Five Year Forecast Financial Report

Transcription

1 Five Year Forecast Financial Report October,

2 Table of Contents Table of Contents 2 Executive Summary 3 PAGE # Revenue Overview General Property Tax (Real Estate) Public Utility Personal Property Unrestricted Grants-in-Aid & Restricted Grants-in-Aid Property Tax Allocation All Other Operating Revenues Total Other Financing Sources 11 Expenditures Overview Personnel Services Employee Benefits Purchased Services Supplies and Materials Capital Outlay Intergovernmental & Debt Other Objects Total Other Financing Uses 20 Forecast Compare 21 Five Year Forecast 22 Forecast Purpose/Objectives Ohio Department of Education's purposes/objectives for the five-year forecast are: To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district. To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C , commonly known as the "412 certificate." To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems. 2

3 October, 2016 Executive Summary Five Year Forecast - Simplified Statement Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Beginning Balance 10,846,558 10,091,911 7,745,618 4,606, ,428 + Revenue 40,743,449 41,621,684 42,076,492 42,731,645 43,008,567 + Proposed Renew/Replacement Levies Proposed New Levies Expenditures (41,498,097) (43,967,976) (45,215,197) (46,661,130) (48,736,359) = Revenue Surplus or Deficit (754,648) (2,346,293) (3,138,705) (3,929,485) (5,727,791) Ending Balance 10,091,911 7,745,618 4,606, ,428 (5,050,363) Revenue Surplus or Deficit w/o Levies (754,648) (2,346,293) (3,138,705) (3,929,485) (5,727,791) Ending Balance w/o Levies 10,091,911 7,745,618 4,606, ,428 (5,050,363) Summary: As FY2016 closed out the District ended with a positive cash balance on $10,846,558. The increase in cash balance from prior fiscal year was due to the fiscally responsible spending throughout the year which ended with overall revenues exceeding expenditures, in return eliminating the deficit spending that was estimated during the October 2015 forecast. Unfortunately, with the flat revenues and increase in anticipated expenditures the District is looking at a five year forecast which includes deficit spending each year. Starting in 2017 with an estimate $754,648 in expenditures exceeding revenues and continuing through 2021 where expenditures are anticipated to exceed revenue by $5,727,791. With 5 years of anticipated deficit spending the District could be looking to the tax payers for operational funding no later than May 2019, nearly nine years after the previously passed operational levy. Per the GFOA recommendations the District should keep two months worth of expenditures as a monthly cash balance. (i.e. $7,000,000) This will be a struggle with a depleting cash balance as projected above. $60,000,000 $50,000,000 $40,000,000 Revenue vs. Expenditures $41,498,097 $43,967,976 $45,215,197 $46,661,130 $48,736,359 $30,000,000 $20,000,000 $10,000,000 $40,743,449 $41,621,684 $42,076,492 $42,731,645 $43,008, Revenue Renew/Replacement Levies New Levies Expenditures 3

4 Revenue Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Revenue: Real Estate 0.89% 0.92% 1.58% 0.17% 0.52% 0.10% 0.66% Public Utility % 1.01% 1.15% 0.37% 0.12% 0.12% 0.55% Income Tax n/a 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State Funding 5.53% 0.99% 4.85% 3.20% 3.56% 1.60% 2.84% Restricted Aid % 0.26% -0.26% 0.15% 0.08% 0.08% 0.06% Restr Federal SFSF % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Property Tax Alloc -5.10% 0.05% 1.61% 1.81% 0.22% 0.00% 0.74% All Other Operating 18.63% 0.09% -9.52% -5.89% 1.20% 0.84% -2.65% Total Revenue 2.33% 0.84% 2.16% 1.09% 1.56% 0.65% 1.26% Total Other Sources 1.80% % 0.00% 0.00% 0.00% 0.00% % Total Rev & Other Srcs 1.96% -0.61% 2.16% 1.09% 1.56% 0.65% 0.97% As displayed above, the 5-Year average annual change in revenues have decreased from 1.96% during the previous 5-Years to 0.97% for the current 5-Years. This is a direct reflection on the unknown changes to one of the Districts main revenue streams, unrestricted grants-in-aide. The District is waiting upon the arrival of a potentially new funding formula which could have a minor or major significant change to the funding source. Real Estate tax collection is stable with unknown affects of the upcoming reappraisal in The housing market has taken a slight downfall with house values dropping at time of sale. Overall there are no significant changes foreseen at this current time. For further explanation of changes, see specific revenue line assumption. Real Estate 50.9% Real Estate 50.9% 50.1% Public Utility 3.0% Public Utility 3.0% 2.9% Income Tax 0.0% 0.0% Income Tax State Funding 33.3% 36.3% 0.0% Prop Tax Alloc 7.1% 7.0% All Othr Op Re 4.2% 3.5% Othr Sources 1.6% 0.2% 2016 ACTUAL % OF REVENUES 2021 ESTIMATE % OF REVENUES Real Estate 50.1% Public Utility 2.9% Income Tax 0.0% Othr Sources 1.6% All Othr Op Rev 4.2% Prop Tax Alloc 7.1% State Funding 33.3% Othr Sources 0.2% All Othr Op Rev 3.5% Prop Tax Alloc 7.0% State Funding 36.3% 4

5 Millions $21,923,990 $20,959,177 $20,583,459 $20,616,722 $20,858,145 $21,050,389 $21,382,460 $21,419,785 $21,530,543 $21,551, General Property Tax (Real Estate) Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural) and class II (business). FY Real Estate as a % of Total Revenue $25,000,000 Projected General Property RevRenewal Tax (Real Levy Estate) Revenue Actual and Projected 2012 $21,923,990 $1 FY Rea 2013 $20,959,177 $20,000, $20,583,459 $15,000, $20,616, $20,858,145 $10,000, $21,050, % 2018 $21,382,460 $5,000, $21,419, $21,530, $21,551, General Property taxes make up for 50.9% of the District s overall revenues. - The District is currently in between reappraisal years, therefore the revenue sources stay fairly flat. During fiscal year 2018 there is anticipation of additional residential and commercial property taxes due to some new construction. - Current Class I and II collection rate of taxes has decreased from 96.7% in 2016 to an anticipated 95.1% in This is due to prior years real estate valuation appeals/tax exemptions on a couple large parcels throughout the District. (i.e. Vitamix, Eliza Jennings and Olmsted Performing Arts) - The District is on the ballot November 8th for a combined 3.2 mills Bond/Permanent Improvement levy. This levy will be replacing the expiring 2.2 Bond Issue from 1994 and the 2.8 Permanent Improvement 5 year levy. A reduction in real estate taxes will occur effective January 2016 whether the issue passes or not. Resources from this levy will not be modeled on the Forecast due to the inability to use Bond/PI revenue for operational salaries and supplies of the School District Class I Valuations - Historical & Projected *Projected % trends include renewal levies 5

6 $21,049 $1,075,876 $1,156,903 $1,160,415 $1,217,167 $1,229,460 $1,243,549 $1,248,158 $1,249,705 $1,251, Public Utility Personal Property Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate. FY Public Utility as a % Projected Tangible RevRenewal Personal Property Levy Tax Revenue Actual and Projected FY of Pub Total Revenue $1,400, $21,049 $21,049 $1,200, $1,075,876 $1,075, $1,156,903 $1,156,903 $1,000, $1,160,415 $1,160, % $800, $1,217,167 $1,217,167 $600, $1,229,460 $1,229,460 $400, $1,243,549 $1,243, $1,248,158 $1,248,158 $200, $1,249,705 $1,249, $1,251,253 $1,251, Public Utility Personal Property (PUPP) taxes make up 3% of the District s overall revenues. - PUPP tax (land with railroad or utility lines) trends with the valuation of the overall property tax rate increases/decreases. - This specific tax was previously combined with real estate property taxes therefore not seeing the separation on the five year forecast, as shown above in Tangible Personal Property Tax Actual and Projected $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 *Projected % trends include renewal levies 6

7 $10,538,739 $10,760,487 $11,895,709 $13,031,381 $13,303,728 $13,434,977 $14,086,323 $14,537,644 $15,055,816 $15,297, Unrestricted Grants-in-Aid Funds received through the State Foundation Program with no restriction. FY Unres State Aid as a % of Total Revenue FY Unr % $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Unrestricted Grants-in-Aid Actual and Projected Unrestricted Grants-in-Aid are funding received from the State of Ohio. The State provides a funding formula used to calculate the annual funding. The current SFPR operating formula is based on the student enrollment within the District multiplied by the individualized State Share Index. The State sets a per pupil revenue amount multiplied by this State Share Index to achieve an actual per pupil amount. (i.e. $6,000 x 45.1% = $2,706 per pupil) - Unrestricted Grants-in-Aid, also known as State Funding, make up 32.5% of the District s overall revenue. - The District is on the funding formula meaning that they are funded for every student that is enrolled. This is a large issue for other Districts whose enrollment continues to grow but their State Funding is capped. - A new Funding Formula is currently being discussed in legislation and could possibly be released in time for the May 2017 five year forecast. This could have a minimual or drastic change to Olmsted Falls second largest funding source. The currently presented forecast is modeled using the same SFPR funding formula for all five years Appropriate Census-Age Population to Grade Level Enrollment K 1st Gr 2nd Gr 3rd Gr 4th Gr 5th Gr 6th Gr 7th Gr 8th Gr 9th Gr 10th Gr 11th Gr 12th Gr 2010 Census

8 Actual Estimate $603,325 $241,061 $40,544 $330,463 $328,044 $328,899 $328,050 $328,550 $328,800 $329, & Restricted Grants-in-Aid Funds received through the State Foundation Program or other allocations that are restricted for specific purposes. FY Rest State Aid as a % of Total Revenue FY Res 0 0.8% $700,000 $600,000 $500,000 $400,000 Restricted Grants-in-Aid Actual and Projected $300,000 $200,000 $100,000 - Restricted Grants-in-Aid make up less than 1% of the overall revenue. - Much like unrestricted grants-in-aid, restricted grants are also State funding which is earmarked for specific areas of spending. - Currently the District receives earmarked resources for Economic Disadvantaged students and Catastrophic Cost reimbursement from the Ohio Department of Education. - The variance in 2014 was due to the late arrival of the FY14 Catastrophic Aide reimbursement payment from ODE. This money was receipted in FY15 along with the current fiscal year payment, showing a larger than normal amount. - During FY16, the District was able to submit additional expenditures which in return doubled the amount of reimbursement received from ODE. Catastrophic Cost Reimbursement

9 $3,423,310 $2,829,572 $2,844,329 $2,873,809 $2,890,776 $2,892,224 $2,938,802 $2,992,105 $2,998,831 $2,998, Property Tax Allocation Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback. FY Prop Tax Allocation Property Tax Allocation Actual and Projected Projected RevRenewal Levy Revenue as a % of Total Revenue $4,000,000 FY Pro $3,423,310 $3,500, $2,829,572 $3,000, $2,844, % $2,500, $2,873,809 $2,000, $2,890,776 $1,500, $2,892,224 $1,000, $2,938,802 $500, $2,992, $2,998, $2,998, Property tax allocation make up 7.1% of the overall revenues. - In 1975, the state of Ohio provided a 10% tax credit (known as the rollback ) on real property taxes. In 1979, a 2.5% homestead rollback was added for owner-occupied residential property, meaning that most homeowners have 1/8th of their property taxes paid by the state. - With the approval of HB.59 in 2013 all new or replacement levies passed in November 2013 or after will not qualify for the 10% & 2.5% rollback. All existing levies will retain rollback. This will not affect the collection rate for School Districts, due to taxpayers picking up the additional cost. Industrial 2% Commercial 11% P.U. Real 0% Mineral 0% TPP 3% P.U. Personal 3% Agriculture 0% Industrial P.U. Real 3% 0% Mineral 0% Commercial 14% TPP 0% P.U. Personal 3% Agriculture 1% 12 YEARS AGO Residential 81% CURRENT YEAR Residential 79% PROPERTY VALUATION COMPARISON IN OLMSTED FALLS/TOWNSHIP *Projected % trends include renewal levies 9

10 $892,811 $1,535,695 $1,516,314 $1,356,987 $1,730,859 $1,732,500 $1,567,500 $1,475,250 $1,492,950 $1,505, All Other Operating Revenues Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations. FY Other Operating Revenue as a % of Total FY Oth 0 Revenue 4.2% $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 All Other Operating Revenue Actual and Projected - Other operating revenues make up 4.2% of overall revenues. - Collection of miscellaneous revenues are those which don t fit in the other listed categories. (i.e. Tuition, interest, rental fee s, transportation services, medicaid reimbursements) - Implementing of All Day Kindergarten with tuition during fiscal year 2016 increased the collection of other operating revenues by 27.55%. This increase is budgeted to stay consistent for fiscal year A decrease is built in year 2018 due to the anticipated change in tuition charged for students attending the all day kindergarten program. This loss in revenue would be offset by the increase to State Funding during 2018 reflected on line of the forecast. $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 -$10,000, Total Revenue Total Expenditures Cash Balance June 30 10

11 $1,064,169 $2,144,016 $800,506 $584,996 $663,160 $75,000 $75,000 $75,000 $75,000 $75, Total Other Financing Sources Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers-in, and all other financing sources like sale and loss of assets, and refund of prior year expenditures. FY Other Financing Sources as a % of Total FY Oth Revenue 0.0% $2,500,000 $2,000,000 Other Operating Financing Sources Actual and Projected 1.6% $1,500,000 $1,000,000 $500,000 When the General fund subsidizes other funds, specifically and most commonly the federal grant funds, the repayment of that subsidized amount is referred to as a Return of Advance. Meaning General fund advances the money at the end of June so the federal grant funds close with a cash balance. The federal grant funds repay the general fund in the following fiscal year creating an Advance In. Not all subsidized advances are repaid (i.e. Athletics). - The decrease in advance in from prior years to is due to the change in how grant expenditures are being posted. The grants are being spent closer to their entirety during the fiscal year leaving less of a carry over balance needing advanced. 11

12 Expenditures Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Expenditures: Salaries 0.85% 3.62% 3.61% 3.61% 3.61% 3.61% 3.61% Benefits 3.58% 6.78% 4.76% 4.79% 4.81% 9.84% 6.20% Purchased Services 6.91% 1.33% 5.47% 0.30% 0.29% 0.25% 1.53% Supplies & Materials 10.66% 0.97% 9.80% 0.06% 0.06% 0.06% 2.19% Capital Outlay % -3.24% % 0.00% 0.00% 0.00% % Intergov n/a n/a n/a n/a n/a n/a n/a Debt % 0.35% -0.35% % n/a n/a % Other Objects -0.72% 1.93% 0.18% 0.92% 0.18% 0.73% 0.79% Total Expenditures 1.45% 3.92% 6.05% 2.88% 3.25% 4.51% 4.12% Total Other Uses % % 0.00% 0.00% 0.00% 0.00% -8.21% Total Exp & Other Uses 1.93% 2.64% 5.95% 2.84% 3.20% 4.45% 3.82% As displayed above, the 5-Year average annual change in expenditures have increased from 1.93% during the previous 5-Years to 3.82% for the current 5-Year average. This is a direct reflection on the anticipated expenditures related to the union negotiations and the increase in expenditures on lines 3.030/3.040/3.050 due to the loss of revenue sources provided from the expiring Permanent Improvement levy. For further explanation of changes see specific budget line assumption. Salaries 56.0% 2016 ACTUAL EXPENDITURES Salaries 56.0% 55.4% Benefits 22.8% 25.5% Purch Serv 12.7% 11.4% Supp & Mat 3.5% 3.2% Capital Outlay 0.2% 1.6% Intergov & Deb 0.4% 0.0% Othr Objects 1.6% 1.4% Othr Uses 2.8% 1.4% Salaries 55.4% 2021 FORECASTED EXPENDITURES Othr Uses 2.8% Othr Objects 1.6% Intergov & Debt 0.4% Capital Outlay 0.2% Supp & Mat 3.5% Purch Serv 12.7% Benefits 22.8% Othr Uses 1.4% Othr Objects 1.4% Intergov & Debt 0.0% Capital Outlay 1.6% Purch Serv 11.4% Supp & Mat 3.2% Benefits 25.5% 12

13 $21,473,916 $21,107,113 $21,361,886 $22,008,991 $22,623,381 $23,443,453 $24,288,776 $25,164,582 $26,071,970 $27,012, Personnel Services Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc. FY Salaries as a % of Total Expenditures FY Sala 0 $30,000,000 $25,000,000 $20,000,000 Personnel Services Actual and Projected $15,000, % $10,000,000 $5,000,000 - Personnel services (salaries) make up 56% of the District s total expenditures. - A gradual increase is reflected in the chart above to due to the Board approved negotiated agreement with both OFEA and OAPSE. Fiscal year 2016 & 2017 includes base increases of 2.75%. - The District will be entering into new contract negotiations with both unions starting in the spring of Based off comparable local school districts with recent settled union contracts, the average base increase is 2.5% per year. I have used this figure plus an additional 1.1% for contracted step increases as a reference point for years If the Bond/PI issue which is on the ballot in November passes, from those additional resources are allowed to be spent toward staffing salaries or benefits. 13

14 $7,638,925 $7,881,493 $8,360,901 $8,391,849 $9,224,036 $9,849,117 $10,318,072 $10,812,006 $11,332,301 $12,447, Employees' Benefits Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health-related insurances. FY Benefits as a % of Total Expenditures FY Ben 0 $14,000,000 $12,000,000 $10,000,000 Employees' Benefits/Insurance Benefits Actual and Projected 22.8% $8,000,000 $6,000,000 $4,000,000 $2,000,000 - Employee retirement & benefits make up 22.8% of the overall expenditures. - The drastic increase in expenditures over the last few years was due to unusually high prescription claim usage resulting in back to back spikes in premium increases. Board paid annual premiums on a family coverage have spiked from $15,273 in 2015 to $19,301 in Total increase of 26% hitting the employee's pockets and depleting the board cash balance over two years. - During Fiscal year 2018 there is anticipated premium increase of 6% with an additional 5% increase each of the following years in the forecast. - The wellness committee meets on a quarterly basis to review and plan activities throughout the District which can aide in the promoting of a healthier way of living. With hopes to get insurance claim usage stabilized causing a consistent insurance premium. - Great Lakes Regional Consortium has also implemented multiple cost saving programs to help with the reduction in cost associated with insurance claims Change in Family Insurance Premiums over 5 years Board Paid Premiums Employee Paid Premium

15 $4,221,223 $3,827,604 $4,341,342 $5,171,396 $5,147,725 $5,216,187 $5,501,758 $5,518,258 $5,534,258 $5,548, Purchased Services Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, and other services which the school district may purchase. FY Purchased Services as a % of Total Expenditures FY Pur 0 $6,000,000 $5,000,000 $4,000,000 Purchased Services Actual and Projected 12.7% $3,000,000 $2,000,000 $1,000,000 - Purchased services make up 12.7% of the overall expenditures. - Specific services the district contracts out for include substitute services, ESC provided therapy, transportation services, out of district tuition, utility cost, professional development, community school cost, lease agreements, nursing services and data processing. - Fluctuation in these services can be common due to unexpected rise in gas prices, enrollment of student with specific needs, increase in therapy need and changes in core curriculum resulting in high demand for additional professional development for staff. - Additional expenditures are built into this budget line to account for unexpected building maintenance expenditures which would have previously be paid for through the 5 year permanent improvement levy which will expire in December Actual Purchase Service Expense By Category Printing/Binding Misc. Transportation Data Processing Substitute Services ESC Services Community School Leases Agreements Utilities Nursing Services Tuition/Open Enroll

16 $1,047,118 $1,352,544 $1,098,030 $1,374,230 $1,407,305 $1,421,001 $1,560,301 $1,561,301 $1,562,301 $1,563, Supplies & Materials Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance supplies. FY Supplies & Materials as a % of Total FY Sup Expenditures 0 3.5% $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 Supplies & Materials Actual and Projected - Supplies & materials make up 3.5% of the overall expenditures. - Each building is given an annual budget based off a per pupil amount times their current enrollment figures. A large portion of this budget is used for instructional supplies. - An increase in expenditures are built into this budget line to account for unexpected building maintenance needs which would have previously be paid for through the 5 year permanent improvement levy which will expire in December Supply Expenditures by Category Misc. Other Supplies Newspaper/Periodicals Resale/Food Related Maintenance/Custodial Instructional Supplies Textbooks Transportation

17 $331,457 $43,392 $703,419 $144,605 $72,341 $70,000 $800,000 $800,000 $800,000 $800, Capital Outlay This line includes expenditures for items having at least a five-year life expectancy, such as land, buildings, improvements of grounds, equipment, computers/technology, furnishings, and buses. FY Capital Outlay as a % of Total Expenditures FY Cap 0 0.2% $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Capital Outlay Actual and Projected - Capital Outlay make up less than 1% of the overall expenditures. - As visually demonstrated in the bar graph above, the District has had inconsistent spending on this budget line due to the passage of a 5 year permanent improvement levy which was able to pay for many of the District capital needs. This levy expires in December 2016 leaving the general fund to pay for any necessary equipment purchases. (i.e. Currently have HVAC units which will need replaced over the next 10 years at an average cost of $85,000 per unit). - Fiscal Year has a modeled amount of $800,000 per year to cover the annual equipment purchases (technology, furniture, mechanicals, etc.) for the District. - Fiscal 2014 reflects a large expense to the general fund due to an unexpected Middle School roof repair following a hail storm. This was paid using the general fund with offset of the cost with insurance proceeds. 17

18 $1,017,500 $860,659 $145,019 $146,707 $146,274 $146,789 $146, Intergovernmental & Debt These lines account for pass through payments, as well as monies received by a district on behalf of another governmental entity, plus principal and interest payments for general fund borrowing. FY Intergov & Debt as a % of Total Expenditures FY Inte 0 $1,200,000 $1,000,000 Intergovernmental & Debt Service Actual and Projected 0.4% $800,000 $600,000 $400,000 $200,000 The District issued Notes against the debt service fund (002) in order to complete a HB264 project (Middle School Boiler) during The issue of these specific Notes were to be paid back from the general fund over a period of 8 years. Annual payments have been made each year, with the last payment scheduled to be paid in full during fiscal year There are no anticipated future Notes to be issued against the debt fund at this time. HB 264 REPAYMENT SCHEDULE % % % % % % % %

19 $784,902 $647,420 $604,164 $580,028 $663,749 $676,550 $677,800 $684,050 $685,300 $690, Other Objects Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit expenses, and election expenses. FY Other Objects as a % of Total Expenditures FY Oth 0 1.6% $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Other Objects Actual and Projected Other objects account for miscellaneous expenditures like audit cost, county board of election fee's, county auditor fees, bank charges, liability insurance and miscellaneous dues. This expense does not fluctuate much Other Object Expenditures by Category County ESC Deductions Judgements/Sales Tax Awards/Miscellaneous Liability Insurance Bank Fees/Dues Audit Cost

20 $2,144,017 $1,500,506 $1,284,996 $1,186,398 $1,145,090 $675,000 $675,000 $675,000 $675,000 $675, Total Other Financing Uses Operating transfers-out, advances out to other funds, and all other general fund financing uses. FY Other Financing Uses as a % of Total FY Oth Expenditures 0 $2,500,000 $2,000,000 Other Financing Uses Actual and Projected 2.8% $1,500,000 $1,000,000 $500,000 20

21 Forecast Compare Comparison of Previous Forecast Amounts to Current Forecasted Numbers F.Y Column A Column B Column C Column D Previous Current Dollar Percent Forecast Forecast Difference Difference Amounts For Amounts For Between Between F.Y F.Y Previous Previous Prepared on: Prepared on: and and Revenue: 05/25/ /14/2016 Current Current 1 Real Estate & Property Allocation $24,029,078 $23,942,613 -$86, % 2 Public Utility Personal Property $1,264,437 $1,229,460 -$34, % 3 Income Tax n/a 4 State Foundation Restricted & Unrestricted $13,439,668 $13,763,876 $324, % 5 Other Revenue $2,004,635 $1,732,500 -$272, % 6 Other Non Operating Revenue $150,000 $75,000 -$75, % 7 Total Revenue $40,887,818 $40,743,449 -$144, % Expenditures: 8 Salaries $23,935,347 $23,443,453 -$491, % 9 Fringe Benefits $10,112,384 $9,849,117 -$263, % 10 Purchased Services $4,981,704 $5,216,187 $234, % 11 Supplies, Debt, Capital Outlay & Other $2,697,215 $2,314,340 -$382, % 12 Other Non Operating Expenditures $750,000 $675,000 -$75, % 13 Total Expenditures $42,476,650 $41,498,097 -$978, % 14 Revenue Over/(Under) Expenditures -$1,588,832 -$754,648 $834,184 2%* 15 Ending Cash Balance $8,455,262 $10,091,911 $1,636, %* *Percentage expressed in terms of total expenditures 21

22 Actual FORECASTED Fiscal Year: Revenue: General Property Tax (Real Estate) 20,858,145 21,050,389 21,382,460 21,419,785 21,530,543 21,551, Public Utility Personal Property 1,217,167 1,229,460 1,243,549 1,248,158 1,249,705 1,251, Income Tax Unrestricted Grants-in-Aid 13,303,728 13,434,977 14,086,323 14,537,644 15,055,816 15,297, Restricted Grants-in-Aid 328, , , , , , Restricted Federal Grants - SFSF Property Tax Allocation 2,890,776 2,892,224 2,938,802 2,992,105 2,998,831 2,998, All Other Operating Revenues 1,730,859 1,732,500 1,567,500 1,475,250 1,492,950 1,505, Total Revenue 40,328,719 40,668,449 41,546,684 42,001,492 42,656,645 42,933,567 Other Financing Sources: Proceeds from Sale of Notes State Emergency Loans and Adv Operating Transfers-In 486, Advances-In 176,898 75,000 75,000 75,000 75,000 75, All Other Financing Sources Total Other Financing Sources 663,160 75,000 75,000 75,000 75,000 75, Total Rev & Other Sources 40,991,879 40,743,449 41,621,684 42,076,492 42,731,645 43,008,567 Expenditures: Personnel Services 22,623,381 23,443,453 24,288,776 25,164,582 26,071,970 27,012, Employee Benefits 9,224,036 9,849,117 10,318,072 10,812,006 11,332,301 12,447, Purchased Services 5,147,725 5,216,187 5,501,758 5,518,258 5,534,258 5,548, Supplies and Materials 1,407,305 1,421,001 1,560,301 1,561,301 1,562,301 1,563, Capital Outlay 72,341 70, , , , , Intergovernmental Debt Service: Principal-All Years 140, Principal - Notes Principal - State Loans Principal - State Advances Principal - HB264 Loan - 143, , Principal - Other Interest and Fiscal Charges 6,274 3,789 1, Other Objects 663, , , , , , Total Expenditures 39,284,811 40,823,097 43,292,976 44,540,197 45,986,130 48,061,359 Other Financing Uses Operating Transfers-Out 1,086, , , , , , Advances-Out 57,207 75,000 75,000 75,000 75,000 75, All Other Financing Uses 1, Total Other Financing Uses 1,145, , , , , , Total Exp and Other Financing Uses 40,429,901 41,498,097 43,967,976 45,215,197 46,661,130 48,736, Excess of Rev Over/(Under) Exp 561,978 (754,648) (2,346,293) (3,138,705) (3,929,485) (5,727,791) Cash Balance July 1 (No Levies) 10,284,580 10,846,558 10,091,911 7,745,618 4,606, , Cash Balance June 30 (No Levies) 10,846,558 10,091,911 7,745,618 4,606, ,428 (5,050,363) Estimated Encumbrances June 30 1,593, , , , , , Reservations Subtotal Fund Bal June 30 for Cert of App 9,252,941 9,341,911 6,995,618 3,856,913 (72,572) (5,800,363) Rev from Replacement/Renewal Levies & Income & Property Tax-Renewal Cumulative Balance of Levies Fund Bal June 30 for Cert of Obligations 9,252,941 9,341,911 6,995,618 3,856,913 (72,572) (5,800,363) Revenue from New Levies & Income & Property Tax-New Cumulative Balance of New Levies Unreserved Fund Balance June 30 9,252,941 9,341,911 6,995,618 3,856,913 (72,572) (5,800,363) 22