RULE 15c2-12 FILING COVER SHEET

Transcription

1 RULE 15c2-12 FILING COVER SHEET This cover sheet is sent with all submissions to the Municipal Securities Rulemaking Board (the Nationally Recognized Municipal Securities Information Repository) and any applicable State Information Depository pursuant to Securities and Exchange Commission (SEC) Rule 15c2-12 or any analogous state statute. Issuer Name: Greenville Independent School District Issue(s): $ 20,955,000 Unlimited Tax Refunding Bonds, Series 2006 $ 1,505,000 Unlimited Tax Refunding Bonds, Series 2011 $ 64,315,000 Unlimited Tax School Building Bonds, Series 2014 Filing Format X electronic paper; If available on the Internet, give URL: CUSIP Numbers to which the information filed relates (optional): X Nine-digit number(s) (see following page(s)): Six-digit number if information filed relates to all securities of the issuer * * * Financial & Operating Data Disclosure Information X Annual Financial Report or CAFR X Financial Information & Operating Data Other (describe) X Fiscal Period Covered: FYE 2014 Monthly Quarterly X Annual Other: * * * I hereby represent that I am authorized by the issuer or its agent to distribute this information publicly: Signature: Name: Employer: Greenville Independent School District Voice Telephone Number: Address: Billy Myers (903) myersb@greenvilleisd.com Title:Chief Financial Officer

2 DESCRIPTION OF ISSUES COVERED BY THIS REPORT Unlimited Tax Refunding Bonds, Series 2006 Date Principal CUSIP 08/15/15 $ 1,165, JA2 08/15/16 1,210, JB0 08/15/17 1,265, JC8 08/15/18 1,310, JD6 08/15/19 1,360, JE4 08/15/20 1,420, JF1 08/15/21 1,475, JG9 08/15/22 1,540, JH7 08/15/23 1,605, JJ3 08/15/24 1,675, JK0 08/15/25 1,745, JL8 08/15/26 1,820, JM6 $ 17,590,000 Unlimited Tax Refunding Bonds, Series 2011 Date Principal CUSIP 08/15/15 $ 85, KU6 08/15/16 90, KV4 08/15/17 90, KW2 08/15/18 95, KX0 08/15/19 95, KY8 08/15/20 100, KZ5 08/15/23 310, LA9 08/15/26 350, LB7 $ 1,215,000

3 Unlimited Tax School Building Bonds, Series 2014 Date Principal CUSIP 02/15/15 $ 80, LC5 02/15/16 210, LD3 02/15/17 260, LE1 02/15/18 325, LF8 02/15/19 385, LG6 02/15/20 95, LH4 02/15/21 105, LJ0 02/15/22 100, LK7 02/15/23 110, LM3 02/15/24 110, LN1 02/15/25 115, LP6 02/15/26 125, KQ4 02/15/27 2,210, LR2 02/15/28 2,320, LS0 02/15/29 2,430, LT8 02/15/30 2,540, LU5 02/15/31 2,670, LV3 02/15/32 2,805, LW1 02/15/33 2,950, LX9 02/15/34 3,100, LY7 02/15/37 10,295, LZ4 02/15/38 3,790, MA8 02/15/39 3,985, MB6 02/15/44 23,200, LZ4 $ 64,315,000

4 CONTINUING DISCLOSURE REPORT FOR THE FISCAL YEAR ENDED AUGUST 31, 2014 GREENVILLE INDEPENDENT SCHOOL DISTRICT GENERAL OBLIGATION DEBT

5 FINANCIAL STATEMENTS The audited financial statements for the District for the fiscal year ended August 31, 2014 are being separately filed directly with the Nationally Recognized Municipal Securities Information Repository and any applicable State Information Depository, and are hereby incorporated by reference into this Annual Continuing Disclosure Report. SIGNATURE OF ISSUER The information set forth herein has been obtained from the District and other sources believed to be reliable, but such information is not guaranteed as to accuracy or completeness and is not to be construed as a promise or guarantee. This Annual Continuing Disclosure Report may contain, in part, estimates and matters of opinion which are not intended as statements of fact, and no representation is made as to the correctness of such estimates and opinions, or that they will be realized. The information and expressions of opinion contained herein are subject to change without notice, and the delivery of this Annual Continuing Disclosure Report will not, under any circumstances, create any implication that there has been no change in the affairs of the District or other matters described. GREENVILLE INDEPENDENT SCHOOL DISTRICT Billy Myers Chief Financial Officer Approved for Submission: Date

6 CERTIFICATE OF SUBMISSION OF ANNUAL REPORT Subject to the continuing disclosure requirements of SEC Rule 15c2-12, this Annual Continuing Disclosure Report for the Greenville Independent School District with respect to the issues listed on the report cover was submitted directly to the National Recognized Municipal Securities Information Repository ( NRMSIR ) listed below as well as to any applicable State Information Depository ( SID ). NRMSIR Municipal Securities Rulemaking Board ("MSRB") via the Electronic Municipal Market Access ("EMMA") system First Southwest Company Signed by: /s/ William Bermudez

7 GREENVILLE INDEPENDENT SCHOOL DISTRICT 2015 GENERAL OBLIGATION DEBT REPORT TABLE 1 VALUATION, EXEMPTIONS AND TAX SUPPORTED DEBT 2014/15 Market Valuation Established by the Appraisal District (excluding totally exempt property) $ 2,109,612,457 Less Exemptions/Reductions at 100% Market Value: State Mandated-Residential Homestead Exemptions $ 88,203,534 State Mandated-Over 65 Homestead Exemptions 21,498, % Disabled or Unemployable Veterans Homestead Exemptions 4,457,841 Veterans Exemptions 5,686,730 Pollution Control 3,952,130 Productivity Loss 139,604,483 10% Cap Loss 6,052,409 Freeport 42,321,368 Freeze Value Loss 60,483, ,260, /15 Taxable Assessed Valuation $ 1,737,352,204 Total Debt Payable from Ad Valorem Taxes estimated as of 12/31/14 (1) $ 83,120,000 Ratio Tax Supported Debt to 2014/15 Taxable Assessed Valuation (1) 4.78% Current Estimated District Population - 27,800 Per Capita 2014/15 Taxable Assessed Valuation - $62,495 Per Capita General Obligation Debt - $2,990 Area of the District (in square miles) (1) Does not include lease/purchase obligations. 1

8 TABLE 2 TAXABLE ASSESSED VALUATION BY CATEGORY Taxable Appraised Value for Fiscal Year Ended August 31, % of % of % of Category Amount Total Amount Total Amount Total Real, Residential, Single-Family $ 609,648, % $ 678,558, % $ 680,398, % Real, Residential, Multi-Family 94,265, % 89,852, % 89,052, % Real, Vacant Lots/Tracts 37,990, % 35,903, % 34,427, % Acreage (Land Only) 149,816, % 159,177, % 184,729, % Farm & Ranch Improvements 213,136, % 129,554, % 102,361, % Commercial, Real 315,355, % 294,163, % 293,904, % Industrial, Real 103,043, % 73,092, % 67,077, % Utilities 40,777, % 40,446, % 36,783, % Commercial, Personal 133,864, % 335,879, % 124,903, % Industrial, Personal 385,868, % 96,447, % 346,171, % Tangible Personal, Mobile Homes 3,751, % 4,795, % 5,399, % Residential Inventory 3,808, % 3,679, % 4,402, % Special Inventory 18,286, % 16,942, % 13,953, % Total Appraised Value Before Exemptions $ 2,109,612, % $ 1,958,492, % $ 1,983,566, % Less: Total Exemptions/Reductions (372,260,253) (372,622,413) (328,914,018) Adjustments 0 284,334 44,323 Taxable Assessed Value $ 1,737,352,204 $ 1,586,154,352 $ 1,654,696,515 Taxable Appraised Value for Fiscal Year Ended August 31, % of % of Category Amount Total Amount Total Real, Residential, Single-Family $ 675,793, % $ 668,717, % Real, Residential, Multi-Family 91,029, % 88,751, % Real, Vacant Lots/Tracts 35,229, % 36,441, % Acreage (Land Only) 188,226, % 192,874, % Farm & Ranch Improvements 97,160, % 92,700, % Commercial, Real 295,240, % 299,395, % Industrial, Real 61,408, % 57,189, % Utilities 32,998, % 34,306, % Commercial, Personal 123,568, % 121,621, % Industrial, Personal 286,476, % 297,713, % Tangible Personal, Mobile Homes 5,773, % 6,369, % Residential Inventory 5,353, % 6,836, % Special Inventory 12,032, % 11,318, % Total Appraised Value Before Exemptions $ 1,910,292, % $ 1,914,238, % Less: Total Exemptions/Reductions (335,303,679) (350,484,529) Adjustments 1,148,827 3,353,715 Taxable Assessed Value $ 1,576,137,330 $ 1,567,107,757 NOTE: Valuations shown are certified taxable assessed values reported by the Hunt County Appraisal District to the State Comptroller of Public Accounts. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. 2

9 TABLE 3 VALUATION AND TAX SUPPORTED DEBT HISTORY Tax Ratio of Fiscal Taxable Debt Tax Debt Tax Year Taxable Assessed Outstanding to Taxable Debt Ended Estimated Assessed Valuation at End of Assessed Per 8/31 Population (1) Valuation (2) Per Capita Fiscal Year (3) Valuation Capita ,800 $ 1,567,107,757 $ 56,371 $ 21,415, % $ ,800 1,576,137,330 56,696 21,170, % ,400 1,654,696,515 58,264 20,010, % ,544 1,586,154,352 53,688 83,120, % 2, ,800 1,737,352,204 62,495 81,790,000 (4) 4.71% (4) 2,942 (4) (1) Source: District Officials (2) As reported by the Hunt County Appraisal District on the District's State Property Tax Reports and subject to change during the ensuing year. (3) Excludes interest accreted on outstanding capital appreciation bonds. (4) Projected. Excludes the District's obligations with respect to capital leases. TABLE 4 TAX RATE, LEVY AND COLLECTION HISTORY Fiscal Interest Year and Ended Tax Local Sinking % Current % Total 8/31 Rate Maintenance Fund Tax Levy Collections Collections 2011 $ $ $ $ 17,509, % 98.68% ,723, % 99.05% ,624, % 99.44% ,722, % 98.68% ,541, % (1) 13.50% (1) (1) Collections as of December 31, TABLE 5 - TEN LARGEST TAXPAYERS 2014/15 % of Total Taxable Taxable Assessed Assessed Name of Taxpayer Nature of Property Valuation Valuation L-3 Communications Integrated Systems LP Electronics: Aircraft Overhaul $ 135,415, % Cytec Engineered Materials Inc Aerospace Engineering: Plastics 54,008, % Case Corporation Manufacturing of Construction Materials 42,150, % Fritz Industries Inc. Manufacturing 29,827, % Wal-Mart Real Estate Business Trust Real Estate 18,752, % Weatherford Artificial Lift LP Oil and Gas 18,598, % Lowe's Home Centers Inc Construction Materials 13,096, % Masonite Corp Manufacturing 11,631, % HD Development Properties LP Real Estate 11,423, % Chem Eleven Products Inc. Manufacturing 10,069, % $ 344,972, % 3

10 TABLE 7 TAX SUPPORTED DEBT SERVICE REQUIREMENTS Fiscal Year % of Ending Outstanding Debt Service (1) Principal 8/31 Principal Interest Total Retired 2015 $ 1,330,000 $ 4,049,965 $ 5,379, ,510,000 3,867,844 5,377, ,615,000 3,812,944 5,427, ,730,000 3,754,469 5,484, ,840,000 3,692,594 5,532, % ,615,000 3,629,184 5,244, ,680,000 3,565,478 5,245, ,745,000 3,497,096 5,242, ,820,000 3,424,546 5,244, ,895,000 3,347,481 5,242, % ,980,000 3,265,144 5,245, ,065,000 3,178,000 5,243, ,210,000 3,035,200 5,245, ,320,000 2,921,950 5,241, ,430,000 2,815,350 5,245, % ,540,000 2,703,250 5,243, ,670,000 2,573,000 5,243, ,805,000 2,436,125 5,241, ,950,000 2,292,250 5,242, ,100,000 2,141,000 5,241, % ,260,000 1,982,000 5,242, ,430,000 1,814,750 5,244, ,605,000 1,638,875 5,243, ,790,000 1,454,000 5,244, ,985,000 1,259,625 5,244, % ,190,000 1,055,250 5,245, ,400, ,500 5,240, ,630, ,750 5,244, ,865, ,375 5,242, ,115, ,875 5,242, % $ 83,120,000 $ 75,167,869 $ 158,287,869 (1) Excludes the District's obligations with respect to capital leases. TABLE 8 INTEREST AND SINKING FUND BUDGET PROJECTION Tax Supported Debt Service Requirements, Fiscal Year Ending 8/31/15 $ 5,379,965 Interest and Sinking Fund Balance (as of 08/31/14) $ 2,161,469 Projected Interest and Sinking Fund Tax Revenues (at 99% collection) 5,417,933 $ 7,579,402 Estimated Balance, Fiscal Year Ending 8/31/15 $ 2,199,437 4

11 TABLE 9 AUTHORIZED BUT UNISSUED UNLIMITED TAX BONDS The District currently has no authorized but unissued unlimited tax bonds. TABLE 10 OTHER OBLIGATIONS Commitments under capitalized lease agreements for facilities and equipment provide for minimum future lease payments as of August 31, 2014, as follows: Year Ending Total August 31 Requirements ,027 Total Minimum Lease Payment $ 101,027 Less Amount Representing Interest (3,270) Present Value of Net Minimum Lease Payments $ 97,757 Maintenance Tax Notes On December 9, 2010, the District delivered its $3,050,000 Greenville Independent School District Maintenance Tax Notes, Taxable Series 2010 (Qualified School Construction Bonds) (the Notes ). The Notes were issued at a fixed interest rate of 5.46% and are limited tax obligations payable from the District s maintenance and operations tax. The Notes are due and payable in accordance with the following schedule: Year Ending Subsidy Total August 31, Principal Interest Payments Requirements , ,628 (127,628) 210, , ,162 (116,162) 210, , ,696 (104,696) 210, ,000 93,230 (93,230) 210, ,000 81,764 (81,764) 210, ,000 70,298 (70,298) 210, ,000 58,832 (58,832) 210, ,000 47,366 (47,366) 210, ,000 35,900 (35,900) 210, ,000 24,570 (24,570) 200, ,000 13,650 (13,650) 200, ,000 2,730 (2,730) 100,000 $ 2,390,000 $ 776,822 $ (776,822) $ 2,390,000 The District s receipt of the Subsidy Payments referenced in the debt service schedule above is subject to various requirements, including the filing of a form with the Internal Revenue Service (the IRS ) prior to each interest payment date. No assurances are provided that the District will receive each of the Subsidy Payments. Subsidy Payments will only be paid if the Notes remain qualified therefore. For the Notes to be and remain qualified school construction bonds for which Subsidy Payments will be received, the District must comply with certain covenants and the District must establish certain facts and expectations with respect to the Notes, the use and investment of proceeds thereof and the use of property financed therewith. Failure on the part of the District to comply with the conditions imposed by the Internal Revenue Code of 1986, as amended, and future guidance to be provided by the U.S. Treasury and the IRS, may cause the District to fail to receive the Subsidy Payments and it could subject the District to a claim for refund of previously received Subsidy Payments. Moreover, Subsidy Payments are subject to automatic offsets against certain amounts that may, for unrelated reasons, be owed by the District to an agency of the United States of America. 5

12 TABLE 11 CHANGE IN NET ASSETS Fiscal Year Ended August REVENUES: Program Revenues: Charges for Services $ 1,266,870 $ 913,729 $ 888,687 $ 854,542 $ 1,060,068 Operating Grants and Contributions 10,643,828 11,040,098 11,452,368 12,875,193 12,980,453 General Revenues: Property Taxes, Levied for General Purposes 16,501,866 17,413,041 16,429,955 16,332,430 15,449,658 Property Taxes, Levied for Debt Service 2,221,679 2,225,494 2,237,068 2,433,799 2,141,155 Grant and Contributions Non Restricted 15,091,103 13,659,186 13,023,144 14,616,770 14,748,261 Investment Earnings 16,678 20,354 25,439 27,580 32,785 Miscellaneous 685, , ,602 57,481 9,808 Total Revenues $ 46,427,565 $ 45,566,850 $ 44,247,263 $ 47,197,795 $ 46,422,188 EXPENSES: Instruction $ 24,390,934 $ 23,862,431 $ 24,920,982 $ 24,511,702 $ 25,046,241 Instructional Resources and Media Services 323, , , , ,551 Curriculum and Instructional Staff Development 1,893,125 2,083,794 1,830, ,688 1,049,419 Instructional Leadership 553, , , , ,465 School Leadership 2,823,470 2,661,913 2,598,752 2,541,987 2,391,337 Guidance, Counseling and Evaluation Services 1,415,404 1,437,626 1,529,817 1,480,402 1,510,081 Social Work Services 57,948 53,574 79,238 85,423 56,338 Health Services 338, , , , ,998 Student (Pupil) Transportation 1,292,474 1,193,350 1,168,883 1,145,293 1,108,814 Food Services 2,276,650 2,394,714 2,363,146 2,378,161 2,321,720 Co-Curricular/Extracurricular Activities 1,771,503 1,598,159 1,605,888 1,565,482 1,473,232 General Administration 1,705,823 1,837,437 1,576,964 1,451,541 1,372,955 Plant Maintenance & Operations 3,830,915 3,726,851 3,809,030 3,466,555 3,919,531 Security and Monitoring Services 233, , , , ,277 Data Processing Services 839, , , , ,739 Community Services 209, , , , ,483 Debt Service-Interest on Long Term Debt 1,283,336 1,073,261 1,143,663 1,163,576 1,131,494 Debt Service-Bond Issuance Costs and Fees 673, ,052 21,387 46,187 16,847 Payments to Shared Service Arrangements 253, , , , ,146 Other Governmental Changes 384, , , , ,071 Total Expenses $ 46,551,576 $ 45,198,619 $ 45,735,979 $ 43,908,479 $ 44,393,739 Increase in Net Assets $ (124,011) $ 368,231 $ (1,488,716) $ 3,289,316 $ 2,028,449 Net Assets Beginning 22,179,874 (1) 21,811,644 23,300,360 20,011,044 17,982,595 Net Assets at August 31 $ 22,055,863 $ 22,179,875 $ 21,811,644 $ 23,300,360 $ 20,011,044 (1) Restated 6

13 TABLE 11A GENERAL FUND REVENUES AND EXPENDITURE HISTORY Fiscal Years Ended August 31, Revenues: Local and Intermediate Sources $ 17,709,188 $ 17,855,980 $ 16,945,304 $ 16,610,095 $ 15,806,842 State Program Revenues 16,708,859 15,330,770 14,414,933 16,163,687 16,249,201 Federal Program Revenues 761, , , , ,271 Total Revenues $ 35,179,403 $ 33,913,459 $ 31,964,921 $ 33,334,925 $ 32,533,314 Expenditures: Instruction $ 19,986,814 $ 18,945,163 $ 19,078,382 $ 16,952,749 $ 17,621,252 Instructional Resources and Media Services 220, , , , ,029 Curriculum and Instructional Staff Development 556, , , , ,270 Instructional Leadership 481, , , , ,427 School Leadership 2,659,423 2,481,512 2,444,776 2,387,664 2,249,912 Guidance, Counseling and Evaluation Services 1,072,169 1,087,993 1,221,840 1,198,486 1,192,774 Social Work Services 0 0 1,732 39,495 17,710 Health Services 300, , , , ,518 Student (Pupil) Transportation 1,007,404 1,184, ,235 1,531, ,133 Cocurricular/Extracurricular Activities 1,216,432 1,048,382 1,118,348 1,059,886 1,014,721 General Administration 1,672,375 1,802,733 1,543,283 1,415,658 1,351,171 Plant Maintenance and Operations 4,404,764 3,528,911 3,676,349 6,743,539 3,816,776 Security and Monitoring Services 233, , , , ,005 Data Processing Services 833, , , , ,471 Community Services 123, , ,624 84,005 61,367 Principal on Long Term Debt 304, , , , ,159 Interest on Long Term Debt 145, , , ,082 19,396 Debt Issuance Cost and Fees Capital Outlay ,789 - Other Intergovernmental Charges 384, , , , ,071 Total Expenditures $ 35,603,062 $ 33,761,555 $ 33,714,516 $ 34,418,072 $ 30,942,162 Other Resources and (Uses) & Special Items $ - $ 186,012 $ 182,260 $ 3,526,168 $ 11,319 Excess (Deficiency) of Revenues Over Expenditures $ (423,659) $ 337,916 $ (1,567,335) $ 2,443,021 $ 1,602,471 Beginning Fund Balance on September 1 $ 8,654,241 (1) $ 8,316,326 $ 9,883,661 $ 7,440,640 $ 5,838,170 Ending Fund Balance on August 31 $ 8,230,582 $ 8,654,242 $ 8,316,326 $ 9,883,661 $ 7,440,641 (1) Restated 7

14 TABLE 12 CURRENT INVESTMENTS As of December 31, 2014, the District s investable funds were invested as follows: Description of Investment Percent Market Value Certificates of Deposit 0.61% $ 486,522 Lone Star Investment Pool 91.71% 73,258,813 MBIA Pool 6.10% 4,869,440 Money Market Checking Account 1.59% 1,269, % $ 79,884,181 8