304,941, % ,271,939, ,711,304 1,386,650, % ,374,719, ,741,686 1,519,460, % ,466,565, ,730,332 1,611,296, % Source: California Municipal Statistics, Inc. Average compound growth rate of: 6.37% 22
25 Assessed Valuation by Jurisdiction Aromas-San Juan Unified School District Assessed Valuation by City and County AV of Municipality as % of School District AV % of Municipality AV in School District Unincorporated Santa Cruz County 0.87% City of San Juan Bautista 10% Unincorporated Monterey County 26% 100% 80% 60% 40% 20% Unincorporated San Benito County 62% 0% City of San Juan Bautista Unincorporated Monterey County Unincorporated San Benito County Unincorporated Santa Cruz County Source: California Municipal Statistics, Inc. 23
26 Land Use Distribution LAND USE DISTRIBUTION BY ASSESSED VALUE AND PARCEL Aromas-San Juan Unified School District Distribution by Assessed Valuation Distribution by Number of Parcels Agricultural 17.5% Other 0.0% Vacant 0.3% Agricultural 15.4% Other 1.5% Vacant 1.7% Industrial 1.2% Industrial 12.6% Single Family 59.6% Commercial 3.9% Commercial 6.1% Other Residential 3.9% Other Residential 17.3% Single Family 59.1% Single family property accounts for the largest share of secured assessed valuation at 59.6% followed by agricultural property at 17.5% Source: California Municipal Statistics, Inc. 24
27 Largest Property Taxpayers Aromas-San Juan Unified School District Property Owner Primary Land Use Valuation % of Total 1 Granite Rock Co. Industrial $73,531, % 2 Natural Selection Foods LLC Agricultural 68,706, % 3 McCormick Selph Inc. Industrial 29,858, % 4 Driscoll Strawberry Associates Inc. Agricultural 26,590, % 5 Monterey Mushrooms Inc. Agricultural 23,684, % 6 TLF-SJB LLC Agricultural 18,182, % 7 Pura 2006 Revocable Trust Agricultural 14,222, % 8 Dobler Ranches LP Agricultural 11,773, % 9 Christopher D & Sons Agricultural 10,792, % 10 San Juan Oaks LLC Golf Course 9,392, % 11 Rancho Gavilan Corp. Agricultural 9,058, % 12 Taisuco American Corporation Agricultural 8,681, % 13 Pensco Trust Company Inc. Agricultural 8,393, % 14 Enza Zaden Research USA Inc. Agricultural 7,257, % 15 Seminis Vegetable Seeds Inc. Industrial 7,073, % 16 David and Susan Gill Family Trust Agricultural 6,797, % 17 O Connell Freedom LLC Industrial 6,762, % 18 Mission Garden Apartment Investors LP Apartments 6,642, % 19 Amycel Inc. Industrial 6,421, % 20 Taylor Timus Family LP Agricultural 5,596, % Total: $359,421, % Source: California Municipal Statistics, Inc. 25
28 Single Family Homes by Assessed Value DISTRIBUTION OF SINGLE FAMILY ASSESSED VALUATIONS % Aromas-San Juan Unified School District % of all Single Family Properties 20% 15% 10% Median AV Single Family Home $347,530 San Benito County- Median Home Sale Price $461,000 70% of single family parcels are assessed below San Benito County s median home sale price 5% 0% $0 - $99,999 $100,000 - $199,999 $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000 - $599,999 $600,000 - $699,999 $700,000 - $799, Assessed Valuation of Single Family Homes $800,000 - $899,999 $900,000 - $999,999 $1,000,000 and greater Source: California Municipal Statistics, Inc.; Zillow.com as of October
29 Effect of Proposition 8 on Secured Assessed Value Aromas-San Juan Unified School District San Benito County Percentage of Secured Assessed Value Annual Change in Secured Value Percentage of Taxable Parcels Affected by Proposition 8 Per Parcel Affected by Proposition 8 Fiscal Total Total Year Proposition 13 Proposition 8 District Proposition 13 Proposition 8 Proposition 13 Proposition 8 District % 31.73% % % 24.73% % % 35.65% % ($7,796) ($57,018) 71.87% 28.13% % % 35.96% % $1,380 ($43,207) 70.16% 29.84% % % 38.35% % $6,575 ($29,361) 67.44% 32.56% % % 33.22% % $16,839 $28, % 27.66% % % 27.95% % $22,896 $70, % 20.93% % % 26.53% % $23,097 $89, % 15.47% % Source: ParcelQuest 27
30 Effect of Proposition 8 on Secured Assessed Value Aromas-San Juan Unified School District Monterey County Percentage of Secured Assessed Value Annual Change in Secured Value Percentage of Taxable Parcels Affected by Proposition 8 Per Parcel Affected by Proposition 8 Fiscal Total Total Year Proposition 13 Proposition 8 District Proposition 13 Proposition 8 Proposition 13 Proposition 8 District % 16.68% % % 9.92% % % 22.20% % $8,376 ($130,218) 83.30% 16.70% % % 26.29% % ($1,448) ($63,143) 79.64% 20.36% % % 22.19% % $15,742 ($15,958) 81.52% 18.48% % % 18.72% % ($4,864) ($59,618) 83.05% 16.95% % % 17.60% % $9,646 $14, % 15.84% % % 19.43% % ($16,557) $72, % 14.33% % Source: ParcelQuest 28
31 Section IV. Outstanding Bonded Debt 29
32 General Obligation Bonds 2002 Bond Authorization Measure S on March 5, 2002 Proposition 39 election required 55% vote Bond authorization of $11.2 million, all of which has been issued Partially refunded by 2011 Refunding Bonds $7,909,046 of outstanding principal 2010 Bond Authorization Measure Z on November 2, 2010 Proposition 39 election required 55% vote Bond authorization of $9.7 million, $4.2 million in remaining authorization 2016 General Obligation Refunding Bonds refund a portion of the General Obligation Bonds Election of 2010, Series A $5,498,575 of outstanding principal 30
33 Direct and Overlapping Debt Aromas-San Juan Unified School District DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 8/1/15 Cabrillo Joint Community College District 1.592% $2,024,207) Gavilan Joint Community College District ,411,121) Aromas-San Juan Joint Unified School District ,407,622) (1)(2) San Benito Healthcare District ,460,595) Monterey County Water Resources Agency Zone #2C ,092) Aromas County Water District Community Facilities District No ,000) Aromas County Water District 1915 Act Bonds ,000) TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $24,115,637) DIRECT AND OVERLAPPING GENERAL FUND DEBT: Monterey County General Fund Obligations 0.736% $1,535,002) Monterey County Board of Education Certificates of Participation ,181) Santa Cruz County General Fund Obligations ,302) Santa Cruz County Board of Education Certificates of Participation ,847) Cabrillo Joint Community College District Certificates of Participation ,881) TOTAL GROSS OVERLAPPING GENERAL FUND DEBT $1,613,213) Less: Monterey County supported obligations (382,816) TOTAL NET OVERLAPPING GENERAL FUND DEBT $1,230,397) GROSS COMBINED TOTAL DEBT $25,728,850) (3) NET COMBINED TOTAL DEBT $25,346,034) (1) Excludes accreted values of capital appreciation bonds. (2) Excludes general obligation bonds to be sold. Includes general obligation bonds to be refunded. (3) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Source: California Municipal Statistics 31
34 Section V. Refunding Summary 32
35 Refunding Summary Refunding of General Obligation Bonds Election of 2010, Series A Partial advance refunding of outstanding capital appreciation bonds Principal amount to be refunded: $1,588,023 Final maturity of refunded bonds: August 1, 2050 Savings structured proportionately to debt service of refunded bonds All capital appreciation maturities Final maturity of 2016 Refunding Bonds in 2050 matches final maturity of refunded bonds Benefits of Refunding Total nominal savings: $7,503,054 Total net present value savings: $2,197,750 Present value savings as a % of refunded bonds: 92.4% Average annual tax rate savings: For $100,000 of assessed valuation: $10.53 For median assessed value single family home ($347,530): $36.59 Property Taxes Subject to Teeter Plan in Two of Three Counties San Benito and Santa Cruz Counties apply the Teeter Plan to taxes levied to repay general obligation bonds 100% of taxes levied will be apportioned for debt service, irrespective of collections Monterey County does not apply the Teeter Plan to taxes levied to repay general obligation bonds Security of Statutory Lien The 2016 Refunding Bonds are secured by a statutory lien on all revenues received from the levy and collection of ad valorem taxes for the payment thereof, pursuant to Senate Bill 222 effective January 1, 2016 The District has pledged all funds on deposit in the debt service fund to the payment of the 2016 Refunding Bonds 33
36 Estimated Refunding Results Refunding of General Obligation Bonds Election of 2010, Series A Original Bonds Total Original Sale Date 2/16/2011 Original Principal Amount $1,999,078 Outstanding Principal Amount $1,999,078 Next Optional Redemption Date 8/1/2021 Estimated Refunding Bonds Estimated Sale Date of Refunding Bonds 02/10/2016 Refunding Type Advance Refunded Principal Amount (1) $1,588,023 New Principal Amount $3,651,181 True Interest Cost 4.70% Final Maturity Date 8/1/2050 Total Nominal Savings $7,503,054 Average Annual Nominal Savings $416,836 Net Present Value Savings ($) $2,197,750 Net Present Value Savings (%) 92.4% Average Annual Tax Savings for $100,000 Assessed Value Single Family Home (2) $10.53 Median Assessed Value Single Family Home (2)(3) $36.59 (1) Excludes non-callable maturities. (2) Based on assumed future assessed valuation growth rate of 3.50% in and thereafter. Growth rates do not represent projections by Stifel. (3) Median assessed value of a single family home in the District was $347,530 in , provided by California Municipal Statistics. 34
37 Estimated Annual Savings Refunding of General Obligation Bonds Election of 2010, Series A Year Ending Existing Bonds Refunding Bonds Savings B C = D A B C D 2033 $705,000 $440,000 $265, , , , , , , , , , , , , , , , , , , , , , ,045, , , ,095, , , ,150, , , ,210, , , ,270, , , ,329, , , ,398, , , ,468, , , ,541, , , ,620,000 1,010, ,000 Total $19,868,054 $12,365,000 $7,503,054 Annual Average $1,103,781 $686,944 $416,836 35
38 Estimated Financing Timeline January 22 nd Meeting with Rating Agency January 29 th Receive Rating February 2 nd Post Preliminary Official Statement February 9 th Pre-Pricing February 10 th Pricing March 9 th Closing 36
39 Questions and Discussion 37
Lennox School District
Dated: June 13, 2013 Prepared by: EASTSHORE CONSULTING FINANCIAL PLANNING CAMPAIGN STRATEGIES PUBLIC RELATIONS EASTSHORE CONSULTING FINANCIAL PLANNING CAMPAIGN STRATEGIES PUBLIC RELATIONS 1714 Franklin
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